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How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

KeyBank Business Loans Review

Updated on:
Content was accurate at the time of publication.

Not disclosed

$10,000 to $12,000,000, depending on loan type and eligibility

Three years

Minimum is not disclosed, but there are caps for Small Business Administration (SBA) loans.  Max net worth: 15 million
Max average net income over past two years: $5 million

Our verdict
KeyBank offers a wide range of financing options, but SBA loans are only available in certain states. The lender also isn’t transparent about its rates, eligibility requirements or time to funding. That said, it could be a good match for small business owners who don’t mind contacting the bank for a personalized quote.

ProsCons
  Offers a wide variety of small business financing options

  Offers business checking accounts and credit cards in addition to financing

  High borrowing limits for eligible businesses

  Does not disclose interest rates, fees, eligibility requirements or time to funding

  No online application process

  SBA loans only available in 17 states

KeyBank is an established small business lender that offers a variety of different financing options. That includes term loans, lines of credit, SBA loans and equipment financing. It also has brick-and-mortar branches in 16 states. That might be an attractive perk for small business owners who prefer to do their banking in person.

You can expect a suite of banking products like checking accounts, savings accounts and credit cards designed for business owners, making KeyBank a good choice for business owners who want to have all their business accounts in one place.

KeyBank is also a preferred SBA lender. That could open the door for competitive interest rates and loan terms. It currently offers SBA loans in the following states:

  • Alaska
  • Colorado
  • Connecticut
  • Idaho
  • Indiana
  • Maine
  • Massachusetts
  • Michigan
  • New Jersey
  • New Hampshire
  • New York
  • Ohio
  • Oregon
  • Pennsylvania
  • Utah
  • Vermont
  • Washington

Like any other small business lender, KeyBank has some potential downsides. Its website is perhaps the biggest hurdle, offering little information when it comes to financing details. Don’t expect a clear answer when it comes to things like interest rates, fees, funding times and eligibility criteria, including credit requirements.

You’ll have to contact KeyBank for a personalized quote and also to apply — there are no online loan applications.

Who is KeyBank best for?

  • Established businesses. To qualify for an SBA loan through KeyBank, you’ll need to have been in business for at least three years.
  • Business owners who prefer in-person banking. KeyBank offers online banking options, but its brick-and-mortar locations could be an added benefit.
  • Those seeking an SBA loan: As a preferred SBA lender, KeyBank can connect eligible borrowers to loans with competitive rates and terms.

ProductsLoan amountsRepayment termEstimated APR rangeFees
Business term loans$10,000 to $500,00012 to 84 monthsNot disclosedNot disclosed
Business lines of credit$10,000 to $500,000Revolving, renewable every 12 monthsNot disclosedNot disclosed
Equipment financingNot disclosed, but offers up to 100% financingNot disclosedNot disclosedNot disclosed
Commercial real estate loans$10,000 to $1 millionUp to 20 yearsNot disclosedNot disclosed
SBA 7(a) loansUp to $5 millionUp to 300 months11% to 14.5%  Based on the current prime rate of 8.00% + the rate maximum set by the SBA. KeyBank rates may be lower. Not disclosed
SBA 504 loans$100,000 to $12 millionUp to 300 monthsAbout 3% Based on SBA guidelines{/tooltip]Not disclosed

Term loans

Business term loans can be a flexible source of capital that may come with a fixed or variable rate. Funds can be used for anything — from freeing up cash to cover operating expenses to consolidating debt. KeyBank allows you to borrow anywhere from $10,000 to $500,000. Terms vary. Opting for a shorter term will result in a higher monthly payment, but you’ll pay less interest over the life of the loan.

Line of credit

In many ways, a business line of credit mirrors a credit card. It comes with a credit limit, and you draw on funds as needed. You’ll only pay interest on the amount you borrow. As you pay down your balance, you’ll have access to more of your credit limit. KeyBank offers business lines of credit from $10,000 to $500,000, and you can review your credit line annually. Rates and fees are not disclosed, so you’ll have to contact KeyBank for more information.

Equipment financing

Equipment financing is a term loan that allows you to purchase essential equipment for your business. That can include large machinery, vehicles, computers and more. With this type of secured loan, the equipment serves as collateral. That means the lender can repossess it if you default on your loan. With KeyBank, eligible business owners can secure up to 100% equipment financing, but the lender does not disclose its terms, rates or fees.

