JPMorgan Launches USD 20 Mn Fund For South African Black-owned Firms

JPMorgan Chase & Co announced the launch of a USD 20 Mn fund for black-owned businesses in South Africa. The fund was launched in partnership with South Africa’s Department of Trade, Industry, and Competition (DTIC).

According to the company, the R300 million (USD 20.14 Mn) fund, which comes with a R40 million (USD 2.69 Mn) grant, will be disbursed as short-term loans with a three- to four-month repayment period and long-term loans with a two- to five-year repayment period.