Small Businesses Get Boost from Bank/NGO Partnership and $24M Grant

Posted by on August 21, 2017 in Education, Entrepreneurship, Tech

keyJJRecent research from the International Trade Center, the joint agency of the UN and the WTO, reveals that small businesses are the missing link to inclusive growth. Jobs are vital to participating in economic growth, and small and mid-sized companies account for almost 70 percent of global employment.

Focusing on this missing link, KeyBank has partnered with JumpStart, Inc. to help small business owners thrive by fueling the “KeyBank Business Boost & Build” program with a four-year, $24 million grant by the KeyBank Foundation.

The grant will serve to establish the KeyBank Center for Technology, Innovation and Inclusive Growth; offer technical assistance and grant/equity capital for technology startups and scale-ups; and facilitate vocational education and workforce training for students in communities across Ohio and upstate New York.

The initiative is designed to stimulate economic growth and workforce development by fostering small business success. Beth Mooney, CEO of KeyBank, said that the bank is committed to being a responsible citizen 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.

Ray Leach, CEO of JumpStart, said that this transformative partnership will provide services and much-needed capital for many more startup and scaling companies, catalyzing job growth and innovation. It will also increase the participation of minorities and women in the growth of these companies.

The KeyBank Business Boost & Build Program, powered by JumpStart,aims to:

  • Accelerate the growth of more than 2,500 small businesses and micro-enterprises – the majority of which will be women or minority-owned
  • Accelerate the growth of more than 2,000 tech startups and scale-ups
  • 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

Margot Copeland, CEO and chairman of the KeyBank Foundation, said that the partners will work together to economically transform neighborhoods across Ohio and New York from the ground up.

Source: KeyBank

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