In tandem with Detroit Startup Week powered by Chase for Business, JPMorgan Chase has announced they will be increasing their initial investment in the economic recovery of Detroit to $150 million by 2019. This announcement comes after the original $100 million, five-year investment turned out to be two years ahead of schedule. Pretty impressive for a place once known as the largest US city to ever declare of bankruptcy. The goal of this investment is to build upon the city’s progress, create livable, inclusive, and sustainable neighborhoods, arm residents with the skills needed for high-quality, well-paying careers, and provide small businesses with the capital they need to succeed. JPMorgan Chase has invested $107 million in loans and grants in Detroit’s economic recovery, including $50 million in community development financing, $25.8 million to revitalize neighborhoods, $15 million for workforce development, $9.5 million for small business expansion, and $6.9 million in additional transformative investments. Economic challenges are no stranger to Detroit. But this investment, along with the entrepreneurial spirit of the Motor City, is another step in the right direction. It will utilize everything in Chase’s arsenal to strengthen underlying organizations and create system-wide changes that will improve citywide workforce development strategy. Before you know it, this Michigan city will be the thriving economy we all know and love.
