JPMorgan Chase expanding financial commitment to Detroit

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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.

Kathy Bratkowski
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Kathy Bratkowski is an award-winning writer and multimedia producer. Her television work has been recognized with eleven regional Emmy® awards and multiple Telly awards. Her documentaries and programs have screened at film festivals (St. Louis International Film Festival and New York Television Festival). She writes and produces videos and web content for dozens of national corporations. In a previous life, she was a television news producer and worked in the corporate world. She is a published feature and short story writer and has an M.A. in Marketing and an M.F.A. in Creative Writing. She teaches Multimedia Storytelling (aka Convergence Media Production) at St. Louis Community College-Forest Park.