Miami beats out 250 cities for $3 million grant to boost residents’ finances

Miami was one of five cities selected to receive a $3 million grant from JPMorgan to boost job training and reduce chronic financial stress.

The grant is part of a $500 million effort by the banking giant it’s calling the AdvancingCities Challenge. Miami’s proposal was submitted with the Miami Foundation, a a leading civic group, as part of the region’s Resilient305 project to address challenges facing Miami-Dade.

“Beating out 250 cities for the JPMorgan Chase AdvancingCities Challenge is a testament to how we are positioning Miami to create a true pathway to prosperity for all,” Miami Mayor Francis Suarez said in a statement.

The funds will go toward training local residents and businesses to better prepare them for quality jobs, and work with anchor institutions to connect small businesses to procurement opportunities. An online portal will be developed through which applicants can apply for assistance.

“With this commitment, we can unlock crucial resources for small businesses, the backbone of our economy, driving economic growth and fostering a more inclusive business environment that reflects Miami’s values as a city of diversity and opportunity.”

The four other winners were Chicago, Louisville, Ky., San Diego, Calif., and Syracuse, N.Y.