JPMorgan Chase recently revealed a commitment of $2 million in philanthropic funding to nonprofit organizations focused on aiding underserved small businesses in Detroit.

This initiative builds on the company's longstanding dedication to promoting business growth and revitalization in the city, according to a June 5 news release. The commitment encompasses both new contributions and renewed support to six nonprofit organizations that cater to the needs of underserved small businesses in Detroit.

"We are very thankful for the funding and partnership provided by JPMorgan Chase,” Deborah L Jones, chief operating officer of the Detroit Development Fund, said in the release. “Together we are committed to making a tremendous impact in underserved communities and in the lives of families throughout the city of Detroit."

Detroit Development Fund is set to receive $750,000 for its Entrepreneurs of Color Fund, the release reported.

“New business formation in Detroit is up more than 60% from pre-pandemic levels,” Jason Tinsley, vice chair for JpMorgan's Michigan Private Bank, said in the release. “As small businesses continue to start, scale and grow, we’re committed to expanding access to financial capital, customer sourcing and a reliable network of support for small business owners regardless of background or zip code.”

Other organizations receiving funding include TechTown Detroit, Accounting Aid Society, the Working World, Black Leaders Detroit and Metro Detroit Black Business Alliance, according to the release.

Additionally, JPMorgan Chase is planning to hire more than 500 small businesses bankers to provide more support for small business owners across the country, the release said.

“Detroit’s resurgence is a testament to what can be accomplished when government, business and community leaders work together to create economic opportunity,” Peter Scher, vice chairman for JPMorgan Chase, said in the release. “The city continues to serve as a model for how we seek to drive long-term growth in the communities we serve in the United States and around the world.”