New Initiative Launches Focused on Inclusive Economic Growth
JPMorgan Chase, a CMF corporate member, has launched a first-of-its kind corporate effort aimed at driving inclusive economic growth.
JPMorgan Chase, a CMF corporate member, has launched a first-of-its kind corporate effort aimed at driving inclusive economic growth. AdvancingCities, a five-year, $500 million initiative, is a new investment fund that will finance projects that create greater economic opportunities for all.
AdvancingCities is expected to attract $1 billion in additional, outside capital that can be leveraged to finance such efforts.
Along with the fund, JPMorgan Chase announced it is accepting applications for its new AdvancingCities Challenge.
The challenge will make investments up to $3 million in cities that support innovative solutions to major systemic social and economic challenges such as employment barriers, financial insecurity and neighborhood disinvestment. Proposals must also drive collaboration between the public, private and nonprofit sectors.
JPMorgan Chase shared that the AdvancingCities Challenge could address the following issues:
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Barriers to economic opportunity, particularly focused on race and gender.
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Financial insecurity of residents that costs cities millions every year.
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Reurbanization which may displace long-time residents and businesses.
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The skills gap which is making employment challenging.
JPMorgan Chase shared in a release that the initiative was informed by the company’s model for impact used in Detroit, Chicago and D.C.
Their model for impact includes helping people develop their skills and connecting them to jobs; supporting the expansion of small businesses; neighborhood investments and revitalization; and providing people with the tools and resources to stabilize and maintain their finances.
The AdvancingCities Challenge highlights the Entrepreneurs of Color Fund (EOC) in Detroit as an example of success in supporting inclusive small businesses.
Since it launched in 2015, the EOC Fund, supported by JPMorgan Chase and W.K. Kellogg Foundation, has awarded loans to 43 small businesses in Detroit that are owned by people of color or that primarily employ people of color. Within the past year the fund soared to more than $18 million with the Ralph C. Wilson, Jr. Foundation, Fifth Third Bank and The Kresge Foundation investing.
The request for proposals (RFP) for the AdvancingCities Challenge closes November 30.
Want more?
Check out the FAQ and Request for Proposals.