Just how much can $100 million do for a city like Detroit?
JPMorgan Chase highlighted how its $100 million investment in Detroit is being used as fuel for the city’s comeback. The company marked the one year anniversary of its commitment with a groundbreaking to celebrate the continuing redevelopment of Capitol Park.
Since May 2014, JPMorgan Chase has put $34 million of its pledged $100 million to work to address some of Detroit’s most pressing problems. The company is working with nonprofit and city leaders to overcome challenges associated with community development, workforce training, economic growth, and neighborhood stabilization.
“One year in, our commitment is yielding positive results across Detroit,” said Jamie Dimon, Chairman and CEO, JPMorgan Chase. “We have a long history doing business in Detroit and our commitment is a sustained, strategic and comprehensive effort that supports innovative approaches to complex challenges. We are bringing to bear our financial capital and also our human capital in the form of skills and expertise of some of our most talented people.”
Almost half of the company’s $100 million commitment is based in long-term, flexible debt capital for Invest Detroit and Capital Impact Partner, two Community Development Financial Institutions.
Invest Detroit and Capital Impact have deployed $10.6 million to six projects that are helping to transform the city’s urban core and neighborhoods. Both institutions boost Detroit’s recovery by investing money in important projects that usually lack access to conventional financing.
JPMorgan Chase also works to equip Detroit job seekers with the skills they need to compete for middle-skill jobs. The company invested in Focus: HOPE to expand training programs to reach over 400 job seekers.
The bank also intends to tackle blight through its Home Restoration Program, and help with small business development through affordable financing.
“JPMorgan Chase is helping the city address a number of tough challenges,” said Detroit Mayor Mike Duggan. “With their support, innovative programs are investing in new housing, more people are graduating from job training programs, rehab loan financing is available to homebuyers and there’s greater support for small businesses. Their long-term commitment is making a real impact.”