J.P. Morgan Chase pledged $500 million for a new program to boost economic growth in cities around the world.
The bank, led by CEO Jamie Dimon, is basing the effort on what it learned from previous investment projects it led in Detroit, Chicago and Washington, D.C., according to a press release.
The scope of the plan, called AdvancingCities is broad: to create opportunities for people who have been left behind by economic growth. Starting Wednesday, the bank will accept proposals from cities of all sizes for grants and low-cost loans, so long as they address at least two of four areas: jobs and skills, small business growth, neighborhood revitalization, and financial health. Winners will be announced in early 2019.
The bank will also make large-scale investments in cities where it sees opportunity to improve economic inclusion. It will announce a project in a city outside the U.S. later this year, according to the release.
“Opportunity is not shared equally across neighborhoods,” Dimon said in the release. Corporations “must step up to help change the status quo by creating a better future for all, no matter where they live.”
J.P. Morgan said that it expected another $1 billion in capital as philanthropic groups and other financial organizations join the efforts. It’s the biggest such announcement from the bank to date. Its Detroit plan started at $100 million and later grew to a $150 million project.