Heard on the Street: the struggle to give away billions of dollars, investing in under-represented entrepreneurs, and more

By December 3, 2018 December 17th, 2018 Heard on the Street

Heard on the Street – here’s what we were reading last week:

JPMorgan Chase lends Chicago nonprofit $10 million to fund development on South and West Sides: The Chicago Community Loan Fund is receiving its largest capital investment to date: a $10 million low-cost, long-term loan from JPMorgan Chase. The loan is designed to boost the Chicago nonprofit lender’s work financing small-business and commercial development on Chicago’s South and West sides.

It’s surprisingly hard to give away billions of dollars: An article from earlier this month pointed out that the wealthiest people in the world are sitting on $4 trillion, and accumulating money much faster than they give it away. Philanthropy is harder than you think.

New loan program to repurpose shuttered CPS buildings: A loan program for local nonprofits has committed $5 million to turn shuttered Chicago public schools into something useful again. With the backing of Benefit Chicago, a developer is already moving forward with two projects.

Harlem Capital launches first fund for under-represented entrepreneurs: Harlem Capital has raised its first slug of funding for its debut fund to invest in minority-led companies, according to an SEC filing. The Harlem-based investor has raised $2 million of a targeting $25 million.