Balancing mission and margin continues to be a focal point of KeyBank. Through this approach, KeyBank has learned that support for communities does not have to come at the expense of making money.
Earlier this year, KeyBank launched a $16.5 billion National Community Benefits Plan designed to drive transformative change in communities. The plan will stimulate job growth and economic growth in these markets by investing in mortgage and consumer loans, small business lending and community development lending and investment. Additionally, the plan calls for $175 million in philanthropic investments from the KeyBank Foundation.
The plan was developed in partnership with and adheres to the principles laid out by the National Community Reinvestment Coalition (NCRC) and its member organizations.
Among the major elements of the plan:
· $5 billion in mortgage lending to low- to moderate-income communities and borrowers;
· $2.5 billion in small business and farm lending. targeted to low- to moderate income urban and rural communities
· $8.8 billion in community development lending and investment commitments
The plan also features $175 million in investments in KeyBank’s traditional pillars of philanthropy – education and workforce development – as well as a third pillar the company recently introduced: neighbors. The neighbors pillar involves promoting homeownership financial literacy and small businesses.
Additionally, over the past five years, KeyBank employees have volunteered more than 500,000 hours of community service. This tradition will continue under the National Community Benefits Plan as employees will donate another half a million hours to community service projects.