The non-profit lender is helping microentrepreneurs affected by the recent hurricanes
The San Antonio, Texas-based non-profit lender will use the capital to make no-interest loans to small businesses in areas affected by Hurricanes Harvey and Irma, where the cost of damages could approach $300 billion.
Investors include J.P. Morgan Chase, which seeded the fund with $1 million, Groupon and Goldman Sachs. “Small businesses are the backbone of the communities they serve, and many absorbed significant damage from the recent hurricanes,” says Groupon CEO Rich Williams.
“Helping businesses with much-needed access to capital is a key way we can help these communities along the road to recovery.”
LiftFund launched similar efforts in the aftermath of Hurricanes Katrina, Ike, and Sandy.