- KeyBank pledges $40 billion for its Community Benefits Plan investments
- Original plan called for $16.5 billion in investments over five years, but the bank reached this goal early
- The bulk of the investments will go toward improving economic equity and access in underserved communities and populations
Summary by Dirk Langeveld
KeyBank is planning to more than double its Community Benefits Plan investments, which focus on economic access and equity for underserved communities and populations, after meeting its initial goal a year early.
The Cincinnati-based bank established the Community Benefits Plan in 2017 with a five-year commitment of $16.5 billion in investments. After reaching the $18 billion mark in 2020, KeyBank has increased its commitment to $40 billion.
A total of $36 billion will be devoted to economic equity and inclusion efforts, including affordable housing, community development projects, small business and residential lending in low- to moderate-income communities, and philanthropic efforts on education, workforce development, and neighborhood improvements. The remaining $4 billion will be invested in renewable energy and sustainability initiatives.
KeyBank is pledging to work with community leaders and organizations to develop plans for each market it serves across 15 states. The bank has also promised to build partnerships with community development financial institutions focused on serving minority-owned businesses and delivering financial education to minority and low- to moderate-income communities.
There are 47 KeyBank locations in Connecticut.
