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Neighborhood Allies has received a $500,000 grant from KeyBank to bolster the expansion of the Financial Empowerment Center’s services throughout Allegheny County.
The FEC’s formal partnership with the Allegheny County Department of Human Services positions it to enhance services and outreach.
Presley Gillespie, Neighborhood Allies president and CEO, said KeyBank’s grant reinforces the organization’s commitment to fostering economic mobility for residents of the region.
“This support underscores the collective effort to empower individuals to achieve greater financial stability and resilience, ultimately advancing toward our north star goal of moving 100,000 low-income Pittsburghers up the socio-economic ladder," Gillespie said in a prepared statement.
During the past four years, the FEC has served over 2,200 residents in 7,500 sessions, resulting in 3,400 measurable outcomes. That includes clients reducing delinquent accounts, contributing to long-term savings, raising credit scores by at least 35 points, and opening safe and affordable bank accounts. The total amount of savings built is $2.6 million, Neighborhood Allies said, and the total amount of debt reduced is $6 million.
“Neighborhood Allies has demonstrated remarkable success in empowering individuals and we are confident that this strategic initiative will further enhance their positive impact,” Vic Laurenza, KeyBank Western Pennsylvania Market president, said in a prepared statement.
KeyBank, part of Cleveland-based KeyCorp (NYSE:KEY), is Pittsburgh’s 10th-largest bank by deposit market share.