Inside of a restaurant.
More support for small businesses. Photo: Pixabay.

Chase introduces its “Special Purpose Credit” (SPCP) program

The financial entity thus expands access to credit for various small businesses.


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As part of its $30 billion commitment, JPMorgan Chase & Co's US consumer and commercial banking business has developed this lending program for small businesses located in predominantly Black and Hispanic communities nationwide.

The Special Purpose Credit Program (SPCP) is the first credit of its kind created to expand Chase's relationships with small businesses, fuel their inclusive economic growth, and increase access to capital for minority small business owners on a sustainable basis.

Ben Walter, CEO of Chase Business Banking, stated:

Access to capital has historically been disproportionally challenging for small business owners who live and work in communities of color.

About the program

Based on geographic references, the initiative allows the bank to focus capital on the areas that need it most, allocating credit opportunities to small business owners who would otherwise not be approved or receive it on less favorable terms.

To access the program, which began testing in Dallas, Detroit, Houston, and Miami earlier this year, and expanded to 21 cities in July, applicants only need to be located in an eligible area to be considered.

The program is currently available to businesses in majority African American and Hispanic neighborhoods in the U.S.

“We want to do our part to create more parity by saying yes to more business owners in these areas so they can grow and thrive, and their communities can benefit in turn,” added Walter.

More Chase Initiatives

Here are other company initiatives to support minority business owners:

  • Improved the application process for smaller-dollar loans (generally up to $500,000) to make the process easier, faster and less intimidating.
  • Launched a digital loan application so customers can apply for a business line of credit online – no need to call or visit a branch. It’s being rolled out in phases and is expected to be widely available in 2023.
  • Expanded its free one-on-one coaching program to more than 40 trained senior business consultants in 21 U.S. cities to provide mentoring and advice to minority business owners on everything from boosting creditworthiness to managing cash flow to effective marketing.
  • Since the program’s inception in 2020, Chase has mentored more than 2,600 minority business owners, helping them improve their operations, plan for growth, and network with others in the local business community.
  • Launched a new resource center at that provides free educational content, resources, and advice to help early-stage and established entrepreneurs achieve their goals.

“Minority entrepreneurs are rapidly becoming the customer of the future. We want to help more minority-owned businesses create and sustain wealth long-term. We are accomplishing this by building the infrastructure, strengthening relationships, and bringing owners into the mainstream financial system. Growing and thriving small business customers are an important driver of our long-term business goals,” noted Mikal Quarles, head of Chase Business Banking Racial Equity Strategies. 

Barriers to Small Businesses

Chase also highlighted these challenges that face African American and Hispanic small business owners:

  • Black and Hispanic small business owners have a lower level of starting wealth, which may mean these founders are less able to invest in their businesses.
  • Existing wealth inequities could influence the ability of Black or Hispanic founders to invest in their businesses and generate meaningful wealth.
  • Programs targeting low-income or majority-minority neighborhoods could be particularly helpful for Black and Hispanic business owners, who typically start firms with less cash, which may limit their opportunities for wealth creation.

“Creating a more equitable economy is a business and social imperative. I applaud Chase for helping minority business owners pursue their dreams,” stressed Marc Morial, president and CEO of the National Urban League. 


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