KeyBank deploys $95M to Maine communities
Cleveland-based KeyBank’s 2018 corporate responsibility report shows that its community investments in Maine totaled $95 million over the past two years.
The national bank’s community investment plan, announced in 2016, committed $16.5 billion over five years in targeted community investments for affordable housing and development, growing small businesses and jobs, mortgages for underserved communities, and transformative philanthropy. Nationally, according to the newly released report, it has driven $7.1 billion in investments in communities served by KeyBank over the past two years (January 2017 – December 2018). The plan is 38% above target and continues to drive tangible results across KeyBank’s 15-state network.
Here in Maine, here’s how the community investments were made over the past two years including:
- $31 million in community development projects.
- $13.8 million in small business loans to businesses that are part of low-to-moderate income communities.
- $49 million in mortgage lending to low-to-moderate income communities.
- $1.1 million in "transformational" philanthropic investments including grants to Preble Street, Maine Community College Foundation and Coastal Enterprises Inc.
“Helping all neighborhoods in our service area thrive is our priority,” said KeyBank’s Maine Market President Chip Kelley. “Whether it’s a mortgage for a first-time homebuyer or a small business loan in a struggling neighborhood, each investment in the community is making a difference. When the neighborhoods we serve succeed, we all succeed.”
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