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JPMorgan Expands Investment in Detroit’s Economy
JPMorgan Chase will expand its investment in Detroit’s economic recovery, committing to reach $200 million by the end of 2022. The announcement comes as the financial services giant exceeded its initial five-year, $150-million commitment.
The new $50-million commitment to philanthropic and business investment in Detroit builds on the results of sustainable loan programs for small businesses like the Entrepreneurs of Color Fund and increased access to affordable housing and job training. It also targets the gaps in the city’s economic recovery.
“I continue to believe Detroit is an example to our country and the world of what can be achieved through cooperation to solve today’s biggest challenges,” said Jamie Dimon, chairman and CEO of JPMorgan Chase. “And that is why we continue to invest here and apply what we’ve learned here in other cities.”
Building on lessons that were learned in Detroit, JPMorgan Chase devised its $500-million, five-year AdvancingCities initiative.
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