America’s biggest bank will give $100 million — $20 million a year for five years — to revitalize Detroit.
JPMorgan Chase’s Executive Vice President Peter Scher told Here & Now’s Jeremy Hobson that about half of the money will be in the form of loans to two community development financial institutions, Invest Detroit, and Capital Impact Partners. The other half of the total money will be directed to fighting blight in concert with the Detroit Land Bank and the Detroit Blight Removal Task Force.
Scher says the bank decided to invest in Detroit now because it sees an environment of collaboration among the stakeholders in the community, including political parties and governments. Scher rejected the suggestion that this is a publicity stunt, saying the firm is committing not only money, but also people and expertise.
- Peter Scher, executive vice president at JPMorgan Chase, and head of Corporate Responsibility.