JPMorgan Chase Announces $15 million for AdvancingCities Challenge Winners

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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