DETROIT (AP) — Financial giant JPMorgan Chase has confirmed plans to invest $100 million over five years into Detroit to support and accelerate the bankrupt city’s economic recovery.
The money announced Wednesday will be divvied up in loans and grants and includes funding for home mortgage loans, job training for Detroit residents and blight removal.
In a statement, JPMorgan Chase Chief Executive Jamie Dimon said: “We believe in Detroit’s future, and we want to see the city recover its economic strength.”
Chase has more than 2,500 southeast Michigan employees.
Chase plans to put $50 million into Invest Detroit and Capital Impact Partners, which currently loans to Detroit development projects. Some $25 million will help with blight removal and other efforts. Chase also will use $12.5 million for job training programs.