KeyBank Business Loan Review
Janet Schaaf is a freelance writer, editor and proofreader who considers reader advocacy to be her calling. After taking a few roads less traveled, Janet completed a bachelor’s degree in English Literature from the University of Missouri-Kansas City, with English Department Honors. She has been correcting grammar and checking facts since she could string a sentence together. For the past three years, Janet has focused on making personal finance topics understandable and relatable. Loan terms and credit card agreements can look overwhelming, but understanding what you’re agreeing to is paramount in grasping the impact debt can have on your life.
 | Starting APR range: Not disclosed Best for: Small businesses looking for a range of financing options with an SBA Preferred Lender |
Pros and cons of KeyBank
| Pros | Cons |
|---|---|
Wide selection of SBA lending products Conventional lending products are available in more places than SBA lending products 100% equipment financing available | SBA lending products only available in 17 states Not transparent about rates and fees Not transparent about borrower requirements for conventional lending products |
On this page
KeyBank business loans review
KeyBank is a traditional brick-and-mortar bank with a wide variety of financial products for small businesses. It has a relatively large selection of conventional small business loans, along with a massive catalog of Small Business Administration (SBA) lending products. The selection is exceptional even compared to its fellow SBA Preferred Lenders. However, it’s not transparent about rates and fees, so you’ll have to apply to find out if it offers competitive rates for your business.
Who is KeyBank for?
- Those looking for niche SBA loans. KeyBank is an SBA Preferred Lender. It offers an impressive suite of specialized SBA lending products. However, they’re only available in 17 states, while conventional KeyBank lending products are more widely available.
- Those looking for extra funding on an SBA 504/CDC loan. Like many other traditional banks, KeyBank offers SBA 504/CDC loans in excess of the typical $5,500,000 maximum. At KeyBank, the max is up to $12,000,000.
- Borrowers who are willing to apply before learning rates. KeyBank does not share its business loan interest rates and fees, so if you want to see if its products are competitive, you’ll have to fill out an application.
KeyBank small business financing at a glance
| Product | Loan amounts | Repayment term | Estimated APR range | Fees |
|---|---|---|---|---|
| Term loans | $10,000 to $500,000 | 12 to 84 months | Not disclosed | Not disclosed |
| Lines of credit | $10,000 to $500,000 | Revolving, renewable every 12 months | Not disclosed | Not disclosed |
| Commercial real estate loans | $10,000 to $1,000,000 | Up to 240 months | Not disclosed | Not disclosed |
| Equipment financing | Not disclosed; but offers up to 100% financing | Not disclosed | Not disclosed | Not disclosed |
| SBA 7(a) loans | Up to $5,000,000 | Up to 300 months* | Rates vary, subject to SBA maximums* | Not disclosed |
| SBA 504 loans | $100,000 to $12,000,000 | Up to 300 months* | About 3.00%* | Not disclosed |
*Terms and rates based on SBA guidelines
Term loans
KeyBank small business term loans are flexible depending on your needs and credit profile. These loans can be unsecured or secured and may come with adjustable or fixed rates, depending on your needs. The funds can be used for a number of purposes, including purchasing equipment or property, debt consolidation or cash flow.
You can borrow anywhere between $10,000 to $500,000, with terms ranging from 12 to 84 months. With this type of KeyBank loan, you can also purchase equipment with no down payment.
Line of credit
You can draw on a business line of credit whenever you need. They are renewable every 12 months at KeyBank, and can be either secured or unsecured. Your credit limit can be anywhere between $10,000 and $500,000. KeyBank doesn’t publicly disclose interest rates or fees, but it does share that interest-only payment options are available.
Commercial real estate loans
You can borrow any amount between $10,000 and $1,000,000 with a KeyBank commercial real estate loan. The lender doesn’t disclose exact rates, but you can choose between a fixed or adjustable rate. Terms can stretch up to 240 months, or 20 years. You can use these loans for new purchases or refinancing.
