Article from Crain’s Detroit
- JPMorgan Chase has exceeded its $150 million Detroit investment, philanthropy initiative
- Bank plans to invest $50 million more in affordable housing, job training and entrepreneurship
- CEO Jamie Dimon in Detroit for two-day visit Wednesday and Thursday
Banking giant JPMorgan Chase & Co. plans to increase its targeted investments and philanthropy in Detroit to $200 million, growing an initiative that began in the midst of the city’s bankruptcy five years ago and has reached into entrepreneurship, job training and neighborhood redevelopment.
JPMorgan Chase CEO Jamie Dimon will be in Detroit on Wednesday to announce the bank has already exceeded its $150 million pledge and plans to spend another $50 million by the end of 2022.
This marks the second time Dimon and his team have increased the bank’s commitments in Detroit after pledging $100 million over five years in 2014 in the middle of the Detroit’s record-setting municipal bankruptcy reorganization.
The New York City-based bank (NYSE: JPM) is committing to fund programs focused on affordable housing, workforce development and helping African American entrepreneurs gain access to capital and technical assistance to foster small business development along the city’s commercial corridors, said Peter Scher, head of corporate responsibility for JPMorgan Chase….Continue Reading or Check Out Our Exclusive, Off-Market Real Estate Investing Opportunities!