JPMorgan Chase will invest $ 15 million in Detroit for redevelopment of commercial corridors in the city's neighborhoods, the company said Thursday.

The contribution to the city's Strategic Neighborhood Fund includes a $ 5 million grant and $ 10 million in low interest loans, officials said.

"We wanted to target our investment in neighborhoods," said Peter Scher, head of corporate responsibility at JPMorgan Chase, at the announcement made at the Detroit School for Digital Technology. "It was not growth for growth, but how to do it in a sustainable way."

Mayor Mike Duggan and Detroit Invest General Manager Dave Blaszkiewicz have joined Scher. The southwestern school in Detroit, a former police station, has already received funding from JPMorgan Chase.

This latest investment is part of JPMorgan Chase's $ 150 million, five-year commitment to Detroit. It will be focused on projects in the commercial corridors of 10 neighborhoods.

Dave Blaszkiewicz, of Invest Detroit, highlighted the long investment period of the financial institution in the city.

In 2014, JPMorgan Chase helped launch two community development loan funds in Detroit, the Detroit Neighborhood Fund and the Chase Investment Detroit Fund. They were created through community development financial institutions, Capital Impact Partners and Invest Detroit.

The fund included a $ 40 million low-cost debt from JPMorgan Chase to finance construction, including mixed-use real estate development, affordable multi-family housing construction, and commercial and retail projects. The funding also provided capital to small and medium-sized businesses in the city.

According to officials, the funds have leveraged more than $ 230 million in additional funding from external sources.

"Create more opportunities, more commercial space, more residential space, more manpower opportunities," Scher said. "It worked so well that we are here today to do more."

The $ 15 million investment is the last that the city has received for its strategic neighborhood fund. In December, officials announced that seven regional companies were each giving $ 5 million to develop seven neighborhoods: Campau / Banglatown, East Warren / Cadieux, Grand River Northwest, Gratiot / Seven Mile, Jefferson Chalmers, Russell Woods / Nardin Park and Warrendale / Cody. -Red.

The neighborhoods joined three other districts already redeveloped by the city: Livernois / McNichols, South West / West Vernor and Islandview / Greater Villages.

"We will go to each of these seven neighborhoods," said Duggan. "We will improve the streetscapes, we will support companies that open storefronts, we will make neighborhoods accessible on foot. You can go to the grocery store as you could. This is the vision of this city. "

Duggan said the government and the banks can do a lot, but business owners are doing the hard work.

"What we do is create opportunities," he said. "Hard work is done by community entrepreneurs."

The city has set a target of generating a new total investment of $ 105 million.

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