Seeing Results: KeyBank Grant Helping Diverse Businesses in NY’s Capital Region Grow

Rhea-AI Summary

KeyBank's investment of $500,000 in the 'Accelerating Inclusive Economic Opportunity' Initiative by the Capital Region Chamber is driving efforts to assist BIPOC-owned businesses in New York's Capital Region. The program has onboarded 26 additional businesses for one-on-one technical assistance and served 89 small businesses through educational programming and networking events, of which 59 were BIPOC-owned. Since May 2022, over 120 unique BIPOC-owned businesses have been engaged, with 63 receiving one-on-one support and 28 receiving ongoing technical assistance. KeyBank's partnership is delivering meaningful results, including a success story of a BIPOC-owned restaurant that secured an $84,000 loan and had $86,000 in revenue in its first three months of operation. KeyBank's commitment to supporting diversity, equity, and inclusion is making a difference.

Positive

• KeyBank's investment is driving efforts to assist BIPOC-owned businesses in New York's Capital Region
• The program has yielded positive results, including onboarding 26 additional businesses and serving 89 small businesses through educational programming and networking events
• A BIPOC-owned restaurant secured an $84,000 loan and had $86,000 in revenue in its first three months of operation

Negative

• None.

NORTHAMPTON, MA / ACCESSWIRE / August 31, 2023 / KeyBank:

An investment by KeyBank is driving efforts to assist the business community in New York's Capital Region become more diverse, access resources in an equitable way and grow.

In 2022, KeyBank invested $500,000 in a new "Accelerating Inclusive Economic Opportunity" Initiative by the Capital Region Chamber in Albany, New York to provide no-cost business growth services to Black, Indigenous and People of Color (BIPOC)-owned enterprises and to support the implementation of diversity, equity and inclusion (DEI) practices in the greater business community. Since its inception, the program has yielded the following results:

• In 2023 from January-June, 26 additional businesses have been onboarded for one-on-one technical assistance. In addition, the initiative served 89 small businesses through educational programming and networking events, of which 59 were BIPOC-owned.
• Since the start of the project in May 2022, more than 120 unique BIPOC-owned businesses have been engaged. Of that, 63 have been served with one-on-one support, with 28 receiving on-going, project-based, technical assistance and consulting services.
• Six of the chamber's BIPOC businesses completed its 10-week Entrepreneur Bootcamp course this past winter/spring.

In May 2023, KeyBank and SCORE also took part in a Business Finance workshop in partnership with the Albany Black Chamber of Commerce. The event titled ‘Are you making money or not?' covered: building business credit, how to use credit properly, the 5 Cs of credit, what lenders look for, how to create financial projections and the profit and loss statement.

"Our partnership with KeyBank with delivering meaningful results for BIPOC-owned businesses through targeted, customized assistance and growth acceleration support, which is helping drive inclusive economic growth," said Mark Eagan, President and CEO of the Capital Region Chamber.

One specific success story the chamber highlighted involved a BIPOC-owned restaurant that began operations in 2022 without a business plan. They bought a building and did some renovations but needed funding, a business plan, marketing, and business processes. The owners were referred to possible sources for funding. Through the "Accelerating Inclusive Economic Opportunity" Initiative, the chamber spent considerable time providing one-on-one assistance on the restaurant's business plan, financial projections, tax filings, menu pricing, setting up point-of-sale (POS) system, as well as helping the owners obtain licenses and permits specific to the restaurant industry. The owners attended the chamber's educational workshops and summits to expand their business knowledge. This business was able to secure a $84,000 loan and had revenue of $86,000 in its first three months of operation.

"We are excited to learn of the successes that have come out of the Capital Region Chamber's program and the many businesses in our community that have benefitted from their efforts" said Fran O'Rourke, KeyBank Capital Region Market President. "Our investment and commitment to supporting diversity, equity and inclusion in the communities we serve is making a difference now and in the future."

• Learn more about the Capital Region Chamber's Accelerating Inclusive Economic Opportunity" Initiative
• Learn more about how KeyBank can help small businesses
• Learn more about KeyBank's commitment to helping clients and communities thrive

KeyBank Capital Region Market President Fran O'Rourke announces KeyBank's $500,000 grant to the Capital Region Chamber.

View additional multimedia and more ESG storytelling from KeyBank on 3blmedia.com.

Contact Info:

Spokesperson: KeyBank
Website: https://www.3blmedia.com/profiles/keybank
Email: info@3blmedia.com

SOURCE: KeyBank

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