The City of Miami received $3 million to develop initiatives that generate better economic opportunities in their communities and help their residents and small businesses to be more resistant to financial stress.

The City of Miami obtained the resources after winning the JP Morgan Chase AdvancingCities Challenge contest by JP Morgan Chase along with four other cities in the United States.

The AdvancingCities Challenge has awarded $ 3 million to each of the five US cities that presented innovative solutions to the challenges in their communities, for a total of $15 million in philanthropic investments.

The other four winning cities are: Chicago, IL; Louisville, KY; San Diego, CA; and Syracuse, NY, reported on Thursday the Miami Communications Office after the JPMorgan Chase announcement.

 “Winning over 250 cities that participated in the AdvancingCities Challenge is proof of the efforts we are making to position Miami and create a path of prosperity for all,” said Miami Mayor Francis Suarez.

The mayor explained that they can now access “essential resources” for small businesses, which are the basis of the city’s economy, boost economic growth and foster a more inclusive business community that “reflects the values ​​of Miami as a city of opportunities and diversity “.

The AdvancingCities Challenge began in September 2018 with more than 250 proposals from 143 communities in 45 states. The proposals had to incorporate at least two of the four strategies for growth defined in the “Impact Model” of JPMorgan Chase, which are work and skill, small businesses, financial health and the revitalization of communities.

Miami is considered the fourth city in the country with problems that cause income inequality, according to a statement issued by the City of Miami.