As the year comes to an end, I wanted to update you on some of the exciting work that’s taken place as part of AdvancingCities, the firm’s $500 million, five-year initiative to invest in solutions that bolster the long-term vitality of the world’s cities.
Our inaugural annual competition, the AdvancingCities Challenge, received 256 applications from 45 states and territories, focused on challenges facing 143 communities. The competition closed on November 30 and our review of this year’s proposals is well underway. For a closer look at the Challenge applicant pool, please view an infographic we released below. Winners will be announced in spring 2019.
In November – marking our firm’s 150th anniversary in France – we announced our first AdvancingCities investment, $30 million over five years to drive inclusive growth in Greater Paris, with a focus on Seine-Saint-Denis and other communities with significant levels of poverty and unemployment. I encourage you to read more about the investment in an op-ed from Jamie Dimon in the Financial Times.
Earlier today, JPMorgan Chase committed $10 million in low-cost, long-term capital to CCLF to support the sustainable development and preservation of small business and commercial corridors on Chicago’s South and West sides. This is the first loan made as part of AdvancingCities and will enable CCLF to finance critical projects that lack access to traditional financing, giving local residents access to everyday goods and services. This capital combines the firm’s philanthropic efforts with the lending and investing expertise of its Community Development Banking business to help more people share in the rewards of a growing economy.
When JPMorgan Chase enters communities, it brings the full force of the firm behind it. Through AdvancingCities, we will combine the best of our business and philanthropic capital, as well as our expertise, partnerships and data to maximize our impact.
I encourage you to learn more about AdvancingCities and look forward to sharing more about our investments in communities in the New Year.
Sincerely, Irene Baker Head of AdvancingCities JPMorgan Chase & Co.
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