$100 million going to Detroit from JPMorgan Chase

Michigan Gov. Rick Snyder, left, speaks with JP Morgan Chase Chairman and CEO Jamie Dimon at an announcement, Wednesday May 21, 2014, about Chase investing$100 million in Detroit over the next five years. (AP Photo/Detroit News, Chrles V. Tines)
Michigan Gov. Rick Snyder, left, speaks with JP Morgan Chase Chairman and CEO Jamie Dimon at an announcement, Wednesday May 21, 2014, about Chase investing$100 million in Detroit over the next five years. (AP Photo/Detroit News, Chrles V. Tines)

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Bentonville's Ben Sullivan chipped onto the green at the second hole Friday at Bella Vista Country Club during the 7AWest Conference Golf Championships.

DETROIT (AP) - Financial giant JPMorgan Chase says it will spend $100 million over five years in Detroit to support and accelerate the bankrupt city's economic recovery.

The banking company announced the effort Wednesday at an event in Detroit with Michigan Gov. Rick Snyder.

JPMorgan Chase CEO Jamie Dimon told reporters that his company is "a for-profit institution" and is investing in Detroit to make money.

Snyder says the company's effort is "truly special" and appreciated.

Chase says it's putting $50 million into Invest Detroit and Capital Impact Partners, which lends to Detroit development projects. It says it's putting $25 million into blight removal, $12.5 million into job training, $7 million into small businesses and $5.5 million into Detroit's M-1 light rail project.