JP Morgan Chase Gives $4M Grant To Detroit Youths
Global bank JPMorgan Chase & Co. has announced it will shell out $4 million in an effort to increase the youth’s access to economic and career opportunities in Detroit.Advertisement
The grant, designed for a term of three years, was announced in a bid to increase the access of the youth graduating from Detroit’s high schools to well-paying and high-demanding jobs. Joining the Skillman Foundation, the Ford Foundation, and the Ford Motor Company Fund, the initiative aims to direct as many as 10,000 Detroit high school students towards carer education and work experiences.
As reported by the Detroit Free Press, in 2014, the bank had announced a $100 million commitment in an effort to, for example, train residents for new jobs, make mortgage money available for home loans, and speed up blight removal.
“We are excited about expanding career-focused educational programs that give Detroit’s young people opportunities to access career pathways in the city’s expanding sectors,” said Chauncy Lennon, Head of Workforce Initiatives, JPMorgan Chase, as reported by CSRWire.
“Building off a model proven in other communities, the collaborative approach being taken by the city to solve tough issues is reflected in their commitment to work with civic, business and education leaders to better align education with the skills that growing business sectors need.”
The grant offered by JPMorgan will help the work of United Way for Southeastern Michigan in expanding the access of almost 20 Detroit high schools to newer career opportunities.
In a news release, Lennon said, “Building off a model proven in other communities, the collaborative approach being taken by the city to solve tough issues is reflected in their commitment to work with civic, business and education leaders to better align education with the skills that growing business sectors need.”
Through this initiative, the industries targeted include health care, information technology, engineering, digital communications and public service, as reported by the Detroit Free Press.
A JPMorgan Chase research revealed that Detroit has a youth unemployment rate of almost 30 percent. The research, which took into account the 25 largest United States metro areas, showed that almost 15 percent of the youth are neither working nor in school. However, this number expands to as much as 33 percent when considering Detroit’s lower-income African-American neighborhoods.