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

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.

JPMorgan CEO Jamie Dimon will be in Detroit on Wednesday to formally announce the package, which grew out of conversations between Mr. Dimon and Dan Gilbert, the billionaire founder of Quicken Loans and a major investor in downtown Detroit. The city is one of several set to benefit from a $250-million urban job-training effort the bank announced in December.