Equipment financing
KeyBank has an entire division dedicated to equipment financing, spanning industries like manufacturing, clean energy, transportation and healthcare.
That being said, we know that products like term loans can be used for equipment financing. That means it’s unclear whether you’re looking at an entirely separate product, or if the KeyBank team will help you identify the appropriate existing product to meet your equipment financing needs.
SBA 7(a) loans
KeyBank really shines when it comes to SBA lending. It offers almost every type of SBA loan imaginable. With a KeyBank SBA 7(a) business loan, borrowers can take out up to $5,000,000, with terms of up to 300 months, or 25 years. Different types of SBA 7(a) loans have different maximum lending amounts:
- 7(a) Small Loans: Up to $350,000
- SBA Express loans: Up to $350,000
- SBA Export Express loans: Up to $500,000
- SBA International Trade loans: Up to $5,000,000
- Working Capital CAPline: Up to $1,000,000
Rates are set by the SBA, and while KeyBank doesn’t disclose any fees, it’s common practice for SBA lenders to pass fees on to borrowers in the form of closing fees.
KeyBank offers SBA loans in only the following 17 states:
- Alaska
- Colorado
- Connecticut
- Idaho
- Indiana
- Maine
- Massachusetts
- Michigan
- New Jersey
- New Hampshire
- New York
- Ohio
- Oregon
- Pennsylvania
- Utah
- Vermont
- Washington
SBA 504/CDC loans
SBA 504 loans are often used for large construction projects or heavy machinery purchases. The SBA will guarantee loans of up to $5,500,000, and SBA lenders are required to fund at least 50% of that amount. KeyBank offers funding in excess of that minimum, however, giving you the opportunity to borrow up to $12,000,000.
Term lengths range from 120 to 300 months. Just like SBA 7(a) loans, 504 loan rates are set by the SBA. If KeyBank has any fees for this type of loan, they are not disclosed.
KeyBank borrower requirements
| Minimum annual revenue | Minimum not disclosed, but has maximum caps:
|
| Minimum time in business | 3 years |
| Minimum credit score | Not disclosed |
KeyBank doesn’t disclose how to get a business loan for its conventional lending products. There is a little more information available if you are applying for an SBA loan, though. Your business must be independently owned and operated, for-profit and not dominant in its respective field.
KeyBank doesn’t list minimum annual revenue requirements, but there are income and net worth limitations. A business will not qualify for an SBA loan if it has a net worth of $15,000,000 or more, or if it has an average net income of $5,000,000 over the past two years.
Required documents
KeyBank offers more information about business loan requirements for SBA business loan applicants than it does for non-SBA borrowers. While you might expect to need similar paperwork for conventional loans, SBA applicants will definitely want to be prepared with the following documents:
- Personal tax returns for all business owners
- Personal financial statements from the business owner and any high-ranking employees
- Business tax returns
- Business financial statements for the current year and the last three years
- Articles of incorporation and bylaws
- Aging report for unpaid invoices
If you’re applying for a secured loan, you’ll need to provide information on the collateral for valuation.
Alternatives to KeyBank
| KeyBank | U.S. Bank | Bank of America | |
|---|---|---|---|
| Minimum credit score | Not disclosed | Not disclosed | Not disclosed |
| Loan products offered |
|
|
|
| Time to funding | Not disclosed | One business day after you are approved | Not disclosed |
| Starting APR |
|
|
|
| Maximum loan size | $12,000,000 for SBA 504 loans | $12,375,000 for SBA 504 loans | $20,000,000 for SBA 504 loans |
| Minimum annual revenue | Not disclosed | Not disclosed |
|
KeyBank vs. U.S. Bank
The suite of business loans offered at U.S. Bank and KeyBank are similar. Both offer SBA 7(a) and 504/CDC loans, though if you’re looking for a specific type of 7(a) loan, KeyBank is likely a better bet. That said, you can borrow up to $375,000 more with a U.S. Bank SBA 504/CDC loan.