Commercial real estate loans

A commercial loan can be used for new construction or to buy existing real estate. This type of financing typically requires a down payment of at least 20%. You can also expect a shorter term length, though KeyBank has terms up to 240 months. Eligible business owners can borrow anywhere from $10,000 to $1,000,000.

SBA 7(a) loans

SBA loans are issued by approved lenders and partially insured by the U.S. Small Business Administration. That usually makes them more affordable, though the application process and eligibility requirements can be rigorous. SBA 7(a) loans can have fixed or variable interest rates and be used for general business financing. Qualified borrowers can secure up to $5,000,000 through KeyBank. You may need to offer collateral for loans larger than $50,000. Terms can last up to 300 months.

SBA 504

SBA 504 loans are designed to fund commercial real estate or large equipment. Like SBA 7(a) loans, these loans are backed by the SBA up to a certain amount. You’ll likely have to make a down payment of at least 10% (maybe more). Plus, 504 loans typically have lower interest rates that are equal to roughly 3.00% of the total loan amount. Repayment terms are 120, 240 or 300 months. KeyBank offers 504 loans from $100,000 to $12,000,000.

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Minimum annual revenueNot disclosed but the following caps apply to SBA loans:

  • Max net worth: 15 million
  • Max average net income over past two years: $5 million

Minimum time in businessThree years for SBA loans
Minimum credit scoreNot disclosed

Required documents

KeyBank isn’t very transparent when it comes to its eligibility requirements. To get this information, you’ll need to reach out to KeyBank directly for a personalized quote. However, the lender does offer more information regarding its SBA loans. If you choose to apply through KeyBank, you’ll need to provide the following documents:

  • Up-to-date business financial statement
  • Business financial statements for the past three years
  • Personal and business tax returns
  • Aging report for unpaid invoices
  • Articles of incorporation and bylaws
  • Personal financial statements from the business owner and any high-ranking employees
  • Collateral information and valuation, if applicable

How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
KeyBankBank of AmericaU.S. Bank
Minimum credit scoreNot disclosed700 for unsecured lending productsNot disclosed
Loan products offered
  • Term loans
  • Lines of credit
  • Equipment financing
  • Commercial real estate loans
  • SBA 7(a) loans
  • SBA 504 loans
  • Term loans
  • Lines of credit
  • Business auto loans
  • Equipment financing
  • Commercial real estate loans
  • SBA 7(a) loans
  • SBA express loans
  • Term loans
  • Lines of credit
  • Equipment financing
  • Commercial real estate loans
  • SBA 7(a) loan
  • SBA 504 loans
  • Medical practice loans
Time to fundingNot disclosedAround two weeks for SBA loans, not disclosed for other productsIn some cases, funds could be available within minutes
Starting ratesNot disclosed6.29% to 10.75%  Unsecured term loans: 8.50%X
Secured term loans: 7.25%
Unsecured lines of credit: 10.75%
Secured line of credit: 9.50%
Business auto loans: 6.29%
Equipment financing: 7.25%
Commercial real estate loans: 6.50%
Not disclosed
Maximum loan size$10,000 to $12 million$10,000 to $5 million$5,000 to $12,375,000
Minimum annual revenueNot disclosed$50,000 to $250,000Not disclosed

KeyBank vs. Bank of America

KeyBank offers SBA loan options, but they’re only available in 17 states. That could present a challenge for certain small business owners. What’s more, KeyBank does not make its loan details readily available. You’ll have to contact the lender directly for information about its rates, fees, eligibility requirements and more.

Bank of America offers more transparency — and might be a better fit for startups that haven’t been in business long enough to get financing through KeyBank. You can expect strong credit requirements (700+ for unsecured loan products) and a healthy minimum annual revenue to qualify for a business loan with Bank of America.

Read our full Bank of America small business loan review.

KeyBank vs. U.S. Bank

KeyBank and U.S. Bank offer similar loan products, but neither is transparent when it comes to minimum credit score requirements, starting APRs and minimum revenue criteria.

That said, U.S. Bank could be a good option for business owners looking for smaller loan amounts — you could borrow as little as $5,000. And its quick online application process and funding times could be another advantage.

Read our full U.S. Bank small business loan review.

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