KeyBank invests $300K in Cincinnati Minority Business Accelerator

The KeyBank Foundation has invested $300,000 in the Cincinnati Minority Business Accelerator to create a “one-stop shop” providing easy access to a range of support services for emerging minority businesses.

The accelerator, an affiliate of the Cincinnati USA Regional Chamber, will use this funding to offer intensive and customized services to at least 25 high-potential minority-owned businesses each of the next three years. The services will include developing strategy and growth plans, preparing for and accessing capital, providing operations and management technical assistance, preparing for and accessing new client opportunities, and offering marketing support.

“Over the past two decades, the Accelerator has played a vital role in establishing a robust support ecosystem for local minority-owned businesses, leading to numerous job opportunities, increased investment prospects, and a more vibrant local economy,” said Jennifer Damiano, the bank’s Cincinnati market president.

Two decades of investing in local communities

KeyBank and its foundation are “deeply committed to supporting local organizations and programs that empower individuals for long-term success,” Damiano said. One of the programs it has supported over the years is the Accelerator.

Since its launch 20 years ago, the Accelerator has focused on preparing African American and Hispanic-owned businesses to grow into scalable and competitive enterprises that deliver jobs, wealth, and economic impact for communities of color and the broader region.

Businesses working with the Accelerator have achieved approximately $2 billion in total annual revenues, created over 3,500 sustainable jobs, and averaged double-digit annual growth since the program began.

Darrin Redus, the accelerator’s CEO, noted that the new funding will enable the organization to strengthen its pipeline building activities in identifying emerging and high-potential minority-owned businesses. 

“We look forward to partnering with KeyBank’s various business lines, as this is a collaborative and intentional effort to strengthen economic and business opportunities for underserved segments of our population,” Redus said.