Senator Stabenow Welcomes JPMorgan Chase Investment of $100 Million for DetroitWednesday, May 21, 2014
U.S. Senator Debbie Stabenow today welcomed the announcement that $100 million will be invested in Detroit over the next five years. The investment, made by JPMorgan Chase, will be used to help continue Detroit's economic comeback, revitalize neighborhoods, train residents with new skills for new jobs, and help small businesses create jobs.
"Today's announcement is a reflection of the great work that is happening every day in Detroit," said Stabenow. "From helping our small businesses access capital to helping families buy a home to strengthening infrastructure development, this investment will play an important role in Detroit's future."
The investment, to be made over five years, includes $40 million in long-term debt capital and $10 million in grants for community development, $25 million to help the city address blight, $12.5 million for workforce development and job training programs, $7 million for small businesses investment, and $5.5 million in infrastructure development, including the M-1 rail line.