MetLife supports local non-profits
MetLife, Inc. and MetLife Foundation announced a $30 million multiyear commitment to support Upstate New York.
The Foundation pledged $5 million in funding while MetLife, Inc. ensured $25 million in impact investments.
As part of the commitment the MetLife Foundation made an impact investment of $1 million to Launch NY to promote entrepreneurship.
“Thanks to public sector efforts and private sector investments – like this one from MetLife – Utica and the Mohawk Valley are moving in the right direction,” said Gov. Kathy Hochul in a statement.
About Launch NY
Launch NY’s Seed Fund is a for-profit limited partner fund that invests in startup companies to drive local employment and entrepreneurship. It is the most active seed fund in the state.
"MetLife Foundation’s investment enables us to create opportunities for talented entrepreneurs who will encourage growth and economic prosperity in Upstate New York,” said Dr. Marnie LaVigne, president and CEO of Launch NY. “We value their commitment to the region and look forward to building on our successful partnership.”
The MetLife Foundation has already made over $1.4 million in grants to Upstate New York nonprofits including:
Food Bank of Central New York, to address food insecurity through the expansion of their weekend meal program for school-age children and Mobile Food Pantry.
Community Foundation of Herkimer & Oneida Counties, to bridge the gap between community and resources through workforce development, neighborhood revitalization, and resident engagement.
Munson, to broaden access to their gallery spaces by making them accessible to visitors with mobility limitations, and summer workshops for local children and teens at no cost.
Two of the three nonprofit organizations are food assistance programs.
"As a company founded in New York, we are proud to be part of the state’s fabric and believe we have an important role in the communities we serve,” said MetLife President and CEO Michel Khalaf.
Corporate strategy
The company engages grantees in the co-creation of programs and initiatives. Corporate employees live and work in the area to guarantee that Utica has ongoing access to support and the MetLife Foundation has ongoing access to insight.
“We use collected community research and knowledge to assess need and understand where our grants can make the biggest impact,” said Tia Hodges, President and CEO of MetLife Foundation and Head of Corporate Giving and Employee Volunteerism at MetLife.
The Foundation’s strategy centers on three portfolio areas – Economic Inclusion, Financial Health and Resilient Communities.
“Our three portfolio areas are intentional. They cover everything from up-skilling and re-skilling talent to be competitive in a new economy to ensuring people have access to food and healthy food options to address food insecurity,” explained Hodges. “The breadth of these areas and our grants allow us to tackle the root cause of social issues.
Addressing food insecurity
The Supplemental Nutrition Assistance Program’s (SNAP) pandemic emergency allotments (EAs) ended in March, cutting food assistance and leaving many households struggling to afford groceries.
According to data from Feeding America’s Map the Meal Gap, 10.3% of Oneida County residents were classified as food insecure as of 2021, the most recent year for which their data was collected.
The Food Bank of Central New York unofficially disclosed that 2023 marked a return to pandemic-level of need. This past October 2.1 million pounds of food was distributed – a 27% increase in comparison to last year.
MetLife Foundation supported the Food Bank of Central New York during COVID-19.
“Our partnerships with Food Bank of Central New York and Community Foundation of Herkimer & Oneida Counties resulted from our employees in the region and a growing need we saw both locally and nationally around food insecurity," said Hodges. “Our grants help provide a range of services.”
This article originally appeared on Observer-Dispatch: MetLife invests in local nonprofits
