By Fran O’Rourke – KeyBank Capital Region Market President
KeyBank’s roots are in the Capital Region and we have a long, proud history of supporting organizations here and in all of the communities we serve. Recently, the KeyBank Foundation invested a total of $1,425,000 in four non-profit organizations in the Capital Region to support workforce development, housing insecurities, and homeownership initiatives. These four grants are part of KeyBank’s $40 billion National Community Benefits Plan, which represents our commitment to diversity, equity, and inclusion.
Organizations receiving funding include:
Social Enterprise and Training Center – $325,000.00
The meaningful work by Social Enterprise and Training Center, or SEAT, provides workforce programs to underserved young people, ages 17-24, who are often underrepresented in the economic opportunity in our region. SEAT’s holistic approach includes project-based educational classes for young people to earn a high school equivalency, hands-on occupational skills training, support services including on-site mental wellness, leadership development, career placement, and ongoing graduate support and coaching.
Grant funds will be used to boost SEAT’s YouthBuild Schenectady and Albany programs. YouthBuild is a comprehensive program that provides opportunity youth with the ability to transform the community while transforming their lives.
YouthBuild targets at-risk, low-income young people, ages 17 to 24, who have not completed high school and are unemployed, underemployed, and in need of workforce skills to secure a good-paying job. In addition to high school equivalency classes, students train in construction, culinary, or manufacturing. Since 2006, the program has assisted over four hundred young people in transforming their lives and communities through training, community service, and sustainable wage jobs.
The organization believes that these funds will strengthen our local communities, serve those left behind and left out of opportunity, and advance equity.
Ellis Hospital Foundation Inc – $600,000
The KeyBank Foundation gift to the Ellis Hospital Foundation will be used to fund the Ellis Promise program at Ellis Medicine. Ellis Medicine provides a full array of acute and preventative services to people throughout the Capital Region from cardiovascular and cancer care to women’s and emergency care. It is also the largest provider of mental health services in the region and offers a continuum of in-and outpatient services.
The Ellis Promise plan addresses two significant needs: attracting and maintaining a sustainable and diverse workforce. Its mission is to redefine recruitment and retention objectives to address workforce inequities. The strategic plan takes a holistic approach to supporting the employee through the use of diverse recruiters, success coaches and community navigators who can help manage barriers many low-income employees face, such as transportation, childcare, healthcare and education. The plan also invests in efforts to improve workers’ long-term career mobility.
Troy Rehabilitation & Improvement Program, Inc. – $300,000
For the past 50 years the Troy Rehabilitation & Improvement Program, Inc., also known as TRIP, has helped to connect individuals and families with resources to live in desirable homes and create vibrant sustainable communities. Grant funds from the KeyBank Foundation will be used to support TRIP’s Renters Build Wealth program.
The program is geared towards building wealth among the renting population whose incomes are between 30% and 60% of the area median income. TRIP plans to connect renters with resources that will help to reduce their debt, increase credit, and set financial goals. The organization hopes by the close of the project that 80% of project participants will have reduced their debt, increased their credit, increased their savings, and that 40% will have completed the homebuying education process.
Interfaith Partnership for the Homeless – $200,000
Interfaith Partnership for the Homeless (IPH) is a leading provider of services for the homeless and low-income communities in the Capital Region and beyond. Through critical human services programming, compassionate care, and impactful community partnerships, IPH serves over 1500 individuals annually. IPH operations include five year-round and seasonal emergency shelters; nearly fifty supportive permanent and transitional housing units for individuals and families; and community services including a daytime drop-in center; health and wellness clinic; and employment program.
The grant from KeyBank will support IPH’s Community Based Programs which provide an array of services including an employment program, daytime drop center offering mailboxes for safe and consistent mail delivery; shower and laundry facilities; a daily meal; storage lockers; access to phone, computer, copier and fax for business purposes; weekly life skills groups; a community room for socialization; clothing pantry; food pantry operated by Catholic Charities; a bus token program and a meditation room. A primary service includes case management services providing basic needs assessments, crisis intervention, goal planning, assistance with life skills such as budgeting and self-advocacy, resource exploration, and referrals to appropriate service providers. Caseworkers also assist guests in applying for affordable and/or supportive housing programs and employment.
We are very proud to support the great work being done by these four organizations in the Capital Region. These investments bring KeyBank’s purpose of helping the communities we serve thrive to life and will accelerate economic inclusion in our region.
Since 2017, KeyBank has invested more than $1 billion in the Capital Region through our National Community Benefits Plan, supporting affordable housing and community development projects; small business and home lending; and transformative philanthropy.
How to Consolidate Debt
There are several good means available for consolidating debt – explore them and see which is right for you.
Personal loan: An unsecured loan with a fixed monthly rate gives you a locked-in plan for a set monthly payment and a payoff date. KeyBank offers solutions that won’t require collateral and don’t include fees for originating the loan or paying it off early.
Home equity: Home equity is the difference between your home’s current market value and the balance you may owe on your mortgage. By borrowing against the equity in your home, you typically receive interest rates lower than those on credit card debt. A home equity line of credit can give you access to credit based on this equity.
Mortgage refinance: This method involves leveraging the equity in your home for a cash-out refinance, allowing you to use the difference to pay off high-interest debt. A refinance may impact your monthly mortgage payments, depending on your new interest rate, repayment term, and loan amount.
Savings vary based on rate and term of your existing and refinanced loan(s). Refinancing to a longer term may lower your monthly payments but may also increase the total interest paid over the life of the loan. Refinancing to a shorter term may increase your monthly payments but may lower the total interest paid over the life of the loan. Review your loan documentation for total cost of your refinanced loan.
