CLEVELAND, July 31, 2017/PRNewswire/ -- The KeyBank Foundation today announced it has awarded JumpStart Inc. a four-year, $24 million grant to fuel the "KeyBank Business Boost & Build Program, powered by JumpStart" in communities across Ohio and upstate New York. The initiative is designed to stimulate economic growth and workforce development by fostering small business success.
The grant represents the KeyBank Foundation's single largest philanthropic commitment to date, at more than six times the size of any past gift.
"KeyBank's purpose is to help clients and communities thrive. We are committed to being both a responsible bank and a responsible citizen," said Beth Mooney, CEO of KeyBank. "We accomplish this by improving access to education and career opportunities, lifting neighborhoods up, fostering innovation, creating pathways to home and business ownership, and encouraging community engagement, diversity, and inclusion. While KeyBank and JumpStart have been long-standing partners, this expansion is purpose in action."
"This expanded partnership with KeyBank, whose long support of our work has already helped hundreds of diverse entrepreneurs grow their small businesses and create thousands of jobs, will dramatically increase the impact of entrepreneurs and small businesses on neighborhoods and communities," said Ray Leach, CEO of JumpStart. "This transformative partnership will allow us and our partners to provide services and much needed capital for many more startup and scaling companies, catalyzing job growth and innovation across Ohio and in upstate New York. It will also dramatically increase the participation of minorities and women in the growth of these companies, a goal we've long shared."
The "KeyBank Business Boost & Build Program, powered by JumpStart" will provide support and structure for individuals, entrepreneurs and small business owners, create thousands of jobs, and prepare students for careers in the growing technology, service and manufacturing industries. Specifically, the program is based on a five-pillar initiative funded by the KeyBank Foundation and implemented by JumpStart which will:
Accelerate the growth of more than 2,500 small businesses and micro-enterprises – the majority of which will be women or minority-owned businesses
Accelerate the growth of more than 2,000 tech startup and scaleup companies
Create a minimum of 5,350 jobs
Provide support for participation in the tech economy by meeting business needs or enabling workforce training for 1,000 individuals
Connect 800 individuals to open job opportunities
Prepare more than 1,000 students to enter the workforce after graduating high school
Together, KeyBank and JumpStart will accomplish their aims by:
Establishing the KeyBank Center for Technology, Innovation and Inclusive Growth to serve individuals across Ohio
Providing small business technical assistance in Cleveland, OH and Buffalo, Rochester, Syracuse and Albany NY
Offering technical assistance and grant/equity capital for technology startups and scaleups
Facilitating vocational education and workforce training for students in Cleveland.
"Very simply, the KeyBank Foundation is focused on people and neighborhoods. The size and scope of the KeyBank Business Boost & Build Program shows just how committed we are to the future of our communities," said Margot Copeland, CEO and chairman of the KeyBank Foundation. "Together, we will work to economically transform neighborhoods across Ohio and New York from the ground up."
The "KeyBank Business Boost & Build Program, powered by JumpStart" grant and initiative support KeyBank's $16.5 billion National Community Benefits Plan, which established a $175 million philanthropic commitment in 2016.
About KeyCorp KeyCorp's roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $135.8 billion on June 30, 2017.
Key provides deposit, lending, cash management, insurance, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of more than 1,200 branches and more than 1,500 ATMs. 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 https://www.key.com/. KeyBank is Member FDIC.
About JumpStart JUMPSTART INC. unlocks the full potential of diverse and ambitious entrepreneurs to economically transform entire communities. For more information, visit www.jumpstartinc.org and follow @JumpStartInc on Twitter.