SYRACUSE, N.Y. — The KeyBank Foundation says it is investing $250,000 in the United Way of Central New York’s Thrive at Work program.
The new initiative is meant to help people who are employed but face challenges meeting basic financial needs “due to limited access to financial resources and support,” per the KeyBank announcement.
Thrive at Work will focus on employees in entry-level or lower-income positions at small- to mid-sized companies in Central New York. Following a six-to-nine month build phase, the program will offer financial education, low-interest loans, one-on-one financial coaching, and free tax-preparation services, “empowering employees to better manage their finances.”
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“We applaud the United Way of Central New York for their innovative approach to helping working people in our community overcome challenges and access resources and support that can help them grow financially,” Stephen Fournier, KeyBank’s Central New York market president, said in the announcement. “KeyBank’s purpose is to help the communities we serve thrive. Thrive at Work is a program we are proud to help build and support. We look forward to seeing the ways this will help people and communities in Central New York grow.”
Specifically, Thrive at Work will provide “financial stability and resilience” for Asset Limited, Income Constrained, Employed (ALICE) individuals in Onondaga County, who
represent 25 percent of the county’s households.
The United Way of Central New York anticipates participants will show “significant improvements” in financial literacy, credit scores, debt reduction, and savings. Additionally, it expects enhanced workplace engagement, reduced absenteeism due to financial stress, and increased job satisfaction.
“KeyBank Foundation’s investment makes it possible for us to launch this critical program to assist hardworking families who are striving yet struggling to get by,” Nancy Kern Eaton, president of the United Way of Central New York, said in the KeyBank release. “Far too many people in our community are one financial emergency away from a downward spiral. Helping people manage financial and other crises will keep people focused on work while they continue to move forward in efforts to achieve their dreams and build a more stable future.”
Since 2017, Cleveland, Ohio–based KeyBank says it has made more than $700 million in investments in Syracuse and Central New York, supporting affordable housing and community-development projects; small business; home lending to low-to-moderate income individuals and communities; and “transformative” philanthropy.
