JPMorgan Chase named San Diego one of five cities across the country to receive a $3 million award Thursday for its efforts in improving local economic opportunity and growth.
The award is part of JPMorgan Chase’s Advancing Cities Challenge, a five-year, $500 million initiative to boost economic opportunity and growth in cities around the country. Chicago, Illinois; Miami, Florida; Louisville, Kentucky; and Syracuse, New York, are the other four cities in the AdvancingCities Challenge’s inaugural class of winners.
According to the bank, San Diego was honored for its coalition of elected, business and nonprofit officials who are collaborating to remove socio- economic barriers. JPMorgan Chase received more than 250 proposals across 45 U.S. states and territories after launching the AdvancingCities Challenge last September.
The Advancing San Diego program will use the award to help local educators tailor their curricula in ways that best prepare students to enter the city’s current and future job markets, particularly in industries like technology, life sciences and advanced manufacturing.
“The Advancing San Diego program is going to be a game-changer and will provide resources to underserved communities that need it most,” said San Diego Mayor Kevin Faulconer. “It’s going to lift up our small businesses, prepare San Diegans for skilled jobs and make a real difference in people’s lives. It’s also going to level the playing field so that no matter where you grow up in San Diego, you have access to opportunity.”
Small businesses employ roughly 60 percent of the county’s workforce. However, the county is expected to have to create 50,000 new small business jobs by 2030 to remain a competitive economic market, according to JPMorgan Chase. That will require attracting top-tier talent, which the Advancing San Diego program is designed to do, said Tim West, JPMorgan Chase’s middle market head for San Diego and Imperial counties.
“San Diego is experiencing tremendous growth, but it takes a concerted and collaborative effort to ensure all San Diegans have a chance to participate in a growing economy,” West said. “By bringing together the public sector, private sector and our nonprofit partners, Advancing San Diego will connect the area’s small businesses and workforce pipeline in a way that expands opportunity for an increasingly diverse community.”
–City News Service
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