ALBANY — Building on early fulfilment of its groundbreaking $16.5 billion Community Benefits Plan, KeyBank announced it will increase its commitment to $40 billion. The investments will continue focus on economic access and equity for underserved communities and populations.
Launched in 2017, the National Community Benefits Plan surpassed its $16.5 billion goal in 2020 by delivering more than $18 billion in lending and investments across its footprint. This includes $666 million of investments in the Capital Region supporting small business and home lending in low- and-moderate income communities, affordable housing and community development projects, and philanthropic efforts targeted toward education, workforce development, and safe, vital neighborhoods.
Highlights from the first four years of community investment in the Capital Region include (as of 12/31/20):
KeyBank invested more than $424 million in affordable housing and community development projects in the Capital Region including developments such as Ida Yarbrough Apartments and The Kenmore.
KeyBank originated $108 million in small business loans to businesses that are part of low- and-moderate income communities.
KeyBank provided $130 million in mortgage lending to low- and moderate-income communities in and around the Capital Region.
KeyBank made $4.33 million in transformational philanthropic investments in neighborhoods throughout the Capital Region, including JumpStart Business Boost & Build program offered through JumpStart, Center for Economic Growth, Catholic Charities, HATAS, Capital Roots, The Community Foundation, Capital Region YMCA and others.
Through its expanded commitment, KeyBank’s aggregate investments nationwide under the Community Benefits Plan will include:
$36 Billion – Economic Equity & Inclusion - KeyBank will continue its commitment to providing affordable housing, mortgages, small business lending, and transformative philanthropy throughout the markets where it does business. In addition, KeyBank plans to support homeownership by investing in down payment assistance.
From hiring and career development to increasing spend with diverse suppliers, KeyBank will continue its longstanding focus on diversity, equity, and inclusion inside and outside of the company. KeyBank will also build partnerships with CDFIs focused on serving minority-owned businesses and will develop and deliver financial education in minority and LMI communities.
$4 Billion - Renewable Energy & Sustainability - Since 2012, KeyBank has made more than $15 billion in renewable energy investments and was a top provider of renewable energy financing in North America in 2019 and 2020. The updated commitment will include this long-standing focus to increase KeyBank’s renewable energy financing, as well as accelerating Key’s efforts to reduce the company’s environmental footprint.
KeyBank also announced it has received its 10th consecutive “Outstanding” rating from the Office of the Comptroller of the Currency for reaching the highest standards of the Community Reinvestment Act (CRA). The Community Reinvestment Act requires banks to meet the credit needs of low- and moderate-income (LMI) communities across America. KeyBank is one of the only U.S. national banks to be rated “Outstanding” by the OCC for ten consecutive review periods, since the Act’s passage in 1977.
To implement the Community Benefits Plan, KeyBank will work with community leaders and organizations to develop specific plans for each market it serves across 15 states. For more information on KeyBank’s more than $40 billion National Community Benefits Plan, log on to Key.com/Community.