Chase Launches Special Purpose Credit Program Nationwide to Break Barriers for Minority-Owned Small Businesses

In a significant step toward financial inclusion, Chase has unveiled a nationwide Special Purpose Credit Program designed to unlock capital for small business owners in historically marginalized communities. The initiative represents the financial institution’s commitment to democratizing access to credit in predominantly Black, Hispanic, and Latino neighborhoods across the country.

The program operates on a geography-based model, concentrating resources where they’re needed most. Unlike traditional lending processes, qualifying is automatic—if a business operates in an eligible area, its loan application automatically goes through the Special Purpose Credit Program evaluation track. This removes administrative barriers that have historically deterred minority entrepreneurs from even attempting to secure financing.

“Access to capital has historically been disproportionally challenging for small business owners who live and work in communities of color,” noted Ben Walter, CEO of Chase Business Banking. The Special Purpose Credit Program aims to change that calculus by approving businesses that might otherwise fall below traditional credit thresholds or face unfavorable loan terms.

How Chase’s Special Purpose Credit Program Works

Chase started piloting the initiative in four major markets—Dallas, Detroit, Houston, and Miami—earlier this year. By July, the footprint had expanded to 21 cities. Today, the Special Purpose Credit Program operates across majority-minority neighborhoods nationwide, making it the first program of its scale and scope for small business credit access.

The program works alongside other recent Chase initiatives to streamline lending. The bank simplified its application process for smaller-dollar loans (generally up to $500,000), making it less intimidating and time-consuming. A new digital loan application tool allows entrepreneurs to apply for business lines of credit entirely online—a convenience that’s being phased out across branches and expected to reach full availability in 2023.

Supporting Infrastructure Beyond Capital

Financial access alone doesn’t guarantee success. That’s why Chase expanded its mentorship program to 40 trained senior business consultants operating across 21 U.S. cities. These consultants provide one-on-one guidance on everything from improving creditworthiness to optimizing cash flow management to developing effective marketing strategies. Since launching in 2020, the program has worked with over 2,600 minority business owners.

Chase also launched a digital resource hub at Chase.com/businessconsultant, offering free educational materials and strategic advice for both early-stage and established entrepreneurs seeking growth pathways.

The Data Behind the Initiative

Why does a Special Purpose Credit Program matter? Research from the JPMorgan Chase Institute reveals critical disparities in the small business ecosystem:

• Black and Hispanic small business owners begin with significantly lower levels of liquid wealth compared to counterparts in other demographics, constraining their ability to self-fund operations.
• Existing wealth gaps don’t just affect individual founders—they influence the viability of entire business portfolios within communities, limiting wealth-creation potential.
• Targeted lending programs serving low-income and majority-minority communities can meaningfully expand opportunities for entrepreneurs who typically launch ventures with limited cash reserves.

These findings underscore why geography-based credit programs address a structural gap in the financial system.

Scaling Inclusive Growth

Chase’s Special Purpose Credit Program is part of a broader $30 billion commitment from JPMorgan Chase to support underserved communities and businesses. The initiative aligns with the firm’s recognition that small businesses function as economic anchors—when they grow, entire neighborhoods benefit through job creation, wealth accumulation, and community resilience.

“Minority entrepreneurs are rapidly becoming the customer of the future,” said Mikal Quarles, head of Chase Business Banking Racial Equity Strategies. “We want to help more minority-owned businesses create and sustain wealth long-term by building infrastructure, strengthening relationships, and integrating owners into the mainstream financial system.”

Why This Matters for the Broader Economy

Small businesses are undisputed engines of American economic growth and employment. Yet credit—the fuel that powers expansion, hiring, and innovation—has flowed unevenly across communities. By specifically designing a Special Purpose Credit Program for underserved areas, Chase acknowledges that growth cannot be color-blind or geography-blind; it must be intentional and targeted.

The program operates on the premise that removing barriers to credit access for minority business owners simultaneously expands opportunity for their communities, creating a multiplier effect. More businesses scaling means more jobs, more wealth staying in neighborhoods, and more resilient local economies.

Marc Morial, President and CEO of the National Urban League, endorsed the approach: “Creating a more equitable economy is a business and social imperative. Chase’s Special Purpose Credit Program helps minority business owners pursue their dreams in a way that drives systemic change.”

The Road Ahead

With presence in 21 cities now and continuing expansion, Chase’s Special Purpose Credit Program represents a model for how large financial institutions can leverage scale and resources to address structural inequities. For small business owners in historically underserved communities, it signals that capital access is no longer predetermined by zip code or demographics—it’s increasingly a function of good business fundamentals and geographic targeting by lenders committed to inclusive growth.

As the program matures and proves its impact, the question becomes whether other major financial institutions will follow Chase’s lead in designing special purpose credit programs for their own portfolios. For now, entrepreneurs in majority-minority neighborhoods have one fewer barrier between themselves and the capital they need to build wealth and drive growth.

About Chase: Chase operates as the consumer and commercial banking division of JPMorgan Chase & Co. (NYSE: JPM), one of the world’s largest financial services institutions with $3.8 trillion in assets. Chase serves over 66 million American households and 5 million small businesses through more than 4,700 branches in 48 states, 16,000 ATMs, and digital banking channels.