Phoenix Mayor Greg Stanton announced last week a new partnership with the Federal Home Loan Bank of San Francisco will be bringing the city $40 million in job training funds.

The grant money is meant to train workers in underserved areas by providing funding to local job training organizations. It will also look to create jobs by helping small and mid-size businesses expand.

The Phoenix region is one of several western areas being granted funds through the bank's Quality Job Growth and Business Expansion Financing initiative.

The Aspen Institute is expected to be preparing the request for proposals that interested businesses and organizations will use to apply for the grants.