JPMorgan Chase Announces $15 million for AdvancingCities Challenge Winners
18 Abril 2019 - 8:00AM
Business Wire
Chicago, Louisville, Miami, San Diego and
Syracuse awarded $3 million each for creative solutions to drive
inclusive growth through collaboration among civic, business and
community leaders
JPMorgan Chase today announced the first winning cities in the
AdvancingCities Challenge, an annual competition to source
innovative and sustainable solutions to address the most persistent
problems facing communities. The Challenge is part of
AdvancingCities, the firm’s $500 million, five-year initiative to
drive inclusive growth and create greater economic opportunity in
cities. JPMorgan Chase will award five winning cities—Chicago,
Ill., Louisville, Ky., Miami, Fla., San Diego, Calif., and
Syracuse, N.Y.— $3 million each over a period of three years, for a
total of $15 million.
The AdvancingCities Challenge launched in September 2018,
attracting more than 250 proposals from 143 communities across 45
states and territories. Proposals were required to incorporate at
least two of four strategic drivers of inclusive growth within
JPMorgan Chase’s Model for Impact: jobs and skills, small business,
neighborhood revitalization and financial health.
Winners were announced in conjunction with JPMorgan Chase’s 2018
Corporate Responsibility Report, which showcases the firm’s impact
in communities around the world and highlights the Seven Traits of
Advancing Cities. The winning cities and programs each demonstrated
these key conditions for success that position a city to
meaningfully expand opportunity.
“Businesses have a role to play in bringing communities together
to create greater opportunity,” said Jamie Dimon, Chairman and
CEO, JPMorgan Chase, who made the announcement today in
Louisville. “All five of these cities have shown that they
understand this type of investment and the ability to work together
to solve problems is not just the right thing to do, it is also in
our shared interests.”
Led by local nonprofits, the selected cities successfully built
local coalitions of public, private and nonprofit leaders working
together to address major social and economic challenges such as
employment barriers, financial insecurity, and neighborhood
disinvestment.
The successful proposals from each city include:
- West Side United (Chicago):
Chicago’s West Side residents have life expectancies that are 16
years shorter than their neighbors in The Loop, an affluent
neighborhood just seven train stops away. West Side United will
leverage the hiring, procurement and investment power of major
health systems on the West Side to improve the health and economic
vitality of the surrounding neighborhoods. Specifically, the
collaborative will address social determinants of health by
connecting low-wage healthcare workers to career pathways in
hospitals that provide financial security. At the same time, West
Side United will support local entrepreneurs and help them take
advantage of procurement opportunities at anchor institutions that
can grow and create local jobs. West Side United brings together
the Rush University Medical Center, Sinai Urban Health Institute,
the Chicagoland Workforce Funders Alliance, Chicago Cook Workforce
Partnership, Skills for Chicagoland’s Future and Accion Chicago to
develop a plan to benefit residents of Chicago’s West Side.
- Digital Inclusion and Economic
Resilience (Louisville): Louisville’s low-income residents face
significant barriers to employment, leaving them increasingly
disconnected from well-paying jobs in high-growth sectors. This is
exacerbated by the lack of a coordinated referral network of
resources across sectors—financial, health, education and human
services—that are available to help low income residents build
financial security. Louisville’s Digital Inclusion and Economic
Resilience program will use high-touch community outreach
strategies in six of the city’s lowest income neighborhoods,
working to equip residents with skills necessary to compete for
jobs while also connecting them to services through a formalized
referral network and a new shared data platform. Metro United Way
of Louisville will work with Goodwill Industries of Kentucky, The
Greater Louisville Workforce Development Board (KentuckianaWorks),
Russell: A Place of Promise, Catholic Charities, AMPED, One West,
Evolve502, and the Commonwealth Institute of Kentucky to execute
this effort.
- Resilient305 (Miami):
Resilient305 is a soon-to-be-released comprehensive strategy co-led
by Miami-Dade County, the city of Miami and the city of Miami Beach
with support of The Miami Foundation that will enable Greater Miami
and the Beaches (GM&B) to more effectively tackle emerging
global challenges and trends such as urbanization, globalization
and climate change. Recognizing that income inequity is a
resilience issue, this Building Prosperity initiative was
collaboratively born out of a work group of government, university,
nonprofit and corporate partners charged with developing collective
actions that build prosperity for all. AdvancingCities will fund
work focused specifically on training local GM&B residents and
businesses to be more resilient to chronic financial stresses, such
as lack of access to well-paying jobs and insufficient business
opportunities. Resilient 305 will integrate efforts of service
providers to increase access to quality jobs and work with anchor
institutions to connect small businesses to procurement
opportunities. The Miami Foundation partnered with the city
of Miami, Health Foundation of South Florida, Florida International
University and other government, university, and nonprofit partners
to develop this Resilient305 -- Building Prosperity
initiative.
