KeyBank Foundation Commits $24 Million to Economic Development

KeyBank Foundation Commits $24 Million to Economic Development

The KeyBank Foundation has announced a four-year, $24 million commitment to JumpStart, Inc. in support of economic and workforce development initiatives in Ohio and upstate New York.

The foundation's largest single commitment to date will fund the "KeyBank Business Boost & Build Program, powered by JumpStart," an initiative designed to stimulate economic growth and workforce development by fostering small business success. To that end, the two organizations will establish a KeyBank Center for Technology, Innovation, and Inclusive Growth in Ohio; provide technical assistance to small businesses in Cleveland, Buffalo, Rochester, Syracuse, and Albany; offer technical assistance and grant or equity capital to tech scale- and startups in the two regions; and facilitate vocational education and workforce training in Cleveland.

The initiatives are designed to accelerate the growth of more than 2,500 small businesses and micorenterprises, the majority women- or minority-owned; boost the growth of more than 2,000 tech startup and scale-up companies; create at least 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 job opportunities; and prepare more than 1,000 high school students to enter the workforce.

"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," said JumpStart CEO Ray Leach. "It will also dramatically increase the participation of minorities and women in the growth of these companies, a goal we've long shared."