Dealflow | September 21, 2017

J.P. Morgan replicates Detroit community revitalization commitment in Chicago

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J.P. Morgan was one of the first major financial institutions to bet on Detroit’s recovery after the city’s bankruptcy in 2014.

After an initial $100 million commitment, the bank pledged another $50 million to Motor City. Its work in Detroit helped the bank earn the top spot on Fortune’s third annual Change the World 50 list.

Now J.P. Morgan is putting $40 million, over three years, into a similar initiative in Chicago’s struggling neighborhoods, its second-largest city investment.

Chicago had a violent 2016 and this year seems likely to be worse. J.P. Morgan is distributing the capital as grants to nonprofits and small businesses focused on providing job training and mentorships in particular.

Its first grant is going to the Arthur M. Brazier Foundation to back its robotics training program.