SYRACUSE, N.Y. — JPMorgan Chase & Co. (NYSE: JPM) on Thursday awarded Syracuse $3 million to help local officials connect “talent from vulnerable populations” to jobs in high-tech industries.
The award is part of JPMorgan’s AdvancingCities Challenge, the banking company said in a Thursday news release.
AdvancingCities is a five-year, $500 million initiative to “drive inclusive growth and create greater economic opportunity in cities,” JPMorgan Chase said in a Thursday news release.
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JPMorgan selected Syracuse because its proposal outlined local coalitions of elected, business and nonprofit leaders working together to address major social and economic challenges such as employment barriers, financial insecurity, and neighborhood disinvestment.
Thelma Ferguson, JPMorgan’s head of Northeast Middle Market, announced the award during a morning ceremony at the Syracuse Educational Opportunity Center (SUNY EOC) at 100 New St.
“The partners here today exhibit true potential to move the needle for Syracuse’s most underserved neighborhoods,” said Ferguson. “Syracuse’s historically disinvested Southern downtown district and South Side neighborhoods are poised to receive major public and private-technology investments. And that’s great. However … without specific interventions, long-time residents and businesses may not benefit from this prosperity. Through Syracuse Surge, the City and County have demonstrated a clear commitment to equitable growth shared among the business community, local nonprofits, and anchor and educational institutions.”
Syracuse Mayor Ben Walsh outlined the Syracuse Surge initiative during his State of the City address in January. In his remarks, Walsh called it “probably the biggest economic growth initiative ever put forth by the City of Syracuse,” noting his administration has been working with partners in government, business, and the nonprofit community to make it happen.
In its news release, JPMorgan said CenterState CEO will work with the City of Syracuse, Onondaga County, Syracuse University, Le Moyne College, and the Allyn Family Foundation on the initiative with the AdvancingCities funding.
As part of this program, the partners will work with local nonprofits and businesses to develop long-term strategies to connect “talent from vulnerable populations” to jobs in high-tech industries, while also attracting, expanding, and incubating tech businesses led by diverse founders.
Besides Syracuse, JPMorgan also announced $3 million awards for Chicago, Illinois; Louisville, Kentucky; Miami, Florida; and San Diego, California, per the release.
JPMorgan launched the AdvancingCities Challenge back in September, 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.
Contact Reinhardt at ereinhardt@cnybj.com
