By Stephen Fournier – KeyBank Central New York Market President

KeyBank’s purpose is to help the communities we serve thrive. The KeyBank Foundation recently announced it has invested a total of $555,000 in several non-profit organizations in Central New York to support workforce development and community initiatives. These grants are part of KeyBank’s $40 billion National Community Benefits Plan, which represents the bank’s commitment to diversity, equity, and inclusion. 

. With these investments, we are lifting up and amplifying efforts that will make our region even stronger. Each of these organizations play a huge role in making Central New York a great place to live. We are proud to support the transformative work they do each day.

Organizations receiving funding include: 

Jubilee Homes of Syracuse – $150,000

This investment from the KeyBank Foundation will support Jubilee Homes of Syracuse Inc.’s (JHS) Build to Work (B2W) program. The JHS Build to Work program is built on the principle that job seekers will not be considered for jobs that are in high demand without the necessary skills. Without occupational training, education and certifications, they have less opportunity for career development and advancement. Build to Work provides dislocated workers and long-term unemployed participants with occupational and educational training, including hands-on learning and classroom education which will connect academics and work experience. 

Funds will help Jubilee Homes to begin restorations of Creekside Landing at 416 West Onondaga Street in Syracuse in 2023, a location in which will house its Workforce Skill Training Center. It will also assist Jubilee’s collaborative effort with Syracuse Builds to create training programs that will enhance participants’ ability to gain long term employment through in demand construction trades. 

The targeted goal under Build to Work over the next three years is to have a minimum of 60 individuals (20 participants per a year) complete the Build to Work program and place 25% (five participants per a year) of clients into job opportunities. 

Le Moyne College – $150,000

Funds will be used to expand the college’s ERIE21 STEM (science, technology, engineering, and mathematics) programming for high school students (Lock 2 of the ERIE21 program) and incoming Le Moyne College first-year students (Lock 3) from low-income backgrounds in Central New York. ERIE21 is a bold, visionary initiative designed to address the region’s twin problems of persistently high poverty in Syracuse and the inability of employers to attract and retain the skilled workers needed to fill current job openings as well as those resulting from the looming exodus of baby boomers from the workforce.   Serving as both a comprehensive and a long-term strategy, ERIE21 delivers early intervention (in the middle school grades) and provides ongoing support to students in high school, college and beyond to strengthen the region’s capacity to develop a pipeline that can generate homegrown talent to feed the growing demand for computational, software and engineering talent.

One of 27 Jesuit colleges and universities in the United States, Le Moyne College is a private, four-year institution enrolling approximately 2,600 full-time undergraduate students in programs of liberal arts, science, business and pre-professional studies, and 800 full- and part-time students in graduate programs. Since its founding in 1946, the College has modeled and strengthened the nearly 500-year-old Jesuit educational tradition.

In addition to these two grants, KeyBank also recently made invested a total of $245,000 in the following local organizations and programs:

• Arc Of Onondaga – Employment Ops Program
• CenterState CEO – Equity Loan Fund
• Community Folk Art Center – Creative Arts Academy
• Excelsior College – Degrees Open Doors Scholarship Program for Syracuse Housing Authority residents
• Food Bank of Central New York – mobile food pantry
• Interfaith Works of Central New York – TARR Community Wide Dialogue
• Ministries of Victory Temple – Community Feeding Program
• Nile Dayne Foundation – Go, See, Be, Do Tutoring & Mentoring
• PEACE Inc. – low-income tax prep program
• Utica Monday Nite – Artist Refinery Program
• WISE Women’s Business Center – “Exito!” Latina Entrepreneurship Program

All of us at KeyBank are proud to stand with these organizations and support the amazing work they do in Central New York. These investments will accelerate economic inclusion in our region.

Since 2017, KeyBank has invested more than $512 million in Central New York through its National Community Benefits Plan, supporting affordable housing and community development projects; small business and home lending; and transformative philanthropy.

About the author: Stephen Fournier is President of KeyBank’s Central New York Market. He may be reached at either 315-470-5096 or [email protected]. 

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.