A new initiative is intended to help launch and grow women- and minority-owned businesses in the Capital Region and other upstate cities.

JumpStart, an organization that works with small business owners and entrepreneurs, received $24 million from the KeyBank Foundation to help support women and minority business owners in upstate New York and Ohio. Through KeyBank’s Business Boost and Build program, the group then used the funds to award grants to partner organizations. Three organizations shared $110,000: the Center for Economic Growth, the Community Loan Fund of the Capital Region and Excelsior Growth.

The three local groups are tasked with using the funds to provide loans and technical assistance to business owners. CEG will host and sponsor events and workshops and offer technical assistance, The Community Loan Fund will provide microloans under $50,000 and Excelsior will be the primary lender for loans between $50,000 and $500,000. Both of the latter organizations will also offer educational opportunities.

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