The Hartford Financial Services Group said it has committed $16 million over the next five years to invest in small businesses, Communities with Hart.
Its first two investments are $1.25 million to Accion U.S. Network and $1.5 million to Junior Achievement USA. Both are nonprofits.
Accion, headquartered outside of Boston, provides microloans and training to small businesses that lack access to traditional sources of capital due to lack of education or business experience, according to its website. The Hartford said its investment with Accion will help 500 small businesses. The initial focus will be on businesses in Hartford, Chicago, San Antonio and San Diego.
Colorado-based Junior Achievement offers financial literacy and entrepreneurship educational programs to students in kindergarten through 12th grade.
The Hartford’s donation nets it the title sponsorship of Junior Achievement’s JA Company Program, it said. The insurer has supported Junior Achievement of Southwest New England since 2004.
