Posted: May 21, 2014 7:41 PM
Updated: May 21, 2014 7:41 PM
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.