JPMorgan Chase & Co. has announced an expansion of its commitment to Detroit's economic recovery to $150 million by 2019.
In 2014, the global financial services firm announced a commitment of $100 million over five years in support of economic recovery and revitalization efforts in Detroit. On Wednesday, the bank announced it had met and surpassed its $100 million target two years ahead of schedule and, over that period, had provided $50 million in community development financing, $25.8 million in support of neighborhood revitalization efforts, $15 million for workforce development, $9.5 million to grow small businesses in the city, and $6.9 million in other investments.
The commitment of an additional $50 million over the next two years will include coordinated investments of around $30 million to create livable, inclusive, and sustainable neighborhoods; equip residents with the skills needed for high-quality well-paying careers; and provide small businesses with capital. Approximately $13 million of the additional $50 million will be reinvested out of loans paid back into two community development investment funds that the bank helped create with Invest Detroit and Capital Impact Partners.
"Our commitment to Detroit has truly been a firm-wide effort that goes well beyond our financial investment," said Peter Scher, head of corporate responsibility at JPMorgan Chase. "We've utilized our firm's data, experience, and the expertise of over a hundred colleagues from ten countries who have put their skills to work helping the city tackle some of its biggest economic challenges. As Detroit recovers, I hope our work continues to make an impact and yields lessons that are instructive for others looking to invest in Detroit and create more economic opportunity in their communities."