JPMorgan Chase announced it is investing another $1 million in Detroit's Eastern Market in an effort to give food entrepreneurs an expanded commercial kitchen space. The investment is on top of the $1.5 million JPMorgan Chase has already invested in Eastern Market as part of the company's $150 million commitment to Detroit's economic recovery and growth.
"JPMorgan Chase's commitment to Detroit has already helped transform the city into a successful market for local food companies, including the vendors at Detroit's historic Eastern Market," Eastern Market Corporation President Dan Carmody said in a release. "We are grateful for the firm's backing as we help area entrepreneurs develop the skills and distribution pipelines to take their ideas from the kitchen to major stores, restaurants, and beyond."
Their initial commitment helped complete Shed 5 renovations which included the 9,000-square-foot commercial kitchen for chefs to prepare, test and sell their products.
It also supported the Regional Food Accelerator to provide training and support for entrepreneurs.
Now, thanks to the investment, Eastern Market can continue to support food entrepreneurs of color and those with limited means and will create or maintain 250 jobs, increase the number of profitable vendors by 50 percent and increase small business revenue.
Cynthia Davis of Sha La Cynts is a long-time Detroit Kitchen Connect participant and will expand her business.
"As a small business owner and a native Detroiter, I needed to start somewhere and Eastern Market was a great place to sell my healthy vegan popcorn and cakes,” Davis said. “I’m so grateful that JPMorgan Chase and the Eastern Market team work together because that has allowed me to build -- and now expand -- my business in Detroit.”