Providence wants in on JPMorgan Chase AdvancingCities initiative

JPMORGAN CHASE has garnered interest from Providence for a piece of its $500 million AdvancingCities initiative. / BLOOMBERG NEWS FILE PHOTO/PETER FOLEY

PROVIDENCE – JPMorgan Chase & Co. has fielded hundreds of inquiries, including from Providence, about applying for a piece of its $500 million AdvancingCities initiative, the bank said.

It calls for the global bank to invest in 30 selected cities worldwide, with the goal of spurring community improvements and economic growth.

“We’ve already received interest from key players in Providence,” said Carolyn Evert, a JPMorgan Chase spokeswoman for the program.

“In the weeks since we announced AdvancingCities,” she added, “we’ve hosted more than 1,800 local government, private-sector, community organizations and nonprofit partners on briefing calls about the competition, including community members from Providence.”

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Among the world’s largest banks, New York City-based JPMorgan Chase has set aside the money to make investments in cities chosen on the merits of their proposals. The deadline for applications is Nov. 30. The bank plans to announce the winners in the spring.

JPMorgan Chase, which currently does not have a consumer banking presence in Rhode Island, also recently announced it plans to open 50 retail banking branches in Greater Boston and eight to 10 branches in Rhode Island.

The bank’s expansion in the Boston-Providence consumer banking market, planned to begin in December and expand over the next year, is separate from AdvancingCities.

Scott Blake is a PBN staff writer. Email him at Blake@PBN.com.

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