KeyBank Foundation Makes Bold $24 Million Dollar Commitment To Startups In Cleveland and Upstate New York
Every business started small, even the biggest companies in the world. When large corporations take notice of that, big bold things happen. KeyBank, through it’s Key Bank Foundation, has made one of this big bold moves.
On Monday, the KeyBank Foundation announced a $24 million dollar, four year commitment to Jump Start, the Cleveland based organization that helps jump start startups and small businesses in several cities across the country. While the Key Bank Foundation has been very philanthropic through the years, this marks their largest philanthropic commitment to date, at more than six times the size of any previous 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.”
With this funding Jump Start will launch the “KeyBank Business Boost & Build Program powered by Jump Start”. The program will help entrepreneurs and small business owners. Both Jump Start and KeyBank have some specific goals in mind.
- 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
This program was designed to specifically help startups, micro-entities and small businesses in key markets for both organizations including Cleveland, Ohio and Buffalo, Rochester, Syracuse and Albany New York.
“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.
Find out more here at Jumpsstartinc.org