May 21, 2014 at 1:00 am

$100M investment in Detroit businesses, jobs to be unveiled today

Dimon (Richard Drew / AP)

JPMorgan Chase Chairman and CEO Jamie Dimon is expected to announce today details of a plan that will invest nearly $100 million in jobs and business opportunities for Detroit.

The plan is to be unveiled at a noon luncheon at the city’s Garden Theater; Mayor Mike Duggan and Gov. Rick Snyder are expected to attend. The program is to commit funding to back companies pledging to invest in Detroit and provide tax-paying jobs in the city. Blight removal and job training also are expected to be included in the initiative.

Dimon, Duggan and Snyder will “discuss the importance of increased collaboration between the public, private and non-profit sectors to accelerate Detroit’s recovery,” according to a JPMorgan Chase statement released Tuesday.

The $100 million initiative was first reported by The Detroit News.

A spokesman for Duggan declined Tuesday to provide any details of the business initiative. Duggan, the first-term mayor, said he did not want to steal thunder from the plan that’s been in the works for months.

“I’m being respectful. This has been in the works for a couple of months and I am being respectful of the way my partner wants to do the announcement,” Duggan told reporters in Lansing after testifying before a state House committee considering $195 million in aid for city pensioners.

In November, Goldman Sachs — accompanied by billionaire investor Warren Buffett — included Detroit in its 10,000 Small Business program, a $20 million effort to provide financing, training and mentoring to small businesses across Metro Detroit.

Similar to the Goldman commitment, the new initiative also would offer guidance and services, including consultants and subject-matter experts who could help businesses orient themselves to Detroit, which is going through the largest municipal bankruptcy in American history.

Detroit is the 17th city to be part of the Goldman Sachs’ program that provides mentoring and a structure for small businesses, Goldman Sachs Chairman Lloyd Blankfein said.
Staff Writer Chad Livengood contributed.