KeyBank, headquartered in Cleveland, operates 1,100 branches in 15 states and calls itself one of the nation’s largest bank-based financial institutions, with assets of $137.7 billion. The bank offers a wide range of term loans and lines of credit for businesses, including SBA-guaranteed loans.
KeyBank appeared to be moving aggressively into the online space for small business fundraising with the acquisition of online lending marketplace Bolstr, announced in June 2018. As of this writing, it was too soon to determine the full effect of the acquisition. Bank Innovation, a financial services website, reported at the time that the purchase of Bolstr would allow KeyBank to process loans faster and at a lower cost. The bank had, earlier in 2018, indicated it wanted to originate $2.5 billion in loans to small businesses within five years.
KeyBank includes an impressive lineup of small business lending options in its offerings, but is limited by geography. The company operates branches in Alaska, Colorado, Connecticut, Florida, Idaho, Indiana, Maine, Massachusetts, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont and Washington. The bank provides very little information about its lending requirements, terms or fees on its website.
KeyBank offers term loans and lines of credit for small businesses, and is among the Top 100, most-active Small Business Administration 7 (a) lenders. Those products include:
KeyBank does not offer details on its website about interest rates, fees or requirements for its lines of credit or term loans that are not guaranteed by the SBA. Instead, the bank provides a contact form you can use to learn more about its offerings. The SBA, however, does provide detailed information about its loan program requirements, which apply to KeyBank’s extensive SBA offerings. Review the information below about two popular SBA programs. For a detailed look at all the SBA programs, access this fact sheet.
KeyBank does not specify which businesses are ineligible for loans. But the following types of companies are not eligible for SBA-backed loans from KeyBank or other financial institutions: Government-owned entities, businesses in which the lender has an equity interest, businesses engaged in lobbying, businesses involved in teaching specific religious beliefs, porn-related businesses, banks and other financial companies, absentee developers and landlords, multi-level marketing companies, gambling businesses, private clubs and speculative businesses.
Set an appointment with a lending specialist. These are the documents you’ll need to apply for KeyBank SBA-backed loans:
|A solid, stable institution making moves, such as the acquisition of Bolstr, to beef up small business offerings||Not available in all states|
|A wide range of loan products; a leading SBA lender||Website lacks transparency about fees, terms and eligibility requirements|
|Additional business services offerings, such as business checking accounts||Doesn’t match competitors when it comes to providing information that business decision makers need to pursue funding|
The broad range of loans KeyBank offers and its position as a top SBA lender could make it a good fit for most qualifying small businesses.
Be sure to ask your banker detailed questions about the fees and rates for your loan.
KeyBank’s flexibility and its connections with the SBA make it a solid lender for businesses in its geographical footprint. The bank’s apparent commitment to increasing its lending to small businesses is also a positive sign, but the lack of transparency on its website is a strike against it.