Chase Presents $5 Million to ACCION Texas-Louisiana

SAN ANTONIO--(EON: Enhanced Online News)--Chase has awarded a $5 million grant to ACCION Texas-Louisiana, the nation’s largest micro lender.

“Chase is committed to helping small businesses, which are the engine of our nation’s economic growth”

The San Antonio-based nonprofit makes business loans in Texas and Louisiana. It also provides underwriting services for nine other nonprofits across the United States.

“This is by far the largest cash gift we have ever received, and we are tremendously grateful to Chase for its support,” said Janie Barrera, president and chief executive officer of ACCION Texas-Louisiana. “We have a long history of partnership with Chase. When we began 17 years ago, it was with the strong support of Chase. We have always had a Chase executive on our board of directors, providing collaboration and encouragement.”

Barrera estimates the $5 million grant will help ACCION make more than 2,500 loans during the next three years. Those loans will help companies create or retain an estimated 5,000 jobs, she said.

“Chase is committed to helping small businesses, which are the engine of our nation’s economic growth,” said Jay Clingman, Chairman of Chase in San Antonio. “Chase made more than $10 billion in small business loans in 2010 and is currently ranked the No.1 SBA lender nationwide. This $5 million commitment to ACCION allows Chase to assist even more small businesses, providing the credit they need to grow and create jobs.”

Clingman will present a $5 million check to Barrera at 10 a.m. January 28 at ACCION’s headquarters at 2014 S. Hackberry St.

ACCION was able to purchase the headquarters building in 1999, thanks to Chase’s generous support. Chase bought the building – a vacant post office built in 1947 -- as part of a package deal to get an adjacent bank property. Chase then sold the old post office at a nominal price to ACCION, which moved into the renovated building in 2001.

ACCION has offices in 10 Texas cities and four cities in Louisiana. It has outgrown its headquarters and recently purchased a new operations center on W. Martin Street. After the new headquarters are renovated, the Hackberry Street building will become a business development center and incubator, operated by ACCION. At that time, it will be renamed the Chase Entrepreneurial Building.

During 2010, two other San Antonio organizations – the South Texas Business Fund and the Community Development Loan Fund – ceased their operations and merged their assets with ACCION Texas-Louisiana, making ACCION the only nonprofit micro lender in the city.

ACCION Texas-Louisiana is the largest micro lender in the United States, having provided more than 11,300 loans totaling over $106 million to small businesses since it was founded in 1994. The organization provides small business loans from $500 up to $100,000. More information is available at www.acciontexas.org.

CHASE (NYSE:JPM) has more than 4,300 employees in San Antonio and more than 27,000 employees across Texas. There are 35 Chase branches in Greater San Antonio and 600 Chase branches across the state. Over the past three years, Chase has provided more than $1 billion in loans, grants and investments nationwide to Community Development Financial Institutions making loans to U.S. small businesses. More information is available at www.chase.com.