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$100 million going to Detroit from JPMorgan Chase

Financial giant JPMorgan Chase announces plans for $100 million in spending in Detroit

Associated Press

JP Morgan Chase Chairman and CEO Jamie Dimon speaks at The Garden Theater in Detroit on Wednesday, May 21, 2014. The chairman and CEO of America’s biggest bank on Wednesday gave Detroit a pep talk and a promise of $100 million over the next five years. (AP Photo/Detroit News, Chrles V. Tines)

DETROIT (AP) -- Financial giant JPMorgan Chase says it will spend $100 million over five years in Detroit to support and accelerate the bankrupt city's economic recovery.

The banking company announced the effort Wednesday at an event in Detroit with Michigan Gov. Rick Snyder.

JPMorgan Chase CEO Jamie Dimon told reporters that his company is "a for-profit institution" and is investing in Detroit to make money.

Snyder says the company's effort is "truly special" and appreciated.

Chase says it's putting $50 million into Invest Detroit and Capital Impact Partners, which lends to Detroit development projects. It says it's putting $25 million into blight removal, $12.5 million into job training, $7 million into small businesses and $5.5 million into Detroit's M-1 light rail project.

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Online:

http://www.jpmorganchase.com