$250,000 Investment by the KeyBank Foundation to Support United Way of Central New York’s Thrive at Work Financial Education & Resource Program

Rhea-AI Summary

KeyBank Foundation is investing $250,000 in the United Way of Central New York's Thrive at Work Program. This innovative initiative aims to help employed individuals facing financial challenges due to access to resources and support. The program will offer financial education, low-interest loans, one-on-one coaching, and free tax preparation services to employees in entry-level or lower-income positions at small to mid-sized companies in Central New York.

The program targets Asset , Income Constrained, Employed (ALICE) individuals, who represent 25% of Onondaga County households. Expected outcomes include improvements in financial literacy, credit scores, debt reduction, and savings. Since 2017, KeyBank has invested over $700 million in Syracuse and Central New York, supporting various community development projects.

Positive

• KeyBank Foundation's $250,000 investment supports financial education and resources for lower-income workers
• The Thrive at Work Program aims to improve financial literacy, credit scores, and savings for participants
• KeyBank has invested over $700 million in Syracuse and Central New York since 2017

Negative

• None.

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NORTHAMPTON, MA / ACCESSWIRE / September 12, 2024 / KeyBank
New, innovative initiative is meant to help individuals who are employed but face challenges meeting basic financial needs due to limited access to financial resources and support

The KeyBank Foundation is investing $250,000 in the United Way of Central New York's Thrive at Work Program. This new, innovative initiative is meant to help individuals who are employed but face challenges meeting basic financial needs due to limited access to financial resources and support.

Thrive at Work will focus on employees in entry-level or lower-income positions at small- to mid-sized companies in Central New York. Following a six-to-nine month build phase, the program will offer financial education, low-interest loans, one-on-one financial coaching, and free tax preparation services, empowering employees to better manage their finances.

"We applaud the United Way of Central New York for their innovative approach to helping working people in our community overcome challenges and access resources and support that can help them grow financially," said Stephen Fournier, KeyBank Central New York Market President. "KeyBank's purpose is to help the communities we serve thrive. Thrive at Work is a program we are proud to help build and support. We look forward to seeing the ways this will help people and communities in Central New York grow."

"KeyBank Foundation's investment makes it possible for us to launch this critical program to assist hardworking families who are striving yet struggling to get by," said Nancy Kern Eaton, United Way of Central New York President. "Far too many people in our community are one financial emergency away from a downward spiral. Helping people manage financial and other crises will keep people focused on work while they continue to move forward in efforts to achieve their dreams and build a more stable future."

Specifically, Thrive at Work will provide financial stability and resilience for Asset Limited, Income Constrained, Employed (ALICE) individuals in Onondaga County, who represent 25% of the county's households. The United Way of Central New York anticipates participants will show significant improvements in financial literacy, credit scores, debt reduction and savings. Additionally, it expects enhanced workplace engagement, reduced absenteeism due to financial stress, and increased job satisfaction.

"We are excited about the resources and education Thrive at Work will bring to our community, said Tamika Otis, KeyBank Corporate Responsibility Officer in Central New York. "This initiative will help working people in our region access the tools they need to help them reduce debt, save money and build wealth."

Since 2017, KeyBank has made more than $700 million in investments in Syracuse and Central New York, supporting affordable housing and community development projects; small business and home lending to low-to-moderate income individuals and communities, and transformative philanthropy.

ABOUT KEYCORP

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 $187 billion at June 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 Member FDIC.

ABOUT UNITED WAY OF CENTRAL NEW YORK

United Way of Central New York, Inc., is an innovative and collaborative local nonprofit organization that drives solutions to the most pressing human service community needs of Central New York. Through our advocacy and relevant leadership, we provide options for impactful giving and we fund programs and initiatives that help create a thriving community. We are guided by our values of compassion, empowerment, collaboration, leadership, and inclusion. For more information, visit www.UnitedWay-CNY.org United, we do more.

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 KeyBank Foundation investing in the United Way of Central New York's Thrive at Work Program?

The KeyBank Foundation is investing $250,000 in the United Way of Central New York's Thrive at Work Program to support financial education and resources for lower-income workers.

What services will the Thrive at Work Program offer to participants?

The Thrive at Work Program will offer financial education, low-interest loans, one-on-one financial coaching, and free tax preparation services to employees in entry-level or lower-income positions at small to mid-sized companies in Central New York.

How much has KeyBank (KEY) invested in Syracuse and Central New York since 2017?

Since 2017, KeyBank has invested more than $700 million in Syracuse and Central New York, supporting affordable housing, community development projects, small business lending, and philanthropy.

What percentage of Onondaga County households does the ALICE population represent?

The Asset , Income Constrained, Employed (ALICE) population represents 25% of Onondaga County households, which is the target demographic for the Thrive at Work Program.