Following Regions Bank’s recent hire of Kendra Key, senior vice president of its community affairs division, the Birmingham Black-Owned Business Initiative has been launched to boost Black ownership in the city.

Big news, considering that a recent Brookings Institution study reported that the Birmingham region ranks dead last among all large U.S. metro areas (53rd out of 53) for Black business owners.

“We have an entrepreneurial spirit, enthusiastic community partners, and higher engagement from the existing business community that recognizes the importance of a stronger Black-owned business climate,” Key said. “I’m excited about this initiative, which is a pivotal step toward a long-term goal at Regions to make a meaningful difference in addressing the plight of Black businesses in Birmingham while helping create a best-in-class Black business ecosystem.”

The program will provide access to capital, business accelerator programs, mentorship opportunities, technical assistance, co-working spaces, and other potential funding sources.

Before joining Regions, Key was head of minority depository institution engagement for Citigroup.

Prior to that, Key served as senior vice president of community and economic development and market leader for the Hope Enterprise Corporation. She was also an associate attorney at Maynard Cooper & Gale, focusing on community development initiatives, including tax credit financing, opportunity zones, real estate, and commercial banking.

Key earned a juris doctor at Vanderbilt University Law School and a Bachelor of Arts in Political Science at the University of Alabama; she was a Truman Scholar and Blackburn Institute Fellow there.

Moreover, she is a member of the board of advisors for the Vanderbilt University Law School and the University of Alabama community affairs division. She also serves on the new markets tax credit advisory board for Habitat for Humanity International and Prosper, Woodlawn United, Birmingham Talks, and the Jones Valley Teaching Farm boards.

“The deeper collaboration Kendra is building today will create a more prosperous tomorrow,” Leroy Abrahams, head of community affairs for Regions Bank and president of the Regions Foundation, said in a statement. “We are deeply grateful for community partners like Prosper and others that share a strong vision for fostering more Black-owned business success. Financial inclusion is crucial to the success of the communities where we live and work, and we know Kendra’s experience and passion will drive tangible results in neighbourhoods across Birmingham.”