TACOMA, WA December 6, 2006 - A new partnership between Tacoma Goodwill and Key Foundation will provide free financial skills training for hundreds of Pierce County residents. Key Foundation (funded by KeyCorp) has awarded Goodwill $50,000 to fund the first year of a partnership which will reach out to Goodwill employees, participants of job training programs and retail store customers. The financial literacy classes will also be available to the general public.

According to Tom Spilman, KeyBank District President in Tacoma, "The Key Foundation has a long-standing commitment to education here and nothing is more important than practical skills training to help the underserved in our community achieve financial independence."

The new program, scheduled to begin in late January 2007, will be offered as an eight-session curriculum designed to boost knowledge of money matters (such as checking and saving accounts, investing and credit) and provide free credit review to help improve the financial profile and prospects of participants. This will be an ongoing program of Tacoma Goodwill and, in the first year, the program is targeted to graduate 175 low income adults from this financial skills training program.

"Through Goodwill jobs and job training programs, people have a chance at a better life through work," said Terry A. Hayes, Goodwill CEO. "But it's also important to help people learn to manage their money so they can move from unemployment into not just a job, but into financial stability and growth," she said. "This generous grant from Key Foundation will help us reach out to people in our community who truly need these services, free of charge."

Why is this program needed? As the economic gap has widened and financial tools have become more complex, there are increasing numbers of people who are "unbanked," using high interest payday lenders to make ends meet. For many, poor credit ratings have made buying a home or a car an unrealistic goal. Goodwill has taught a few financial literacy classes to its participants, and is familiar with the need to boost money management know-how in the low income populations it serves.

What outcomes are anticipated? The goal is to help individuals who are unfamiliar or unsuccessful with money management and banking products increase their knowledge of financial tools, increase their comfort with financial planning and therefore improve their financial futures. Additionally, the program seeks to reduce or eliminate reliance on predatory lenders of payday loans with high interest rates and to improve the individual credit scores of participants.

Who is eligible for the financial literacy classes? Anyone from the general community interested in improving their financial literacy from the Pierce County community is welcome. The program will recruit (or target) clients of other community-based organizations, Goodwill retail customers, clients from Goodwill's job training and preparation programs, and Goodwill employees.

What is the cost to attend? There is no cost and incentives will be provided to encourage course completion. More information about the Goodwill/KeyBank Financial Literacy Project and its specific course content will be posted on www.tacomagoodwill.org in early 2007.

How is this program being funded? Key Foundation has awarded Tacoma Goodwill a $50,000 grant to launch the Goodwill/KeyBank Financial Literacy Project. KeyBank professionals will have a critical role in advising and shaping the program. Goodwill is also providing professional staff, marketing support, in-kind services and additional funds. Where appropriate, both organizations are making classroom space available within their own facilities.

Key Foundation:

Key Foundation is a private foundation funded by KeyCorp (NYSE: KEY). Annual grants and matching gifts are given by the foundation to charitable organizations in the communities that Key serves. Grants from Key Foundation principally support organizations and institutions that promote economic independence through financial education and workforce initiatives that foster diversity and inclusion. Visit https://www.key.com/html/A-12.html to access Key's 2005 Report on Philanthropic Investment, or download the report directly at https://www.key.com/pdf/philanthropicir.pdf.

Contact Key Foundation Senior Program Officer Quentin McCorvey at 216.689.5505, or Quentin_Mccorvey@Keybank.com, for more information about corporate grants. Visit the KeyCorp (NYSE: KEY) page on Corporate Social Responsibility Wire at www.csrwire.com/companyprofile?id=993 for a compilation of news releases about the company relative to philanthropic investment, diversity, community development, corporate governance, environment, business ethics, human rights, and workplace issues.

KeyCorp:

Cleveland-based KeyCorp is one of the nation's largest bank-based financial services companies, with assets of approximately $95 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally.

KeyBank

KeyBank

KeyCorp's roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $176.2 billion at March 31, 2021. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,100 branches and more than 1,400 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC. 

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