KeyBank vs. Bank of America
Bank of America business loans include several products that KeyBank does not: business auto loans and healthcare practice loans. Both banks offer SBA 7(a), SBA Express and SBA 504/CDC loans. Bank of America is also more transparent about its rates, but that doesn’t mean its rates are lower. The best way to find out would be by applying to both financial institutions.
| Starting APR range: Not disclosed Best for: Small businesses looking for a range of financing options with an SBA Preferred Lender |
Pros and cons of KeyBank
| Pros | Cons |
|---|---|
Wide selection of SBA lending products Conventional lending products are available in more places than SBA lending products 100% equipment financing available | SBA lending products only available in 17 states Not transparent about rates and fees Not transparent about borrower requirements for conventional lending products |
On this page
KeyBank business loans review
KeyBank is a traditional brick-and-mortar bank with a wide variety of financial products for small businesses. It has a relatively large selection of conventional small business loans, along with a massive catalog of Small Business Administration (SBA) lending products. The selection is exceptional even compared to its fellow SBA Preferred Lenders. However, it’s not transparent about rates and fees, so you’ll have to apply to find out if it offers competitive rates for your business.
Who is KeyBank for?
- Those looking for niche SBA loans. KeyBank is an SBA Preferred Lender. It offers an impressive suite of specialized SBA lending products. However, they’re only available in 17 states, while conventional KeyBank lending products are more widely available.
- Those looking for extra funding on an SBA 504/CDC loan. Like many other traditional banks, KeyBank offers SBA 504/CDC loans in excess of the typical $5,500,000 maximum. At KeyBank, the max is up to $12,000,000.
- Borrowers who are willing to apply before learning rates. KeyBank does not share its business loan interest rates and fees, so if you want to see if its products are competitive, you’ll have to fill out an application.
KeyBank small business financing at a glance
| Product | Loan amounts | Repayment term | Estimated APR range | Fees |
|---|---|---|---|---|
| Term loans | $10,000 to $500,000 | 12 to 84 months | Not disclosed | Not disclosed |
| Lines of credit | $10,000 to $500,000 | Revolving, renewable every 12 months | Not disclosed | Not disclosed |
| Commercial real estate loans | $10,000 to $1,000,000 | Up to 240 months | Not disclosed | Not disclosed |
| Equipment financing | Not disclosed; but offers up to 100% financing | Not disclosed | Not disclosed | Not disclosed |
| SBA 7(a) loans | Up to $5,000,000 | Up to 300 months* | Rates vary, subject to SBA maximums* | Not disclosed |
| SBA 504 loans | $100,000 to $12,000,000 | Up to 300 months* | About 3.00%* | Not disclosed |
*Terms and rates based on SBA guidelines
Term loans
KeyBank small business term loans are flexible depending on your needs and credit profile. These loans can be unsecured or secured and may come with adjustable or fixed rates, depending on your needs. The funds can be used for a number of purposes, including purchasing equipment or property, debt consolidation or cash flow.
You can borrow anywhere between $10,000 to $500,000, with terms ranging from 12 to 84 months. With this type of KeyBank loan, you can also purchase equipment with no down payment.
Line of credit
You can draw on a business line of credit whenever you need. They are renewable every 12 months at KeyBank, and can be either secured or unsecured. Your credit limit can be anywhere between $10,000 and $500,000. KeyBank doesn’t publicly disclose interest rates or fees, but it does share that interest-only payment options are available.
Commercial real estate loans
You can borrow any amount between $10,000 and $1,000,000 with a KeyBank commercial real estate loan. The lender doesn’t disclose exact rates, but you can choose between a fixed or adjustable rate. Terms can stretch up to 240 months, or 20 years. You can use these loans for new purchases or refinancing.
Equipment financing
KeyBank has an entire division dedicated to equipment financing, spanning industries like manufacturing, clean energy, transportation and healthcare.
That being said, we know that products like term loans can be used for equipment financing. That means it’s unclear whether you’re looking at an entirely separate product, or if the KeyBank team will help you identify the appropriate existing product to meet your equipment financing needs.
