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Delaware approves grant for JPMorgan Chase

Delaware’s Council on Development Finance approved a million and a half dollar grant to banking giant JPMorgan Chase Monday.

The Strategic Fund grant will help the company with the $50 million in capital expenditures it intends to make in support its operations in the First State.

JPMorgan Chase says it plans to bring an additional 500 jobs to Delaware.

Alan Levin, the director of the Delaware Economic Development Office (DEDO), says those jobs would be a boon to the First State’s economy.

"The economic value to the state is $576,471,639 to Delaware’s GPD. Which means you get the $50 million spent in Delaware, you get the salaries of the 500 people, so it’s over half a billion dollar impact to the State of Delaware’s economy," Levin said.

Levin adds the grant could benefit the the First State’s economy in another way.

He also notes that the money JPMorgan Chase’s spends on its upgrades could also help First State contractors.

"We encourage, we do not mandate, but we strongly encourage the use of Delaware contractors to do this work. This is what we do with all our grants of this type," said Levin.

JPMorgan Chase is also reportedly interested in purchasing the portion AstraZeneca’s North American headquarters that’s for sale in North Wilmington. Levin says Monday’s grant is not related to that potential purchase.