Big Bank, Big Grants and Loans for Detroit

Big Bank, Big Grants and Loans for Detroit

Blight removal, job training and access to mortgages will be enhanced in Detroit with a $100 million investment from JPMorgan Chase, the Detroit Free Press reports.

The formal announcement is to come Wednesday, but the Freep’s John Gallagher writes today that the funds will come over five years, half in grants, half in loans.

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, as well as local foundation leaders and business executives including Dan Gilbert, founder and chair of Quicken Loans.