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JPMorgan Chase will make another investment in Detroit. (Image via Yahoo Finance)
JPMorgan Invested in Detroit
JPMorgan Chase will invest more in Detroit. The bank has invented a huge amount of money for the city in 2014. They invested as much as $150 million back in 2014 and the investment will be ended this year. However, they renew the investment and invested $50 million more which will be extended until 2022. With the total amount of $200 million, what made JPMorgan decided to invest in Detroit?Detroit filed for bankruptcy 6 years ago, in 2013. During that time, the city has debt due to reduce of population at around 2010. Many citizens could not afford to go to school and the value of homes was low in that year. However, in 2014, JPMorgan invested $150 million to the city, in hoping the city will get a recovery.
They did and JPMorgan is proud of that. The local governor of Detroit used the money well, that they became a model city for other cities such as Chicago, Washington D.C. and Paris. The money was used to build affordable housing, developed small business and created job training for its citizens. The money from the new investment will be distributed to the same areas of the previous one. In addition, they will also provide fund for African-American entrepreneurs.
According to The Detroit News, the money will be distributed in these areas; improving homes and housing with community partners ($20 million), funding African-American entrepreneurs ($12 million), creating job training ($10 million) and building financial health and counseling ($8).
JPMorgan hopes with the new investment, Detroit could continue to do city recovery.
Source: https://www.detroitnews.com/story/opinion/columnists/ingrid-jacques/2019/06/26/jacques-jp-morgan-chase-investment-detroit/1547687001/
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