JPMorgan Chase has announced the creation of a five-year, $500 million initiative designed to drive inclusive growth and create greater economic opportunity in cities around the world.
Based on the global financial services firm's experience in Detroit, Chicago, and Washington, D.C., the AdvancingCities initiative will build on the company's lending capital, philanthropic capital, and expertise to make smart investments in cities and help those at risk of being left behind. Working with local civic, community, and business leaders, JPMorgan Chase will work to attract an additional $1 billion in outside capital, resulting in a total of $1.5 billion available to support sustainable solutions that connect more people to jobs that lead to career and financial security; provide small businesses with the resources they need to grow, create jobs, and fuel economic growth in underserved communities; and revitalize economically distressed neighborhoods while preserving affordable housing.
"We have seen a lot of mayors stepping up and partnering with business and community leaders to do what's right for their cities," said Peter Scher, JPMorgan Chase's head of corporate responsibility. "We are excited to take learnings and best practices from investments in Detroit, Chicago, and Washington, D.C., to more cities and test solutions that can help more people share in the rewards of a growing economy."
(Photo credit: Katie Haugland Bowen)