JPMorgan to Commit $100-Million to Boost Detroit’s Recovery

Wednesday, May 21, 2014

Wall Street giant JPMorgan Chase will commit $100-million in grants and loans over five years to aid Detroit’s revitalization effort as the city recovers from the country’s largest municipal bankruptcy, The New York Times and the Detroit Free Press report.

The nation’s biggest bank will invest $50-million in two Detroit loan funds that support economic-development projects and pump $25-million into home loans and blight-removal programs, according to the Free Press. The remaining $25-million will go toward job training, small businesses, and projects viewed as economic engines, like a proposed streetcar line….

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