ALBANY — KeyBank has released its 2019 Corporate Responsibility report, highlighting the company’s ongoing legacy as a responsible bank and citizen. Included in the report are the results from the first three years of the National Community Benefits Plan, under which KeyBank has invested over $12.1 billion in communities. KeyBank executives said the investments exceeded the goals for the first three years of the plan by 48 percent.
In the Capital Region, KeyBank has invested more than $600 million under the plan to support low-to-moderate income communities.
“Helping clients and communities thrive is KeyBank’s purpose,” said Ruth Mahoney, president, Capital Region, KeyBank. “Building stable neighborhoods is even more critical today due to COVID-19. We’re proud to stand with the businesses and families of the Capital Region to deal with fallout of COVID-19. Our work prior to this crisis has laid a solid foundation from which KeyBank will continue to build to support our communities.”
Highlights from the community benefits plan results include:
In the Capital Region, KeyBank has invested a total of $446 million in community developments the past three years, including projects that will provide affordable housing, revitalize and stabilize neighborhoods, and support vital community service initiatives.
KeyBank originated $1.3 billion in small business loans since 2017 to low-to-moderate income borrowers and urban and rural communities. This includes nearly $61 million in small business loans in the Capital Region during this same period. KeyBank has committed to investing $2.5 billion in small business lending over the five years of the National Community Benefits Plan.
KeyBank’s mortgage lending to low-to-moderate income communities was nearly $972 million in 2019, an increase of 31 percent over the previous year. In the Capital Region, KeyBank provided more than $38 million in mortgages to low-to-moderate income communities during the past year, for a total of $91 million the last three years.
During the first three years of the National Community Benefits plan, KeyBank made more than $3.5 million in philanthropic investments in neighbors and neighborhoods in the Capital Region. These investments included HATAS Furniture Bank, United Way and Northeastern Association of the Blind at Albany during 2019.
Nationally, KeyBank has made an $18 million philanthropic commitment for COVID-19 response throughout the most vulnerable communities. Locally, this includes the KeyBank Business Boost & Build Program powered by JumpStart, which has created a stabilization fund to help minority, women and service-disabled veteran owned small businesses affected by COVID-19, as well as The Community Loan Fund and Capital Region Community COVID-19 Response Fund in the Capital Region.