JPMorgan Chase & Co. has plans to expand the firm’s investment in Detroit’s economic recovery, committing to reach $200 million by the end of 2022. The announcement comes as the firm exceeded its initial five-year, $150 million commitment.
The new data-driven investment builds on the initial progress that helped boost the city’s recovery through the creation of sustainable loan programs for small businesses such as the Entrepreneurs of Color Fund and increased access to affordable housing and job training, and targets the gaps in the city’s economic recovery.
Despite the city’s continued economic progress, a city made up of almost 80 percent African Americans, only 25 percent of Detroit households are considered middle class, according to Detroit Future City. JPMorgan’s new $50 million in philanthropic and business investments will help further break down barriers to opportunity so that more long-term residents of Detroit, especially black Detroiters, can access job training, become homeowners and grow small businesses.
“Too many people are being left behind, and we need to build an economy that works for everyone,” said Jamie Dimon, chairman and CEO, JPMorgan Chase. “Our new investment in Detroit will help the system work for more people — giving more Detroiters access to the tools they need to succeed, stay and benefit from Detroit’s continued recovery. A good education, the skills to secure a good job, a home, and the capital and assistance to start and grow a small business are some of the tools to creating opportunity and a society where everyone benefits. I continue to believe Detroit is an example to our country and the world of what can be achieved through cooperation to solve today’s biggest challenges. And that is why we continue to invest here and apply what we’ve learned here in other cities.”
Detroit is where JPMorgan Chase tested, developed and refined its proven model for driving inclusive growth in cities. The firm’s investment in Detroit yielded valuable insights that turned into new investments in other cities, including Chicago, Greater Washington and Greater Paris through an initiative called AdvancingCities. The program is a $500 million, five-year initiative focused on investing business and philanthropic capital in solutions that bolster the long-term vitality of the world’s cities — and the communities within them.
To read the press release, click here.
