Financial services company KeyBank announced today a significant boost in its sustainable financing commitments, aiming to boost its investments and lending focused on economic access and equity for underserved communities and populations to $40 billion.
Focus categories for funding under the program include Economic Equity & Inclusion, encompassing affordable housing, home and small business lending in low- and moderate-income communities, down payment assistance, and partnerships with CDFIs focused on serving minority-owned businesses, and; Renewable Energy & Sustainability, including growing KeyBank’s renewable energy financing, as well as accelerating efforts to reduce the company’s environmental footprint.
Chris Gorman, Chairman, Chief Executive Officer, and President, KeyCorp, said:
“Doing our part to address social justice and racial equity, increasing environmental concerns, and an international pandemic with disproportionate impact on low- and moderate-income communities is both an opportunity and an obligation. Creating shared value with the communities we serve means facing head on the issues we have long been working to address. These systemic issues must be addressed collectively – inside and outside our company – to drive the outcomes we want to create.”
The new commitment comes as KeyBank announced that they have surpassed its initial five-year $16.5 billion goal under the company’s Community Benefits Plan one year early, delivering more than $18 billion in lending and investments across its footprint.
Greg Jones, Chief Diversity, Equity, and Inclusion Officer, KeyCorp, said:
“While 2020 has brought significant challenges to our communities and a collective awakening about the injustices people of color face every day in America, these challenges have presented each of us with opportunities to take action and influence change. Through the National Community Benefits Plan, we are committed to addressing these issues in ways that provide both comprehensive and sustainable social, racial, and economic solutions. Whether it is providing access to affordable housing, supporting local small businesses, or increasing representation within KeyBank’s executive ranks, the extended Plan is designed to build upon our strong foundation and create lasting change in our communities.”
Eric Fiala, Head of Corporate Responsibility, KeyCorp, added:
“We know our markets and have a proven track record of helping clients and communities thrive. KeyBank will work closely with local leaders and organizations to develop comprehensive solutions to the pressing issues of economic disparity, racial equity, and climate change. We know that change only comes through understanding the unique situations of each community and standing with those working to improve our neighborhoods.”