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KeyBank Ranks in Top 15 Nationally for SBA Lending Programs

KeyBank achieves impressive performance in Small Business Administration (SBA) lending programs, securing its position among the top lenders in the country.

CLEVELAND, Oct. 16, 2023 /PRNewswire/ — KeyBank (NYSE: KEY) announced today that it has achieved a prestigious ranking in the SBA 7(a) and SBA 504 lending programs for the SBA 2023 Fiscal Year, placing in the top 15 lenders nationally in terms of unit volumes. This recognition highlights KeyBank’s commitment to providing financial assistance to small businesses and supporting their growth and success through SBA lending programs.

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KeyBank’s Impressive Performance in SBA Lending

Throughout the SBA 2023 Fiscal Year, KeyBank accomplished remarkable milestones in the field of SBA lending. Under the flagship 7(a) program, KeyBank extended an impressive 918 loans, totaling $229 million. In addition, utilizing the SBA’s 504 program, KeyBank provided another 52 small business loans totaling more than $58 million. These significant unit volumes secured KeyBank the 14th position for 7(a) lending and the 12th spot for 504 lending out of over 1,500 participating lenders nationally.

• SBA 7(a) Program: The SBA 7(a) program serves as the primary business loan program offered by the SBA. It provides financial assistance to eligible small businesses, offering support for various needs such as short- and long-term working capital, debt refinancing, and real estate acquisition, refinancing, or improvements.¹
• SBA 504 Loan Program: The SBA 504 Loan Program offers long-term, fixed-rate financing tailored for major fixed assets that contribute to business growth and job creation. Eligible businesses can utilize this program for purposes including existing buildings or their improvement, land, new facilities, and long-term machinery and equipment.²

KeyBank’s Commitment to Small Businesses

Jim Fliss, National Manager of KeyBank’s SBA Program, expressed pride in the team’s exceptional performance during a challenging economic environment. He emphasized KeyBank’s consistent support for the small business community and dedication to finding optimal solutions for their financial needs. KeyBank’s utilization of both the 7(a) and 504 programs reflects their deep understanding of their clients’ requirements and their proactive approach in helping businesses thrive.

Over the past two decades, KeyBank has established itself as a leading SBA Preferred Lender, enabling numerous small businesses to access capital through SBA lending programs. Since 2015, KeyBank has provided over $2.6 billion in SBA-guaranteed financing to thousands of small business owners, with more than $1.29 billion of that funding dispersed in the last four years alone. Furthermore, during the SBA’s FY 2023, KeyBank witnessed a remarkable 14% growth in the number of 7(a) units year over year.

For inspiring success stories of how KeyBank has assisted small businesses with SBA loans and other crucial steps towards advancement, visit their website.

Fliss emphasized KeyBank’s unwavering commitment to facilitating access to capital for more small businesses, recognizing their pivotal role in the economy and the communities they serve. He emphasized the resilience demonstrated by small businesses in recent years and reiterated KeyBank’s dedication to helping more businesses benefit from the advantages offered by the SBA lending programs.

KeyBank’s Regional Success in SBA Lending

In addition to their outstanding national performance in the SBA’s FY 2023, KeyBank also achieved impressive regional rankings in terms of SBA 7(a) unit volumes:

• Secured the number one ranking in the SBA district of Seattle
• Ranked within the top 3 in the SBA districts of Buffalo, Cleveland, Syracuse, and Portland
• Achieved a top 5 position in the SBA districts of Alaska, Colorado, Columbus, Connecticut, Indiana, Maine, and Pittsburgh

Regarding SBA 7(a) dollars loaned for the SBA FY 2023, KeyBank earned a top 3 ranking in the SBA districts of Cleveland, Buffalo, and Seattle, further solidifying their regional prominence and the impact they have made within these communities.

About KeyCorp

KeyCorp traces its roots back to Albany, New York, nearly 200 years ago. Headquartered in Cleveland, Ohio, KeyCorp is one of the United States’ largest bank-based financial services companies, boasting assets of approximately $195 billion as of June 30, 2023.

KeyCorp delivers a comprehensive range of services, including deposit accounts, lending solutions, cash management, and investment services, to individuals and businesses across 15 states through KeyBank National Association. With an extensive network of approximately 1,000 branches and 1,300 ATMs, KeyBank serves its customers effectively and efficiently. Furthermore, KeyCorp operates under the KeyBanc Capital Markets trade name, offering a wide array of sophisticated corporate and investment banking products to middle-market companies in selected industries across the United States, such as merger and acquisition advice, debt and equity solutions, syndications, and derivatives. To learn more, visit the official KeyCorp website.

Investment products provided by KeyCorp are not FDIC insured, not bank guaranteed, may lose value, and are not deposits. They are also not insured by any federal or state agency.

Sources:

1. https://www.sba.gov/funding-programs/loans/7a-loans#id-what-is-a7a-loan
2. https://www.sba.gov/funding-programs/loans/504-loans

Press Release Source: KeyCorp

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