In Ohio, the company KeyBank has hopes to create more than forty-five hundred jobs with their new partnership with JumpStart Inc. The Jumpstart company is one that invests in young businesses and startups. KeyBank had announced at the end of July that they are settling a $24 million dollar commitment with JumpStart over the next four years. The main focus of the commitment will be done in Ohio. Some of the focus will be in New York’s upstate area.
The reason for the grant to Jumpstart is aimed to stimulate workforce development and economic growth through the bolstering of fledgling and new smaller size businesses. Officials have began to estimate that this grant could create more than five-thousand new jobs in both Ohio and New York. Almost one-thousand are supposed to be created in New York where KeyBank has a huge presence alone. The commitment will target over four-thousand small businesses located throughout Ohio and around twelve-hundred small businesses in New York. Most of the businesses to receive help are in the line of tech-related merchandise.
According to CEO Beth Mooney of KeyCorp, the main purpose of KeyBank is to help both clients and communities thrive. She also stated that the company has a strong commitment to being a responsible citizen and bank. In order to accomplish this, they work on improving access to career opportunities and education while fostering innovation and lifting neighborhoods. It is also to be accomplished by creating pathways to business and home ownership, encouraging community engagement and creating a sense of inclusion against diversity. While both JumpStart and KeyBank have worked together for many years, this new job project is an expansion in action and purpose.
JumpStart Inc. has been known nationally for their efforts in nurturing companies with the potential to thrive and create new jobs. Most of their funding comes from gifts and grants given by companies and individuals. The new partnership between both KeyBank and JumpStart will also be focused on getting students prepared for careers and jobs in the service, technology and manufacturing fields.
Other goals of the partnership include the following:
• Match more than 800 people with current job opportunities.
• Grow thousands of small businesses much quicker. Most of the businesses will be minority-owned or owned by women.
• Provide help to technology companies through the use of workforce training for over one-thousand people.
• Offer help to more than one-thousand students in an effort to prepare them for work after graduating high school. The large focus of this help with be in vocational education as well as workforce training for the students in the Cleveland area.
Both KeyBank and JumpStart will work together and create the KeyBank Center. The center will help to serve people throughout Ohio in technology, inclusive growth and innovation. The partnership will also supply technical assistance to small businesses in the Buffalo, Cleveland, Syracuse, Rochester and Albany, New York areas. The CEO of JumpStart is Ray Leach. He has said that this new project will bring their partnership with Key to another level. He also pointed out that with their support this far, they have already been able to help hundreds of entrepreneurs find assistance and created thousands of jobs for people.
The partnership is also expected to highly increase the impact of small businesses and entrepreneurs in both communities and neighborhoods. It should also allow each company to offer services and much needed capital to many companies looking to get started or scale up. This will catalyze innovation and job growth across Ohio and upstate New York. The participation of women and minorities is expected to increase dramatically. This has been a long-time goal of the partnership between the two companies.
The companies have worked together since 2006. Since that time, both KeyBank and JumpStart have given more than a million in financial support to inner city, minority and female entrepreneurs in the Northeast Ohio area. Their help, as well as help from many other non-profit organizations, has helped small business owners and entrepreneurs create an over four-billion dollar economic impact and created thousands of jobs in Ohio over the previous ten years.
The chairmen and CEO of KeyBank Foundation, Margot Copeland, stated that the foundation likes to focus on both people and neighborhoods. She feels that if everyone works together, the neighborhoods across both New York and Ohio can be economically transformed from the ground up.