Drawing on funds supplied by KeyBank, JumpStart Inc. awarded $100,000 to help boost economic development and job growth in upstate New York through the Excelsior Growth Fund and Buffalo-based Westminster Economic Development Initiative, known as WEDI.
Last year, the KeyBank Foundation announced a four-year, $24 million commitment to JumpStart, which supports start-ups and small businesses, to stimulate economic growth in Ohio and upstate New York. The program is known as the KeyBank Business Boost and Build Program.
WEDI and the Excelsior Growth Fund said the funds should allow them to serve "hundreds" of additional entrepreneurs. WEDI will handle pre-loan assistance and smaller loans, while the Excelsior Growth Fund will handle larger loans. The two collaborators will jointly fund loans between $10,000 and $50,000.