Chase has committed $100 million dollars over 5 years to economic development projects in Detroit, and we’re pretty darn excited. John Gallagher at The Free Press reports the investment will be split between grants and loans; here’s where the money is going:
- $50 million to Invest Detroit and Capital Impact Partners, two established ventures leading outstanding economic development, job training and other programs around the city.
- $5 million to the Detroit Land Bank Authority for blight removal projects.
- $5 million goes to a Rehab Loan Pilot Program lending to families purchasing their own home through the Neighbors Wanted property auction.
- $1 million to expand online access to real estate info on Detroit real estate.
- Chase will also help local non-profits including Community Development Advocates of Detroit, Southwest Solutions, and Michigan Community Resources with technology development.
- $12.5 million to strengthen workforce readiness through a variety of training programs. Detroit Employment Solutions Corp., Focus: Hope, the Greening of Detroit and Goodwill Industries will help drive the effort.
- $7 million Chase will work with agencies including TechTown, Bizdom, Eastern Market and others that support small businesses and entrepreneurs.
- $5.5 million in infrastructure investments, including the M-1 Rail project.
Let’s keep going and growing.
image credit J. Kyle Keener / Detroit Free Press