JPMorgan Chase says $34 million already committed to Detroit
Tuesday, May 19, 2015
One year after pledging to invest $100 million in Detroit over five years, JPMorgan Chase & Co. says $34 million has so far been committed in the Motor City. On Monday, CEO and chairman Jamie Dimon vowed to continue to work with Detroit in workforce training, small-business expansion and blight removal.
Nearly half of the $34 million went to two local financial firms, Invest Detroit and Capital Impact Partners. In turn, those two firms have used $10.6 million to support six projects. Three of those projects were in Midtown, the neighborhood north of downtown that is attracting increasingly upscale retail and residential.
“One year in, our commitment is yielding positive results,” Dimon said as he stood with city officials in the gutted first floor of a building undergoing a massive renovation in downtown’s Capitol Park.