KeyBank and JumpStart Target Funding to Boost Cincinnati Minority Business Accelerator
A grant from The KeyBank Business Boost & Build program, powered by JumpStart, has provided $100,000 in funding for a program to help 50 minority businesses in the Cincinnati region. This grant will help 50 high-performing minority businesses create 500 new jobs over the next five years and grow their revenue to $5 million. The funds were given to the Cincinnati USA Regional Chamber, part of the Cincinnati Minority Business Collaborative (CMBC), to be used for its Minority Business Accelerator. The CMBC is collaborating with Northern Kentucky University to execute a newly launched business development platform.
KeyBank Partners With JumpStart
This marks the first announcement as a part of the partnership between the KeyBank Business Boost & Build program and JumpStart. The previous year, the KeyBank Foundation announced a $24 million commitment to JumpStart over four years.
“We are thrilled to establish this partnership with JumpStart as we collectively strive to grow more larger-scale, job-creating, minority-owned businesses,” said Darrin Redus, Vice President and head of the Cincinnati Chamber Minority Business Accelerator. “This investment from the KeyBank Business Boost & Build program will enable us to continue this important work, and certainly expand our efforts.”
Focus on Minority-, Women- and Rural-Owned Businesses
The KeyBank Center for Technology, Innovation and Inclusive Growth is working to create grants to organizations across Ohio with a focus on connecting female, minority and rural individuals with the innovation economy, growing industries and related careers.
“We are really proud to be supporting the important work of the Cincinnati Chamber Minority Business Accelerator and the CMBC,” said KeyBank Cincinnati Market President Mike McCuen. “We believe these organizations, and the businesses they serve, are absolutely critical to our region and its economy.”
Minority businesses are a critical piece of the economy and on the rise. The Department of Commerce last studied minority business trends in 2012 after the last census. That study shows that while minority populations went up 12% over the previous five years, the number of minority-owned business firms went up 38%.
“Fostering the ability for businesses to reach for innovation and new pathways will encourage community growth, diversity and inclusion,” said EJ Burke, Co-President of Key Community Bank, who also serves on the Board of Directors of JumpStart Inc. “This announcement is a reflection of KeyBank’s purpose, to help clients and communities thrive.”