The KeyBank Foundation has awarded a whopping $24 million, four-year grant to help small businesses grow in its largest single philanthropic commitment to date.
KeyBank Foundation and JumpStart Partner to Help Entrepreneurs
The grant was awarded this week to JumpStart Inc., a Cleveland-based nonprofit helping to accelerate the success of diverse entrepreneurs and their high growth companies in communities across Ohio. As part of what is now called the “KeyBank Business Boost & Build Program, powered by JumpStart,” the four-year grant will also benefit at least 1,000 startups and microenterprises across upstate New York.
“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, in a press statement.
KeyBank Business Boost and Build Program Set to Help Small Businesses Grow
According to the KeyBank CEO, the KeyBank Business Boost & Build Program, powered by JumpStart’s goal is to directly serve at least 1,000 small businesses across Buffalo, Rochester, Syracuse and Albany through technical assistance programs. The program aims to accelerate the growth of new companies, create jobs and prepare students to enter the workforce after high school.
“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,” Mooney said.
This joint program also aims to increase the participation of minorities and women in the growth of companies, a goal both organizations have long shared, according to JumpStart CEO Ray Leach. It is based on a five-pillar initiative funded by the KeyBank Foundation and implemented by JumpStart:
- 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.
“While KeyBank and JumpStart have been long-standing partners, this expansion is purpose in action,” Mooney added.