#United States #Cleveland #CDFI #Community Development #KeyBank Foundation

KeyBank Foundation Launches Grant Program for Community Development Financial Institutions

As part of the celebratory events marking KeyBank’s 200-year anniversary, the KeyBank Foundation has announced a significant initiative aimed at empowering Community Development Financial Institutions (CDFIs). This grant program is designed to bolster the efforts of CDFIs, which serve as vital players in the promotion of affordable housing and the growth of small businesses across multiple communities.

The grant program comes with a commitment to award a $200,000 grant to a distinguished CDFI located within each of KeyBank's 27 primary markets. These grants are structured to be flexible, allowing recipients to allocate funds in alignment with their broader organizational missions, whether that involves expanding services, upgrading operational infrastructure, or enhancing community outreach efforts. This flexibility is critical as it will enable CDFIs to sustain their operations and continue providing essential support to underserved populations.

Eric Fiala, the Chief Corporate Responsibility Officer for KeyBank and the CEO of the KeyBank Foundation, emphasized the importance of CDFIs in fostering economic empowerment. “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 Fiala. “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.”

To qualify for the grant, applicants must meet several criteria:

• - Be a certified CDFI in good standing.
• - Operate as a nonprofit or for-profit CDFI based in a KeyBank priority market.
• - Showcase a strong record in promoting affordable housing and/or supporting small business initiatives.
• - Demonstrate the ability to effectively manage and allocate grant funds in accordance with the Foundation's objectives.

Notably, for-profit CDFIs should be aware that additional reporting obligations regarding expenditure responsibility will apply if selected for the grant. The grants are intended as operating funds, providing unrestricted support for two main areas: expanding access to affordable housing for underserved communities and supporting the sustainability and growth of small businesses, particularly those owned by economically disadvantaged entrepreneurs.

The essence of this initiative is to empower CDFIs to utilize funds strategically where they can create the most significant impact. By doing so, the program seeks to cultivate long-term growth, resilience, and positive outcomes in the communities served.

For those interested in applying for the grant, the deadline is May 16. Comprehensive information regarding the application process and requirements can be found through the KeyBank Foundation’s official channels.

About KeyBank Foundation

The KeyBank Foundation operates as a nonprofit charitable entity focused on funding initiatives that enhance financial wellness, educational opportunities, and community development. Through its strategic philanthropy efforts, the foundation aims to foster sustainable communities and drive impactful change.

About KeyCorp

In 2025, KeyCorp celebrates its 200th anniversary, marking a rich legacy of service to clients and communities spanning from Maine to Alaska. Headquartered in Cleveland, Ohio, KeyCorp is recognized as one of the largest bank-based financial service entities in the country, managing approximately $187 billion in assets as of the end of 2024. The bank offers various services, including deposit management, lending, cash management, and investment services across 15 states. Key also provides extensive corporate and investment banking products, offering expertise in mergers and acquisitions, public and private financing, and more. For additional details, visit KeyBank's official website. KeyBank is a member of the FDIC.