ECDI, JPMorgan Chase Release Impact Report for $3 Million OH3C Initiative

ECDI, in partnership with three more of Ohio's most-active CDFIs, deployed targeted capital to help gentrified communities

COLUMBUS, Ohio, Aug. 9, 2022 /PRNewswire/ -- Through a $3 million JPMorgan Chase investment, four community development financial institutions (CDFIs) – ECDI, Cincinnati Development Fund, Ohio Capital Finance Corporation and Village Capital Corporation – joined forces to combat effects of gentrification through targeted capital investments in nine neighborhoods within Cincinnati, Columbus, and Cleveland. 

From 2018 to 2021, the OH3C partnership addressed issues that negatively affect neighborhoods' original residents, including a lack of affordable housing and loss of locally-owned small businesses. Neighborhoods served are Cincinnati's College Hill, Madisonville, Price Hill, and Walnut Hills; Cleveland's Buckeye-Shaker, Glenville and Slavic Village; and Columbus's Franklinton and South Side. Impacts included:

• Financed 16 real estate projects
• Developed/redeveloped more than 235 affordable housing units
• Disbursed more than $1.2 million in 74 loans and grants to 60 small businesses
• Created/retained 198 jobs

"As a firm, we are committed to helping everyone share in the rewards of a growing economy. Even in neighborhoods that are growing, we know not everyone has the same opportunities to move up the economic ladder. We are proud to partner with these four CDFI's across the state to break down barriers to economic mobility and advance the long-held vision local residents have for their neighborhoods," said John McCourt, Managing Director for Chase Business Banking and ECDI Board Member.

"The incredible impact of OH3C is proof of what can be accomplished in deserving communities," said ECDI Founder and CEO, Inna Kinney. "This is why we are dedicated to fostering inclusive, equitable community development, and breaking barriers that stand in the way of small business opportunities."

The full OH3C Impact Report can be reviewed HERE.

ECDI is a nonprofit organization, dedicated to assuring underbanked entrepreneurs – regardless of where they came from, where they live, their gender, or their race – have access to funding and business incubation services they need to succeed. Based in Columbus, with offices in Cleveland, Cincinnati, Akron, Canton, Toledo, and Portsmouth, we serve small businesses in Ohio, Kentucky, West Virginia, and Indiana. As the nation's top SBA microloan intermediary and Treasury-designated CDFI, we have assisted more than 284,000 individuals, disbursed more than $92 million through more than 4,000 loans, and created and retained more than 13,000 jobs since 2004. Learn more: www.ecdi.org.

Media Contact: Audrey Adair, Irvin PR, 614-570-0111

SOURCE ECDI