DETROIT/May 10, 2017 (AP) (StlRealEstate.News)— JPMorgan Chase is expanding its financial commitment to Detroit’s economic recovery.
The bank announced Wednesday that an initial five-year investment of $100 million is expected to reach $150 million.
Since 2014, JPMorgan Chase has invested — through loans and grants — $50 million in community development financing, nearly $30 million to revitalize Detroit neighborhoods, $15 million for workforce development, more than $9 million for small business expansion and close to $7 million in other efforts.
The bank says it reached the initial investment two years ahead of schedule due to strong collaboration between civic, business and nonprofit leadership. Improving economic conditions in the city also helped.
Mayor Mike Duggan said in a statement that JPMorgan Chase’s investments have revitalized neighborhoods and allowed city residents to receive job training.