The General Motors (GM) world headquarters is seen February 24, 2013 in Detroit, Michigan. The city of Detroit has faced serious economic challenges in the past decade, with a shrinking population and tax base while trying to maintain essential services. JPMorgan announced it will direct $100 million in investments at Detroit for homes, businesses and job training. 

 
The General Motors (GM) world headquarters is seen February 24, 2013 in Detroit, Michigan. The city of Detroit has faced serious economic challenges in the past decade, with a shrinking population and tax base while trying to maintain essential services. JPMorgan announced it will direct $100 million in investments at Detroit for homes, businesses and job training.    - 
Listen To The Story
Marketplace

JP Morgan Chase's $100 million dollar pledge to invest in the Detroit community follows a $15 million investment by Goldman Sachs late last year.

Robin Boyle, a professor of urban studies and planning at Wayne State University, says the investments don't necessarily signal that Detroit is the new darling of Wall Street, but the funds could help the bankrupt city focus on the future, while city managers grapple with billion dollars of debts. 

Terry Simonette, president and CEO of Capital Impact Partners, a non-profit community development financial institution that is receiving $20 million in loans and $5 million in grant money from Chase, says the group will use the money to help spur development in three Detroit neighborhoods: Northwest, Southwest and Jefferson East. 

"As people re-occupy those neighborhoods they need food, bakery, they need coffee shops, they need supermarkets," says Simonette.

“I think the best compliment I can give is not to say how much your programs have taught me (a ton), but how much Marketplace has motivated me to go out and teach myself.” – Michael in Arlington, VA

As a nonprofit news organization, what matters to us is the same thing that matters to you: being a source for trustworthy, independent news that makes people smarter about business and the economy. So if Marketplace has helped you understand the economy better, make more informed financial decisions or just encouraged you to think differently, we’re asking you to give a little something back.

Become a Marketplace Investor today – in whatever amount is right for you – and keep public service journalism strong. We’re grateful for your support.