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JPMorgan Chase to invest $50M more in Detroit

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Posted at 2:58 AM, May 10, 2017
and last updated 2017-05-10 02:59:16-04

JPMorgan Chase is expanding its financial commitment to Detroit's economic recovery.

The bank will announce Wednesday at Focus: HOPE's conference Center in Detroit that an initial five-year investment of $100 million is expected to reach $150 million.

Since 2014, JPMorgan Chase has invested -- through loans and grants -- $50 million in community development financing, nearly $30 million to revitalize Detroit neighborhoods, $15 million for workforce development, more than $9 million for small business expansion and close to $7 million in other efforts.

The bank says it reached the initial investment two years ahead of schedule due to strong collaboration between civic, business and nonprofit leadership. Improving economic conditions in the city also helped.

Mayor Mike Duggan, JPMorgan Chase Head of Corporate Responsibility Peter Scher will be among Wednesday's speakers.