Corporate Investment and Volunteering Help Fuel Detroit’s Renaissance

For much of the 20^th century, Detroit was a vibrant and globally-recognized manufacturing capital, a major driver of the U.S. economy. But over the past 40 years, Detroit ran out of jobs, people, and money. By 2013, the city was at a critical juncture and in June, filed for Chapter 9 bankruptcy, with estimated debts of more than $18 billion. Yet, despite these setbacks, the Motor City’s spirit of hard work and tenacity has never dimmed. Emerging from bankruptcy on December 11, 2014, Detroit prepared itself for a turnaround.

Today, the city is fighting to change its image as a symbol of urban blight and America’s financial decline. Through innovative investment of both human and financial resources, companies like JPMC and PepsiCo are contributing to Detroit’s renaissance, leaving behind the challenges of the past and looking ahead to future possibilities.

In the three part series titled “Corporate Investment and Volunteering Help Fuel Detroit’s Renaissance”,  The New Global Citizen takes an in-depth look at Detroit’s current conditions and what some corporations are doing to support the city’s revival.

In early 2014, JPMorgan Chase made a $100 million commitment to the city of Detroit. They coupled this financial investment with an investment of their human capital through the Detroit Service Corps, a global pro bono program in which JPMC employees develop strategies to help local non-profit organizations address issues of neighborhood redevelopment, workforce development, and organizational effectiveness.

Similarly, PepsiCo sent eight PepsiCorps volunteers to help two organizations providing affordable nutrition to the city’s most economically disadvantaged residents.

Each team contributed their expertise in accounting, finance, debt management, business strategy, and operations to help the local organizations better serve the Detroit community. Read the entire three-part series at The New Global Citizen.