JPMorgan Chase plans to invest some $40 million over three years in small business assistance, real estate development and jobs training programs in Chicago, to help rebuild some of the city’s most marginalized neighborhoods.
The initiative is the bank’s biggest expansion to date of an approach to economic recovery that it launched in Detroit in 2014, with encouraging results so far. Fortune described the bank’s “Invested in Detroit” program in a cover story in the magazine’s current issue.
JPMorgan Chase’s approach, which it refers to as “philanthropic investment,” involves working with nonprofits to channel financing to developers, entrepreneurs and homeowners who struggle to get bank loans; the bank also funds programs that help workers who don’t have college degrees train for “middle skill” jobs that pay better wages.
In the earlier story, CEO Jamie Dimon told Fortune, “We could do Detroit in three or four places a year, and we could do a ‘Detroit lite’ in another 10.”
The Chicago effort may look slightly “lite” compared to Detroit, where the bank plans to commit $150 million over five years. But Chicago is the first market after Detroit where the bank will be tackling skills training, business expansion, and real estate development …read more
Source:: Fortune – Finance