- Advancing San Diego (San Diego):
Small businesses represent 98 percent of firms in San Diego, but
they struggle to compete for qualified talent, especially talent
reflective of San Diego’s growing Hispanic population. To remain
competitive as a region, San Diego must double its production of
skilled workers and create 50,000 new quality jobs in small
businesses by 2030. San Diego will leverage a collaborative,
employer-led strategy that aligns multiple systems around a common
goal to connect underrepresented residents to high-demand jobs and
provide small businesses access to diverse talent
pipelines. The program will streamline information from
employers to help educators design training curricula that equips
residents with the right skills for existing and future jobs in San
Diego’s high-growth sectors, while also providing pathways to those
jobs. San Diego Regional Economic Development Corporation, San
Diego Workforce Partnership , San Diego and Imperial Counties
Community College Association, United Way of San Diego County and
City of San Diego developed a regional proposal that focuses on all
cities within San Diego County.
- Syracuse Surge: Blueprint for
Inclusive Growth (Syracuse): Syracuse’s southern Downtown
district and Southside neighborhoods are poised to receive major
public and private technology investments, but without specific
interventions, long-time residents and businesses may not benefit
from this prosperity. Through Syracuse Surge, the city demonstrated
a clear commitment to equitable growth, shared among the business
community, local nonprofits, anchor and educational institutions.
Syracuse Surge will develop long-term strategies to surface talent
from vulnerable populations and connect them to jobs in high-tech
industries, while also attracting, expanding, and incubating tech
businesses led by diverse founders. CenterState CEO led a
successful coalition including Allyn Family Foundation, City of
Syracuse, Le Moyne College and Onondaga County.
About AdvancingCities
AdvancingCities is a $500 million initiative that combines the
firm’s lending capital, philanthropic capital and expertise to make
investments in cities. The program consists of two key features,
the AdvancingCities Challenge and large-scale investments in cities
where the conditions exist for success such as Detroit, Chicago,
Washington, D.C. and Paris.
AdvancingCities is also collecting insights, developing research
and best practices, and driving peer-learning to ensure the
benefits of these investments are shared with other cities.
Based on the firm’s previous experience, JPMorgan Chase expects
its $500 million AdvancingCities commitment to attract an
additional $1 billion in outside capital at a ratio of 4:1,
resulting in a total of $1.5 billion directed to efforts that will
increase inclusive growth in cities.
“We know from experience that collaboration is the key to
successfully driving inclusive growth and cities and we were
impressed with the collaboration shown in these applications,”
said Irene Baker, Head of Advancing Cities, JPMorgan
Chase. “The five winning cities presented creative, thoughtful
and forward-looking strategies that will enable more Americans to
participate in a growing economy, and we are excited to help scale
these efforts.”
The winning initiatives through the AdvancingCities Challenge
will drive solutions and help break down silos between local
programs, strengthen underlying systems and advance holistic
solutions to create more widely-shared prosperity. The cities will
also have access to a wide array of JPMorgan Chase resources,
including data and research, employee expertise, and global
network. Based on learnings from past investments, AdvancingCities
is making investments in cities that demonstrate a collaborative
approach to the following:
- Commitment to tackling barriers to
economic opportunity and upward mobility;
- Innovative strategies that make
measurable progress to solve challenges related to inclusive
growth;
- Presence of high-capacity nonprofits
and government entities and strong engagement from the business
community working together to implement solutions;
- Alignment between the future challenges
and opportunities in the city and JPMorgan Chase’s four
philanthropic areas of focus; and
- Opportunities to use the firm’s data,
employee expertise and business lending capital to create
sustainable solutions.
For more information, visit
www.jpmorganchase.com/advancingcities
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global
financial services firm with assets of $2.7 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 & Co.
serves millions of consumers 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 & Co. is available at www.jpmorganchase.com.
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Caitlin LegackiCaitlin.a.Legacki@jpmorgan.com
JP Morgan Chase (NYSE:JPM)
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