Los Angeles, Calif. –Pacific Asian Consortium in Employment (PACE) has received a $250,000 philanthropic investment from JPMorgan Chase to support LA County small businesses affected by COVID-19. The philanthropic investment is part of JPMorgan Chase’s $50 million global philanthropic commitment to address immediate and long-term challenges resulting from the COVID-19 global pandemic.
JPMorgan Chase’s philanthropic investment will support PACE’s newly launched Assistance in Disaster (PACE AID) program, which is providing technical assistance and working capital loans to vulnerable and minority-owned small businesses. Working capital loans have flexible terms and interest rates and may be used to pay fixed debts, payroll, accounts payable and other bills. PACE is also providing one-on-one counseling, mentoring and technical assistance with a focus on navigating the SBA, City of LA and PACE loan application processes; maintaining/modifying operations; and preparing business continuity plans. PACE’s ethnically diverse staff is able to assist clients in a variety of languages including Mandarin, Cantonese, Thai, Korean and Spanish.
“Small businesses are the backbone of our communities and JPMorgan Chase is committed to supporting vulnerable small businesses, and minority-owned small businesses, through this unprecedented time,” said Ted Archer, Head of Small Business Philanthropy at JPMorgan Chase. “We’re working diligently with our trusted community partners to provide local relief for vulnerable small businesses today, and will continue to deploy investments to help the most vulnerable communities and people recover from the COVID-19 crisis in the future.”
As a certified CDFI and one of the largest Asian nonprofit community development corporations in the nation, PACE has a long history of providing economic development services to Los Angeles’ most vulnerable communities. Since its founding in 1976, PACE has served more than 1.2 million ethnic minority Angelinos and has packaged/placed/funded more than $500MM in micro- and small business loans.
“PACE has been bombarded with requests from small businesses affected by COVID-19. In the past 3 weeks alone, we have received over 600 requests totaling $29MM. Businesses are suffering and are in immediate need of working capital and revised operational strategies to keep them afloat ,” said Kerry Doi, President and CEO of PACE. “We are grateful to JPMorgan Chase for leading the way with this grant and we look forward to additional funders joining the cause to assist LA County small businesses affected by COVID-19.”
For more information about our COVID-19 relief services for small businesses, please contact PACE Business at (213) 353-9400 or email at [email protected]
Founded in 1976, PACE is a nonprofit, community development corporation that annually serves over 50,000 people through job training and placement; business development; early childhood education; financial education and asset building; affordable housing; and energy, environmental and weatherization services. For more information about PACE, visit us at: www.pacela.org