Springfield Rescue Mission (SRM) Receives $150,000 Grant From KeyBank Foundation

Rhea-AI Summary

KeyBank Foundation has awarded a $150,000 Community Impact grant to Springfield Rescue Mission (SRM) to support their Workforce Development Outreach program. The grant, payable over two years, will help match mission residents with potential employers while providing training and support for sustainable employment. The funding will create a new Liaison position to coordinate between employers, employees, and SRM's case management team. The initiative is part of KeyBank's $40 billion commitment established in 2017 for community development, lending, and investments across its national footprint.

Positive

• Secured $150,000 grant funding over two years
• Part of larger $40 billion KeyBank community investment initiative

Negative

• None.

Insights

Financial Analyst

The $150,000 grant from KeyBank Foundation represents a minimal financial impact relative to KEY's $17.3B market cap. While this demonstrates KeyBank's commitment to community development and aligns with their broader $40B ESG initiative, the grant amount is not material enough to influence stock performance or financial metrics.

This type of charitable giving, while positive for corporate social responsibility and local community relations, is a routine part of banking operations and doesn't significantly affect KeyBank's bottom line or investor considerations. The workforce development focus aligns with industry trends in ESG but isn't a major catalyst for stock movement.

Grant funds will support SRM's Workforce Development Outreach program

SPRINGFIELD, MA / ACCESSWIRE / October 31, 2024 / The Springfield Rescue Mission (SRM) has received a $150,000 Community Impact grant from KeyBank Foundation, the charitable foundation of KeyBank. This grant will be paid over two years and will support SRM's Workforce Development Outreach program, which matches mission residents with potential employers, while providing training and support to the residents to become effective, retainable employees. The grant is focused on building and expanding partnerships with local companies to support employment opportunities for residents and provides funding to create a new Liaison position to recruit and coordinate efforts between potential employers, employees, and the SRM case management team.

"We are incredibly grateful to KeyBank for their generous funding, which will greatly enhance our Workforce Development Outreach program," said Kevin Ramsdell, CEO of Springfield Rescue Mission. "This support will empower us to help more individuals in need gain valuable skills and opportunities to secure sustainable employment and self-sufficiency."

Chronically unemployed individuals need more than just job offers - they need training and support on how to be effective, retainable employees. Springfield Rescue Mission understands this, and its Workforce Development Outreach program builds a model with effective communication and accountability between the employers willing to hire SRM residents and SRM case managers providing training and support services to help residents become productive, successful employees. KeyBank Foundation sees value in such a model to help break the cycle of poverty and homelessness in our community and is supportive of SRM's efforts.

"One of KeyBank's philanthropic focus areas is Workforce Development and helping individuals achieve the skills, education and capabilities they need to succeed in current and future employment opportunities," said Matthew Hummel, KeyBank Market President for Connecticut and Massachusetts. "This grant reflects our ongoing dedication to investing in local communities and helping individuals build brighter futures."

The grant was celebrated at a check presentation event hosted by SRM and KeyBank leaders yesterday, October 30^th at the mission's facility at 10 Mill Street, Springfield and attended by City of Springfield Mayor Dominic Sarno, State Representative Carlos Gonzalez, State Representative Brian Ashe, and City Councilman Melvin Edwards, who each spoke.

KeyBank Foundation grants are part of a $40 billion commitment for lending and investments across Key's national footprint established in 2017 and supporting affordable housing and community development projects, home, and small business lending in low- and-moderate income communities, and philanthropic efforts targeted toward education, workforce development, and safe, vital neighborhoods. For more information, visit www.Key.com/Foundation.

About Springfield Rescue Mission:
The SRM stands as Massachusetts' oldest homeless shelter and rehabilitation initiative, ranking fifth in the nation. Spanning two locations, our Taylor Street site hosts an Emergency Shelter accommodating 45 men nightly, offering meals, showers, and clothing. Our Rehabilitation Program supports transitions with healthcare, addiction services, and mental health support. At Mill Street, our New Life Rehabilitation Program aids up to 60 men over 6-12 months through a holistic Wellness Track, including medical care, academic support, workforce development and life skills training. We also distribute 3.1 million pounds of food annually, benefiting hundreds through meals and community outreach.

About KeyBank Foundation:
KeyBank Foundation serves to fulfill KeyBank's purpose to help clients and communities thrive, and its mission is to support organizations and programs that prepare people for thriving futures. The Foundation's mission is advanced through three funding priorities - neighbors, education, and workforce - and through community service. To provide meaningful philanthropy that transforms lives, KeyBank Foundation listens carefully to understand the unique characteristics and needs of its communities and then backs solutions with targeted philanthropic investments. KeyBank Foundation is a nonprofit charitable foundation, funded by KeyCorp.

About KeyCorp/KeyBank:
KeyCorp's roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $190 billion at September 30, 2024. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,200 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.

MEDIA CONTACTS:

• KeyBank: Karen Crane, Communications Manager, 203-789-2752, karen_crane@keybank.com

• Springfield Rescue Mission: Robin Gobeille, Development Coordinator, 413-732-0808, rgobeille@springfieldrescuemission.org

Leaders from Springfield Rescue Mission and KeyBank were joined by local officials to celebrate a $150,000 grant from KeyBank Foundation. From left: City Councilman Melvin Edwards; Lamari Jackson, District Director for the Office of Senator Adam Gomez; City of Springfield Mayor Dominic Sarno; Springfield Rescue Mission Chief of Staff Sabra Ramsdell; KeyBank Market President Matthew Hummel; Executive Director of the Springfield Rescue Mission Kevin Ramsdell, State Representative Carlos Gonzalez; and on behalf of State Representative Brian Ashe, Chief of Staff Robin Frechette. Photo credit: KeyBank.

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

View the original press release on accesswire.com

FAQ

What is the value of the KeyBank Foundation grant to Springfield Rescue Mission?

KeyBank Foundation awarded a $150,000 Community Impact grant to Springfield Rescue Mission, to be paid over two years.

How will Springfield Rescue Mission use the KeyBank Foundation grant?

The grant will support SRM's Workforce Development Outreach program, creating a new Liaison position to coordinate between employers and residents, while providing training and employment support services.

What is KeyBank's total community investment commitment announced in 2017?

KeyBank announced a $40 billion commitment for lending and investments across its national footprint in 2017, supporting affordable housing, community development, and philanthropic efforts.