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Financial giant JPMorgan Chase confirms plans to invest $100M in loans, grants into Detroit

Michigan Gov. Rick Snyder speaks during an announcement about JP Morgan Chase's investment plans for Detroit, Wednesday May 21, 2014. JP Morgan Chase’s program is to commit funding to back companies pledging to invest in Detroit and provide tax-paying jobs in the city. (AP Photo/Detroit News, Chrles V. Tines)

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Michigan Gov. Rick Snyder speaks during an announcement about JP Morgan Chase's investment plans for Detroit, Wednesday May 21, 2014. JP Morgan Chase’s program is to commit funding to back companies pledging to invest in Detroit and provide tax-paying jobs in the city. (AP Photo/Detroit News, Chrles V. Tines)

DETROIT - Financial giant JPMorgan Chase has confirmed plans to invest $100 million over five years into Detroit to support and accelerate the bankrupt city's economic recovery.

The money announced Wednesday will be divvied up in loans and grants and includes funding for home mortgage loans, job training for Detroit residents and blight removal.

In a statement, JPMorgan Chase Chief Executive Jamie Dimon said the bank believes in Detroit's future and wants to see the city recover its economic strength.

Chase has more than 2,500 southeast Michigan employees.

Chase plans to put $50 million into Invest Detroit and Capital Impact Partners, which loans to Detroit development projects. Some $25 million will help with blight removal and other efforts. Chase also will use $12.5 million for job training programs.

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Online:

http://www.jpmorganchase.com

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