KeyBank donates $300,000 to Preble Street
Preble Street, a Portland nonprofit focused on reducing homelessness, will receive $300,000 from KeyBank’s charitable arm.
KeyBank Foundation will make the grant over three years.
The donation is part of a Key’s National Community Benefits Plan, which will commit $16.5 billion to community development and investment over five years. The plan will cover Key’s 15-state footprint and be initiated in four areas: mortgage ($5 billion), small business lending ($2.5 billion), community development lending ($8.8 billion) and investment and philanthropy ($175 million).
The funding will expand Preble Street’s current “Housing First” support services and increase the permanent supportive housing it can provide from 55 to 85 individuals.
“KeyBank has been a great friend and supporter of Preble Street for many years, and we're grateful for that long-standing partnership. We’re especially grateful for the investment KeyBank is making to create solutions for people struggling with homelessness in Maine,” said Preble Street Executive Director Mark Swann. “This extraordinary support not only saves lives but is also a cost-effective solution to the endless cycle of shelters, emergency rooms, jails and detox programs that chronically homeless people endure year after year.”
KeyCorp (NYSE: KEY), which is based in Cleveland, owns KeyBank, which has 50 branches in Maine. KeyBank is Maine’s second-largest bank by market share, with 12.5% of the market (behind TDBank) and $3.52 billion in deposits, according to the latest information from the Federal Deposit Insurance Corp.
“We are pleased to partner with Preble Street to help tackle the issue of chronic homeless in Portland,” said Sterling Kozlowski, KeyBank’s top regional executive. “Moving homeless people off the streets is the right thing to do from a moral and health perspective, and it is a proven first step in helping them get the services they need to live independently as healthy, productive members of our community. The Housing First model makes economic sense, and we are proud to make this investment toward improving lives.”
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