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J.P. Morgan Chase Invests $100 Million In Detroit

Thursday, May 22, 2014

J.P. Morgan Chase announced Wednesday that it will give Detroit $100 million over the next five years to assist in the city’s recovery from bankruptcy.

Chase CEO Jamie Dimon talked about the investment Wednesday morning on NBC’s Today Show.

The official announcement was made Wednesday afternoon at the Garden Theater in Midtown.

Fifty million dollars will go towards community development. Twenty-five million will be used to fight blight. Twelve and a half million will be used to strengthen the city’s workforce. Seven million dollars will support small businesses. Five and a half million dollars will be used for economic growth projects of the future, such as the M-1 Rail Project.

Governor Rick Snyder says the investment gives Detroit a chance to show what it has to offer.

John Carter is the Marketing President for Chase in Michigan. He spoke with WDET’s Jerome Vaughn. Carter says Chase saw an opportunity.