Major investment brings loan support to Kensington

PHILADELPHIA (KYW Newsradio) — The charitable arm of a major financial institution is doubling down on supporting loan opportunities for residents and business owners in Kensington.

The Kensington Lending Partnership (KLP) connects small business owners and those seeking affordable housing with loan resources and services available to members of the community. JPMorgan Chase is awarding $530,000 to KLP to aid their support of small businesses impacted by the economic recession and COVID-19 pandemic.

“We are enhancing and investing in this indigenous ecosystem that already exists there,” said Daniel Okonwko, market manager for community engagement at JPMorgan Chase. “We are not investing to bring in folks from outside the neighborhood, but we’re really focused on recognizing the character of Kensington and investing directly in that.”

The funding is targeted at Latinx borrowers and community members to help protect them from being displaced from their neighborhoods.

“So where we are now with this latest investment is, we are going to contribute to the loan loss reserve of a couple of the CBFIs (community-based financial institutions) in this lending partnership which will allow them to continue their lending activity,” he explained.

“It will also allow them to provide capitol to small businesses that have a longer repayment cycle, so folks are more likely to access these funds in order to stabilize their businesses.”

JPMorgan Chase made a $5 million investment to KLP in 2018. While projects continue, COVID-19 put a speed bump in the plan. The additional funding will help support loan efforts.