JPMorgan Chase & Co. aims to help low-income Detroit neighborhoods with $125 million. The funds will help build infrastructure and assist citizens of Detroit to qualify for loans. Through grants to the community, Detroit will be able to use these resources for construction of healthcare and education facilities, retail outlets, and community centers. The addition of such facilities would greatly boost the lagging Detroit economy.
In the initial test, JPMorgan Chase & Co. provided $33 million in grants. These funds were used to help purchase and develop 2,000 housing units for low-income residents and provided start-up capital for 130 small businesses. The project has been praised for "empowering community leaders to collaborate, share resources, then identify and address the key drivers of inequality."
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