Detroit's revitalization hopes are getting a boost from one of the deepest-pocketed players in U.S. finance.Above Chase CEO Jamie Dimon is being interviewed on NBC's Today program. This is certainly good news for Detroit.
JPMorgan Chase, the nation's biggest bank, will announce Wednesday that it is investing $100 million in Detroit over five years, strengthening the city's redevelopment efforts, speeding up blight removal, helping train city residents for new jobs, and making mortgage money available for home loans.
About half the cash will come in the form of loans and the rest in grants. Chase has been working for several months developing the program, which will be announced Wednesday at a luncheon featuring Gov. Rick Snyder, Mayor Mike Duggan and JPMorgan Chase Chairman and CEO Jamie Dimon.
Dimon told the Detroit Free Press that the idea started last fall when Detroit was going through its painful bankruptcy.
"Obviously Detroit was having issues," Dimon said. "I got together some of our senior people and said what can we do that's really neat, that could be really creative."
Chase is already a leading Detroit lender to consumers as well as to businesses.