Neighborhood Allies Secures $500,000 Grant from KeyBank to Support Financial Empowerment Center (FEC) County-wide Expansion

Rhea-AI Summary

KeyBank and KeyBank Foundation invest $500,000 in Pittsburgh's Neighborhood Allies to expand Financial Empowerment Center services in Allegheny County. The collaboration with Allegheny County Department of Human Services aims to enhance financial stability for low-income residents.

NORTHAMPTON, MA / ACCESSWIRE / February 21, 2024 / KeyBank

KeyBank and the KeyBank Foundation announced an investment of $500,000 in Pittsburgh's Neighborhood Allies to bolster the expansion of the organization's Financial Empowerment Center's (FEC) services throughout Allegheny County. This development marks a pivotal moment for the community-driven initiative in collaboration with the Allegheny County Department of Human Services (ACDHS).

The FEC, a beacon of support for individuals seeking financial stability, is set to embark on an exciting year with a formal partnership with the Allegheny County Department of Human Services (DHS). This collaboration between Neighborhood Allies and KeyBank signifies a strategic and significant leap forward, positioning the organization and its staff to enhance services and outreach.

"We are deeply grateful for KeyBank's generous grant, which reinforces our commitment to fostering economic mobility for our region's residents. This support underscores the collective effort to empower individuals to achieve greater financial stability and resilience, ultimately advancing toward our north star goal of moving 100,000 low-income Pittsburghers up the socio-economic ladder," said Presley Gillespie, President, and CEO of Neighborhood Allies.

"We are proud to support Neighborhood Allies in their expansion of the Financial Empowerment Center into Allegheny County," said Victor Laurenza, KeyBank Western Pennsylvania Market President. "Neighborhood Allies has demonstrated remarkable success in empowering individuals, and we are confident that this strategic initiative will further enhance their positive impact. We look forward to witnessing the continued growth and success of the Financial Empowerment Center, creating lasting economic opportunities for the residents of Allegheny County."

In the past 4+ years, the FEC has served over 2,200 residents in 7,500 sessions, resulting in 3,400 measurable outcomes. Notable achievements include 973 clients reducing delinquent accounts, 739 contributing to long-term savings, 547 clients raising their credit scores by at least 35 points, and 273 opening safe and affordable bank accounts. The total amount of savings built is $2.6 million, and the total amount of debt reduced is $6 million.

Read more about KeyBank's support of Neighborhood Allies:

KeyBank awards grant to Neighborhood Allies | Pittsburgh Business Times

'A place where everyone has that opportunity': KeyBank Foundation gives Neighborhood Allies a $500,000 grant | Pittsburgh Post-Gazette

KeyBank Supports Pittsburgh-Based Neighborhood Allies To Help Build Financial Stability | Yahoo Finance

KeyBank Foundation Provides Grant to Neighborhood Allies to Build Equitable Resilience | Neighborhood Allies

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Contact Info:
Spokesperson: KeyBank
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Email: info@3blmedia.com

SOURCE: KeyBank

View the original press release on accesswire.com

FAQ

What is the investment amount in Pittsburgh's Neighborhood Allies by KeyBank and KeyBank Foundation?

KeyBank and KeyBank Foundation have invested $500,000 in Pittsburgh's Neighborhood Allies.

What is the goal of the collaboration between Neighborhood Allies and KeyBank?

The collaboration aims to expand the Financial Empowerment Center services in Allegheny County to enhance financial stability for low-income residents.

How many residents has the FEC served in the past 4+ years?

The FEC has served over 2,200 residents in the past 4+ years.

What are some notable achievements of the FEC?

Notable achievements include clients reducing delinquent accounts, contributing to long-term savings, raising credit scores, and opening safe and affordable bank accounts.