SBA 7(a) loans
KeyBank really shines when it comes to SBA lending. It offers almost every type of SBA loan imaginable. With a KeyBank SBA 7(a) business loan, borrowers can take out up to $5,000,000, with terms of up to 300 months, or 25 years. Different types of SBA 7(a) loans have different maximum lending amounts:
- 7(a) Small Loans: Up to $350,000
- SBA Express loans: Up to $350,000
- SBA Export Express loans: Up to $500,000
- SBA International Trade loans: Up to $5,000,000
- Working Capital CAPline: Up to $1,000,000
Rates are set by the SBA, and while KeyBank doesn’t disclose any fees, it’s common practice for SBA lenders to pass fees on to borrowers in the form of closing fees.
KeyBank offers SBA loans in only the following 17 states:
- Alaska
- Colorado
- Connecticut
- Idaho
- Indiana
- Maine
- Massachusetts
- Michigan
- New Jersey
- New Hampshire
- New York
- Ohio
- Oregon
- Pennsylvania
- Utah
- Vermont
- Washington
SBA 504/CDC loans
SBA 504 loans are often used for large construction projects or heavy machinery purchases. The SBA will guarantee loans of up to $5,500,000, and SBA lenders are required to fund at least 50% of that amount. KeyBank offers funding in excess of that minimum, however, giving you the opportunity to borrow up to $12,000,000.
Term lengths range from 120 to 300 months. Just like SBA 7(a) loans, 504 loan rates are set by the SBA. If KeyBank has any fees for this type of loan, they are not disclosed.
KeyBank borrower requirements
| Minimum annual revenue | Minimum not disclosed, but has maximum caps:
|
| Minimum time in business | 3 years |
| Minimum credit score | Not disclosed |
KeyBank doesn’t disclose how to get a business loan for its conventional lending products. There is a little more information available if you are applying for an SBA loan, though. Your business must be independently owned and operated, for-profit and not dominant in its respective field.
KeyBank doesn’t list minimum annual revenue requirements, but there are income and net worth limitations. A business will not qualify for an SBA loan if it has a net worth of $15,000,000 or more, or if it has an average net income of $5,000,000 over the past two years.
Required documents
KeyBank offers more information about business loan requirements for SBA business loan applicants than it does for non-SBA borrowers. While you might expect to need similar paperwork for conventional loans, SBA applicants will definitely want to be prepared with the following documents:
- Personal tax returns for all business owners
- Personal financial statements from the business owner and any high-ranking employees
- Business tax returns
- Business financial statements for the current year and the last three years
- Articles of incorporation and bylaws
- Aging report for unpaid invoices
If you’re applying for a secured loan, you’ll need to provide information on the collateral for valuation.
Alternatives to KeyBank
| KeyBank | U.S. Bank | Bank of America | |
|---|---|---|---|
| Minimum credit score | Not disclosed | Not disclosed | Not disclosed |
| Loan products offered |
|
|
|
| Time to funding | Not disclosed | One business day after you are approved | Not disclosed |
| Starting APR |
|
|
|
| Maximum loan size | $12,000,000 for SBA 504 loans | $12,375,000 for SBA 504 loans | $20,000,000 for SBA 504 loans |
| Minimum annual revenue | Not disclosed | Not disclosed |
|
KeyBank vs. U.S. Bank
The suite of business loans offered at U.S. Bank and KeyBank are similar. Both offer SBA 7(a) and 504/CDC loans, though if you’re looking for a specific type of 7(a) loan, KeyBank is likely a better bet. That said, you can borrow up to $375,000 more with a U.S. Bank SBA 504/CDC loan.
KeyBank vs. Bank of America
Bank of America business loans include several products that KeyBank does not: business auto loans and healthcare practice loans. Both banks offer SBA 7(a), SBA Express and SBA 504/CDC loans. Bank of America is also more transparent about its rates, but that doesn’t mean its rates are lower. The best way to find out would be by applying to both financial institutions.