CAPITAL REGION — The Community Loan Fund of the Capital Region and JPMorgan Chase have partnered together to launch a new online training program for entrepreneurs.
The Community Loan Fund is a non-profit community development financial institution that serves the various counties of the Capital Region.
It started in 1985 and attempts to promote sustainable community development efforts for economically underserved people and communities. It provides access to capital by pooling
investments and donations from socially concerned individuals and organizations.
The platform was created with a $175,000 grant from the JPMorgan Chase Foundation. Linda MacFarlane, Executive Director for the Community Loan Fund, said “The Community Loan Fund of the Capital Region is so grateful for this grant and for the support JPMorgan Chase has provided during the development of this new online training program.”
The new program is based on the curriculum and workshops developed by the Community Loan Fund to foster small business growth for women, minorities and people with low income.
The program covers topics that help entrepreneurs start their businesses including financing, understanding legal requirements, financial forecasting, marketing, and record keeping. It also provides guidance for people who are already in business but want to grow.
The program consists of tutorials presented as videos with quizzes to measure understanding of the topics discussed. It also offers interviews with Community Loan Fund clients to talk about their businesses.
Amber Chaves, owner of the Bundle Store in Ballston Spa, said that the Community Loan Fund both gave her a $5,000 loan to help start her business, and re-lent to her when she expanded to Clifton Park for several years.
While Chaves herself has not taken the Community Loan Fund’s classes, over time she has created several online classes herself to teach people how to use baby carriers, cloth diapers and other such products.
Chaves said that originally she taught the classes exclusively in person, and still offers that service; however, by also offering the classes as pre-recorded presentations online, she has made them accessible to almost anyone at any time.
“The classes launched recently,” she said. “But they were on my to-do list for years.”
She added that even partners with different schedules, people who already have children and anyone else with a busy or inconsistent schedule can all still learn, thanks to the online nature of the new courses allowing people to show up for class whenever they have time, rather than at a strict time, day and place.
MacFarlane said that the Community Loan Fund’s classes “helps us get out into the field and reach the more remote parts of our 11-county region. As a result of this partnership with JPMorgan Chase, we are empowering even more women and minorities to start new businesses and take part in the prosperity of this region.”
Billy Botsakos, Chase Market Director, Capitol Region, said “By leveraging technology, the Community Loan Fund is able to overcome the transportation and social challenges that make it difficult for underserved entrepreneurs to access resources needed to grow their business.”
For more information, visit the Community Loan Fund’s website at www.mycommunityloanfund.org.
