KeyBank Foundation Reaffirms Commitment to Building Inclusive Entrepreneurial Community Awards $300,000 For JumpStart's Work with Diverse Entrepreneurs
CLEVELAND, Sept. 23, 2013 /PRNewswire/ -- KeyBank Foundation (https://www.key.com/about/community/key-foundation-philanthropy-banking.jsp) reaffirmed its long-term commitment to JumpStart Inc.'s (www.jumpstartinc.org) work with Northeast Ohio entrepreneurs by awarding the nonprofit venture development organization a $300,000 continuation grant over three years. JumpStart will use the grant to continue its diversity initiatives for small businesses, which include awareness-building outreach and high-impact assistance delivery. With this gift, Key will have contributed a total of $1.1 million over nine years in support of efforts to advise and educate high growth minority, women and inner-city entrepreneurs in Greater Cleveland.
"We appreciate JumpStart's deliberate approach to accelerating the progress of a diverse set of some of the region's most promising entrepreneurs. Small businesses are the engines of this economy, and when they succeed, the entire community is stronger," says Margot Copeland, chair of KeyBank Foundation and KeyBank's chief diversity officer. "Helping minority, women and inner-city entrepreneurs grow their businesses is work that can ultimately transform neighborhoods from the ground up. We are proud to support these efforts."
JumpStart encourages minorities and women to start and scale ventures that have the potential to create significant jobs and impact for the community. The organization also connects those diverse entrepreneurs to a continuum of resources and delivers programs and services tailored to their unique needs. "The region and the country need to support diverse entrepreneurs on the high growth path—especially because minority firms employ minority workers at more than twice the rate of non-minority firms," says JumpStart CEO Ray Leach. "Clearly, a thriving, inclusive entrepreneurial ecosystem contributes to economic vitality and could help to address inner-city economic challenges."
To date, JumpStart has provided support to 209 minority and inner-city companies, who have gone on to raise $316 million in capital since 2004. These same firms have created and sustained 1,400 jobs. "We're thrilled to continue partnering with KeyBank, as their ongoing support will allow us to provide meaningful assistance to even more entrepreneurs," says Leach.
KeyCorp KeyCorp was organized more than 160 years ago and is headquartered in Cleveland, Ohio. One of the nation's largest bank-based financial services companies, Key had assets of approximately $91 billion at June 30, 2013. Key provides deposit, lending, cash management and investment services to individuals and small and mid-sized businesses in 14 states under the name KeyBank National Association. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit www.key.com. KeyBank is Member FDIC.
KeyBank Foundation KeyBank Foundation is a nonprofit charitable foundation, funded by KeyCorp. Founded in 1969 as Society Foundation, it became known as KeyBank Foundation in 2009. Through philanthropy, corporate contributions, and volunteerism, the Foundation supports organizations that foster economic self-sufficiency, in geographies where KeyBank has a presence. The Foundation's three areas of philanthropic focus are financial education, workforce development and diversity.
JumpStart Inc. JumpStart has been accelerating the successes of diverse entrepreneurs, their companies, and the ecosystems supporting to spark economic growth and job creation in Northeast Ohio since 2004. JumpStart has provided intensive business assistance to more than 450 entrepreneurial clients and invested in 76 early stage Northeast Ohio companies. To learn more, visit www.jumpstartinc.org or follow @JumpStartInc on Twitter.
SOURCE JumpStart Inc.