JPMorgan Chase Expands its Commitment to Detroit

[low-key music] September: JPMorgan Chase
has been doing business in the city of Detroit
for well over 85 years. Jamie: We’re the
biggest bank here, consumer, commercial,
large corporate. So it’s an
important town to us. ♪ Mayor Duggan: You don’t
normally have a banker call up a city in distress saying,
“I wanna help you.” September: JPMorgan Chase made an investment of $100 million towards Detroit’s
economic recovery. We focused on areas where we could help catalyze growth around real estate,
small business as well as identifying the disconnect that was happening with the workforce system and how we could help Morgan traders get back to work. We increased the initial
$100 million to $150 million to not only drive impact
through direct programming but also where we could
attract other investors to come to the table. A great example of that is the Entrepreneurs of Color Fund, which is a loan capital program for minority and
women entrepreneurs to be able to get the
dollars that they need to start or grow their business. April: I was fortunate to be part of Detroit Kitchen Connect which is a non-profit that’s funded through JPMorgan Chase. Melissa: Having organizations like Detroit Development Fund and backers like Chase are invaluable to
small business owners. James: Partnerships
are being made. Collaborations are being made. Businesses are being launched. Clifford: The Equitable Development Initiative is a project that was
started by JPMorgan Chase and Capital Impact Partners
to provide opportunities for minority developers who
have not had an opportunity to really get into
the development space. All of our spaces are filled and people are very excited about what we’ve done. There’s no way this work
could have been done without JPMorgan Chase. Mayor Duggan: JPMorgan Chase
is embedded here. They’ve been a central part
of this city’s comeback. September:
Unemployment’s gone down, population decline
has stabilized. Detroit is a growing city. Companies are moving here in a way that they hadn’t been before and we’re starting to see
the mortgage market rebound. So those are all signs that
the economy is getting stronger. ♪ Mayor Duggan:
It has been remarkable, the sincerity of
what they’ve done. We sit in a room together
and we brainstorm together what we need to do next. ♪

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