KeyBank (NYSE: KEY) has launched a new grant program designed to strengthen Community Development Financial Institutions (CDFIs).
Through this program, the KeyBank Foundation intends to award one $200,000 grant to an exemplary CDFI in each of Cleveland-headquartered bank’s 27 markets. These grants will be designated for affordable housing and small business development.
The CDFI sector has come under new scrutiny after President Trump signed an Executive Order last month that identified the federal CDFI Fund as being among seven federal agencies to be “eliminated to the maximum extent consistent with applicable law.”
“CDFIs are at the heart of economic empowerment, creating pathways to homeownership, business growth, and financial stability in the communities that need it most,” said Eric Fiala, chief corporate responsibility officer at KeyBank and CEO of KeyBank Foundation. “As we celebrate two centuries of service, we are proud to support investing in organizations that share our mission of creating lasting, positive change in the communities we serve.”
