DETROIT – JPMorgan Chase has announced a new $50 million commitment to Detroit’s economic recovery, bringing the firm’s total investment to $200 million by 2022.
The firm is hosting two events Wednesday to celebrate their investment announcement. They will be joined by Detroit Mayor Mike Duggan and key local partners to announce the update to JPMorgan Chase's commitment to date as well as look ahead to what’s next.
- 3:30-4:15 p.m. at the A. Philip Randolph Technical High School Auditorium -- JPMorgan Chase CEO Jamie Dimon and Detroit Mayor Mike Duggan will hold a townhall Q&A conversation with Randolph High School graduates.
- 6-8 p.m. -- Event at Charles H. Wright African American Museum
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 like 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’ says its 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," reads a statement from the firm.
“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.”