PROVIDENCE – JPMorgan Chase & Co., the world’s seventh-largest bank in total assets, is showing a socially responsible side with its AdvancingCities challenge to cities worldwide. And that includes Providence, a bank spokeswoman said.
Based in the New York City borough of Manhattan, the bank has set aside $500 million for AdvancingCities, which it describes as “a first of its kind corporate effort” to create “economic opportunities” in up to 30 cities across the globe selected for the five-year initiative, announced last week.
The bank is inviting cities to make pitches for a share of the money, which will be used for investments in selected cities “where conditions exist to help those who have not benefited from economic growth,” the bank said.
“This includes demonstrated, strong collaboration across the public and private sectors on solutions that create opportunity for people at risk of being left out of economic growth,” the bank added.
The bank issued a request for proposals from cities last week with a Nov. 30 deadline for applications. Winners will be announced next spring.
The bank said successful proposals will support existing local coalitions of elected, business, and nonprofit leaders “working together to address major social and economic challenges such as employment barriers, financial insecurity and neighborhood disinvestment.”
JPMorgan Chase, which does not have a presence in Rhode Island, said it expects its $500 million investment to attract an additional $1 billion in outside capital, bringing the initiative’s projected total available to $1.5 billion.
In addition to the AdvancingCities challenge, the bank said it plans to make “large-scale investments in cities where the conditions are right for success and broader, deeper investments are needed to drive inclusive growth around the world.”
Cities interested in applying should visit www.jpmorganchase.com/advancingcities.
Scott Blake is a PBN staff writer. Email him at Blake@pbn.com.