JPMorgan Chase Investing $40M In Chicago Neighborhoods

CHICAGO (AP) — JPMorgan Chase & Co. says it plans to invest $40 million over three years in neighborhoods on Chicago’s South and West Sides to create economic opportunity.

Bank officials said Thursday that poverty, racial and economic inequities, and a lack of opportunity are factors behind Chicago’s gun violence. CEO Jamie Dimon says it is incumbent on business leaders to collaborate with government and the community to develop solutions.

CBS 2’s Lauren Victory takes a look at the impact effect now and in the future.

Tommy Blair and Reginald Hughes have tried to keep Pullman primped for decades and said it wasn’t easy.

“Dope infested, slum landlords and all of that,” Hughes said.

But over the last few years, a transformation occurred. Chicago Neighborhood Initiatives rehabbed more than 30 homes with about 50 more pending in part with dollars from JP Morgan Chase.

Bank leaders readdirmed their commitment on Thursday with a new focus on business.

Three more years and $40 million more to Chicago’s South and West Sides.

“How do we bring resources to commercial and retail opportunities so these neighborhoods are not only good places to live, but they’re good places to purchase goods?” said Charlie Corrigan, JPMorgan Chase Global Philanthropy.

An example: a fledgling development near the Pullman National Monument Visitor Center. Chase will eventually help finance loans for local business owners there.

“This retail center is going to have new restaurants, a dry cleaners and other services to be the gateway to this exciting new national historic park,” said Calvin Holmes from the Chicago Community Loan Fund which is partnering with Chase on the project at 111th and Doty.

It’s all around the corner from Blair and Hughes, who are glad they waited out the bad for good.

“Everything has charged from night to day and it’s beautiful to have,” said Tommy Blair, Pullman resident.

Neighborhood revitalization in Pullman is just the tip of the iceberg. Corrigan said in all, six business corridors are targeted by this pledge including in Chatham, Bronzeville, West Humboldt Park, Englewood, and Pullman (2 commercial corridors within Pullman). Chase’s $40 million investment will also be used to help offer job training, finance neighborhood revitalization and expand access to credit for small businesses.

Chicago Mayor Rahm Emanuel says creating a coalition of civic, corporate and community partners to invest in neighborhoods will “drive change that will last for generations.”

JPMorgan’s effort in Chicago mirrors one in Detroit, where it has committed $150 million by 2019.

(CBS Chicago and The Associated Press contributed to this copy. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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