KeyBank Foundation gives $24 million to JumpStart Inc.
A local organization, which helps entrepreneurs and nonprofit organizations create jobs, received a huge infusion of cash from KeyBank. Jumpstart, Inc. plans to use the $24 million to assist women or minority-owned businesses and to boost the local tech economy.
“Well buckle up cause the next level is where we’re going," said Beth Mooney, CEO of KeyBank.
Mooney handed a ceremonial $6 Million check to Jumpstart officials. A down payment on the $24 Million that will be spread out over the next four years. Some of the money will be used in New York state where KeyBank recently acquired some bank branches, but Jumpstart CE0, Ray Leach, said about 80 percent of the money will be spent in Northeast Ohio helping businesses get off the ground or to accelerrate the growth of existing businesses.
(It) "Could be a landscape business, could be a bakery, could be a consulting business, could be a manufacturing business, could be a high-tech business, so we are really looking to generate the greatest amount of economic outcomes from start-up companies and small business," Leach said.
Jumpstart is projecting the investments in these businesses will lead to more the 5,000 new jobs, he added.
In addition to financing women and minority-owned start-up businesses, the money will also be used to help connect students from Cleveland public schools to jobs in those companies.
“We’re match making the companies that need employees, the workers, and enabling the students or soon to graduate students or recently graduated students to find those opportunities," Leach said. Jumpstart hopes to prepare more than 1,000 students to enter the workforce through this program.
KeyBank officials said this is the largest donation the foundation has given to one organization.