The Challenge

Predatory lending strips low-wealth residents and communities of color of their opportunity to access affordable capital and build wealth that would raise up entire communities. It is estimated that about 100,000 Jaxsons rely on high-interest lending through payday lenders, pawn shops, auto and online personal loans.

Designing a Solution 

The JAX Microfinance Fund (JMF) is designed to help level the lending playing field for under-resourced Northeast Florida borrowers. The JMF will invest in innovative and non-predatory online platforms that will lend to small business owners and individuals in seven counties, emphasizing lending to women and people of color. Currently, the majority of women borrowers and borrowers of color are unable to or choose not to borrow from traditional lending sources and are, instead, forced to work with predatory lenders.

Not only will the JMF identify and invest in platforms to connect borrowers to patient, affordable capital, it will also connect borrowers to local credit unions and CDFIs for credit repair and credit builder programs to support long-term access to affordable capital.

Impact

The JMF will:

  • Increase access to capital for under-resourced borrowers;
  • Ensure loan capital is affordable or priced below predatory lending rates; and
  • Mitigate risk among investors and provide a return on their investment.

The Opportunity 

The JMF is currently accepting new investors.

Review the pitch deckRead the one pagerLearn more about duPont Fund impact investments

Learn more

Chris Crothers
CHRIS CROTHERS
DIRECTOR OF IMPACT INVESTING
Send Email904-544-9077

Investments

Funding Northeast Florida Small Businesses with
Honeycomb Credit

The first investment from the JMF is in Honeycomb Credit, a crowdfunding investment platform for small businesses that is now working in Northeast Florida.

Irie Diner

Irie Diner Caribbean Restaurant is a full-service casual dining restaurant with a menu that is reflective of the Caribbean diaspora. Irie Diner is a community-centered establishment and is supported by other local businesses and leaders. Learn more >>

Murray Hillbilly

Murray Hillbilly is a southern-style vegan restaurant. Its southern comfort food is made from entirely plant-based, fresh ingredients. Murray Hillbilly offers full-service dining, take-out, catering, and delivery through multiple platforms. Learn more >>

Cultural Kitchen

Cultural Kitchen Catering is the collaboration between Twisting Roots Food Truck and Wurstbusters Food Truck. They serve a variety of food from German street food to Island-inspired dishes and anything in between. Learn more >>

Kravegan

Kravegan, located in Orange Park, Florida, serves scratch-made, 100% vegan, plant-based foods, desserts, and sauces. Kravegan is a safe space for all people, vegan and non-vegans, to enjoy the food and atmosphere. Learn more >>