October 25, 2018 (Detroit) – JPMorgan Chase & Co. today announced that it will increase its philanthropic commitment to Eastern Market Corporation (EMC) by investing an additional $1 million to allow small business owners the opportunity to build and expand their operations. As Detroit’s economy continues to recover, business is improving, including for those companies that have matured at Eastern Market. In order to meet the growing demand for commercial space, JPMorgan Chase’s investment will allow Eastern Market to retain successful companies and support their to expansion in the market district and avoid displacement.
"JPMorgan Chase's commitment to Detroit has already helped transform the city into a successful market for local food companies, including the vendors at Detroit's historic Eastern Market," said Dan Carmody, President, Eastern Market Corporation. "We are grateful for the firm's backing as we help area entrepreneurs develop the skills and distribution pipelines to take their ideas from the kitchen to major stores, restaurants, and beyond."
To date, JPMorgan Chase has invested a total of $2.5 million in Eastern Market as part of its $150 million commitment to Detroit's economic recovery. The firm’s initial commitment helped complete renovations of Eastern Market’s Shed 5, a facility the size of a football field that includes a 9,000 sq. foot commercial kitchen where food entrepreneurs prepare, test and sell their products. The funding also supported the Regional Food Accelerator to provide training and support for food entrepreneurs.
This extended commitment to Eastern Market will allow them to provide cost controlled space to accelerate the growth of food businesses, reducing barriers for entrepreneurs of color and those with limited means, to create or maintain 250 good jobs, increase the number of profitable vendors by 50 percent and increase small business revenue by 15 percent.
"Eastern Market is a beloved symbol of Detroit’s history and a powerful resource for creating economic opportunity, particularly for small business owners,” said Janis Bowdler, President, JPMorgan Chase Foundation. “As the heart of regional food production, processing and distribution in Detroit for more than 100 years, we’re proud to support Eastern Market and the larger economic recovery in Detroit.”
Funding provided by JPMorgan Chase has allowed entrepreneurs like Cynthia Davis of Sha La Cynts to pave the way forward for other food makers. As a long time Detroit Kitchen Connect participant, she plans to expand her business at Eastern Market and needs more space to do so.
"As a small business owner and a native Detroiter, I needed to start somewhere and Eastern Market was a great place to sell my healthy vegan popcorn and cakes,” said Cynthia Davis, Owner, Shā La Cynt's. “I’m so grateful that JPMorgan Chase and the Eastern Market team work together because that has allowed me to build—and now expand—my business in Detroit.”
JPMorgan Chase is combining its philanthropy and business expertise to address some of Detroit’s biggest economic challenges which includes boosting small business opportunity in the city. There are approximately 50,000 minority-owned small businesses in Detroit, making it the fourth largest city for minority entrepreneurship. Providing these businesses with what they need to thrive—like more commercial kitchen space, greater access to capital and business assistance—allows them to grow, hire locally and further contribute to the city’s economic recovery.
According to the JPMorgan Chase Institute, spending at Detroit small businesses has grown significantly—from down over 4 percent in early 2014 to up 4 percent in mid-2016. Nearly six in ten (58 percent) of consumer spending took place at small businesses in the city, which is 20 percentage points higher than the average small business spend across 14 other major U.S. cities.
For more information visit: www.jpmorganchase.com/detroit.
About Eastern Market Corporation
The Eastern Market is the largest outdoor farmers market in the nation, encompassing more than 43 acres, founded in 1841, moving to its present site in 1891. It is a large hub for the Michigan food industry with farmers, retailers, wholesalers and vendors. 1,300 are permanently employed in the district. Eastern Market Corporation (EMC) is the nonprofit that manages Eastern Market on behalf of the City of Detroit. Its vision is to create the most inclusive, resilient, and robust regional food hub in the United States and to ensure that Eastern Market nourishes Detroit — from food to art and commerce to culture. For more information, call 313.833.9300, visit our website at EasternMarket.org and follow us on Instagram, Facebook, & Twitter.
About JPMorgan Chase
JPMorgan Chase (NYSE: JPM) is a leading global financial services firm with assets of $2.6 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of customers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase is available at www.jpmorganchase.com.