JPMorgan Chase & Co invested $200 million through philanthropic capital, volunteerism, low-cost loans and equity investments into the city after the city historically went bankrupt in 2013.
According to Detriot News, 10 years later, the company celebrated this achievement and CEO Jamie Dimon announced that the company wants to continue being apart of Detroit ‘for the next 90 years’.
“We work with philanthropic organizations (like Invest Detroit) that needed capital to build capacity but then be in a position where they can scale,” said JP Morgan Chase & Co vice chairman Peter Scher. “That $200 million has been leveraged six or seven times over and has been invested in the city.”
In addition to the funds invested in the city, the company also launched a branch in Corktown and hired bankers, adding to the city’s economy. From the $200 million dollar commitment, more than 72,000 Detroiters were placed in the job marked and more than 13,000 small businesses received capital or assistance.
