DETROIT, Michigan–Details of the second year of JP Morgan Chase & Co.’s five-year, US$100 million commitment to invest in Detroit’s economic recovery are scheduled to be announced Monday. The global financial services firm already has put US$34 million to work addressing some of the challenges faced by Detroit, which emerged in December from the largest municipal bankruptcy in U.S. history.
It is working with nonprofit groups and city leaders to address community development, neighborhood stabilization, workforce training, small business expansion and economic growth.
��Our commitment is a sustained, strategic and comprehensive effort that supports innovative approaches to complex challenges,�� JPMorgan Chase CEO Jamie Dimon said in a release. ��We are bringing to bear our financial capital and also our human capital in the form of skills and expertise of some of our most talented people.��
The programs for 2015 include the development of a map to highlight where jobs are in the city and the skills needed to fill them.
JPMorgan Chase also will provide US$500,000 to help 350 young people find summer jobs. A home restoration program will be expanded to provide financing for homes sold outside the Detroit Land Bank Authority online auction.
Another US$225,000 will go to support income tax assistance and financial coaching for residents and small businesses.
The commitment is making a real impact on the city, Mayor Mike Duggan said in the release.
��With their support, innovative programs are investing in new housing, more people are graduating from job training programs, rehab loan financing is available to homebuyers and there’s greater support for small businesses,�� Duggan said.