Giving Compass' Take:

• JPMorgan Chase & Co are donating millions of dollars to urban renewal projects to help rebuild neighborhoods, offer financial assistance to female and minority entrepreneurs, and make effective large-scale investments in major cities. 

• What is the approach to what they call "driving inclusive growth" in those cities? Will they work with local communities and stakeholders? 

• Read about the Cities of Service approach to solving community development issues. 

JPMorgan Chase & Co (JPM.N) will provide $500 million over five years to promote economic opportunities in selected cities, including some outside the United States, the bank said Wednesday.

The program builds on urban renewal strategies that the bank funded in Detroit with $150 million starting in 2014. It has since taken the approaches to Chicago with $40 million and to Washington, D.C., with $25 million.

Half of the $500 million will be in philanthropic grants. The other half will provide low-cost, long-term development capital. The money will be used to teach job skills, finance small businesses of women and minority entrepreneurs, rebuild neighborhoods and to help families with their finances.

“Businesses can and must step up to help change the status quo by creating a better future for all, no matter where they live,” Dimon said in a statement. “It is in our best interest and the right thing to do.”

The new program will make “large-scale investments” in targeted cities where the bank believes “conditions are right for success and broader, deeper investments are needed to drive inclusive growth,” the bank said. By the end of the year, the bank plans to name a “global city” for its first targeted urban investment outside of the United States.

In the new program, the bank is also challenging cities to submit bids for financing that would “seed innovative solutions that help drive inclusive growth.” Previously, the bank did not have a formal process to evaluate requests from cities for money.

Read the full article about urban renewal projects by David Henry at Reuters