Read: JP Morgan’s $100 Million Investment Report on DetroitBy Amanda Lewan on May 21st, 2014 /
Good news travels fast. Last night multiple media outlets reported that JP Morgan was planning to announce today their $100 million investments into business activity in Detroit.
The commitment of $100 million will be spread out over a 5 year period, offering support to many startup and entrepreneurial programs we’ve covered including Grand Circus, Techtown, and Bizdom. About half of the money will go towards community projects in Detroit, including recent efforts to remove blight.
“JPMorgan Chase believes in Detroit. We have been doing business in the city for over 80 years, and we’re planning to be here for many more years to come,” the report states.
Below is a link to the report, and cliff notes for you.
How money will be distributed:
- $50 million will go towards community development financial institutions
- $25 million will go towards tackling blight in the city and neighborhoods
- $12.5 million will go towards job training
- $7 million will go towards supporting small businesses and startups
- $5.5 million is stated to go towards future economic growth
Programs and partners receiving this money:
- Detroit Land Bank Association, Detroit Blight Removal Task Force and other city wide organizations helping tackle blight.
- Community groups including Southwest Business Solutions, Michigan Community Resources, and Community Development Advocates of Detroit.
- Invest Detroit and Capital Impact Partners will help lead business and neighborhood investments.
- TechTown Detroit, Eastern Market, and Bizdom will receive support for small business growth.