JPMorgan Chase, announced Thursday, the first awards of its $500 million the AdvancingCities initiative.
Five cities – Louisville, Kentucky, Syracuse, New York, Chicago, San Diego and Miami will each receive $3 million dollars.
The AdvancingCities program was launched last year as a competition for cities to come up with plans for innovative solutions to drive growth and create economic opportunity. JPMorgan received more than 250 proposals for the challenge.
JPMorgan Chase CEO Jamie Dimon, during an exclusive interview with FOX Business' Maria Baritromo , in Loiusville, said this is part of an effort to help communities, but it only works when businesses and local governments work together.
“We want to help this community and it’s part of a movement… It all stems from Detroit. That was a $150 million multiyear, affordable housing, entrepreneurs of color, infrastructure and property investment, work skills initiative and it works,” he said. “We should all be doing this… to show that collaboration actually works in America.”
Louisville will be using the funds for work skills initiative in lower and middle income neighborhoods. It will help teach residents the necessary skills to compete for jobs.