KeyBank Business Loans: 2022 Review

Estimated APR range: Not publicly disclosed Best for: Small businesses looking for a range of financing options with an SBA Preferred Lender
  • Estimated APR range: Not publicly disclosed
  • Best for: Small businesses looking for a range of financing options with an SBA Preferred Lender  

Pros and cons of KeyBank


  Variety of business loan options available

  SBA Preferred Lender 

  Additional financial products available, such as business checking accounts and credit cards

  Website lacks transparency about fees, terms and eligibility requirements

  SBA loans aren’t available in all states

  Shorter terms for certain loans in comparison to competitors

KeyBank small business loans review

Headquartered in Cleveland, KeyBank has $181 billion in assets with over 1,000 full-service branches in 15 states.

As an SBA Preferred Lender, KeyBank has provided more than $2 billion in SBA-guaranteed funding to small businesses since 2015. In addition to SBA loans, KeyBank also offers a diverse range of conventional small business loans, including term loans, business lines of credit, commercial real estate loans and equipment financing.

Who is KeyBank for?

  • Small business owners looking to grow and expand. Whether you’re ready to invest in commercial property or need to upgrade your equipment, KeyBank could be a good option to consider.
  • Businesses capable of putting up adequate collateral. KeyBank requires collateral for any loan over $100,000.
  • A one-stop bank for all your needs. KeyBank offers multiple financial services for your personal and business needs — including an international trade loan. There is even a dedicated team of business advisors ready to help guide you along the way.

KeyBank small business financing at a glance

ProductLoan amountsRepayment termEstimated APR rangeFees
Term loans$10,000 to $500,00012 to 84 monthsNot publicly disclosedNot publicly disclosed
Business line of credit$10,000 to $500,000Renewable 12-month (revolving term)Not publicly disclosedNot publicly disclosed
Commercial real estate loan$10,000 to $1,000,000Up to 240 monthsNot publicly disclosedNot publicly disclosed
Equipment financingNot publicly disclosedNot publicly disclosedNot publicly disclosedNot publicly disclosed
SBA 7(a) loanUp to $5,000,000Up to 300 months*Rates vary, subject to SBA maximums*Not publicly disclosed
SBA 504 loan$100,000 to $12,000,000Up to 240 months*About 3.00%*Not publicly disclosed

*Terms and rates based on SBA guidelines

Term loans

KeyBank offers options for short-term or long-term business loans for amounts between $10,000 to $500,000. Repayment terms range from 12 to 84 months. The fixed and adjustable interest rates are stated as competitive, however KeyBank doesn’t disclose past or current APR numbers.

You can apply for either a secured or unsecured term loan. The main difference is that a secured loan requires collateral — which a KeyBank representative stated is required for all loans over $100,000. Unsecured loans typically come with higher interest rates and lower credit limits.

Business line of credit

The business line of credit is a flexible form of financing that businesses can access when they need funds. With KeyBank, you can borrow between $10,000 to $500,000 with a renewable 12-month term. KeyBank offers both secured and unsecured lines of credit. You’ll also have the option to make interest-only monthly payments.

Although KeyBank doesn’t publicly list its interest rates, they have professional advisors who can assist you in determining which, if any, business line of credit is right for your business’s immediate needs.

Commercial real estate loan

If you’re looking to purchase or refinance commercial real estate, KeyBank offers commercial real estate loans from $10,000 to $1,000,000. Repayment terms extend up to 240 months and fixed and variable interest rates are available, although KeyBank doesn’t disclose any figures. Additionally, KeyBank specifies that the loan proceeds need to be completely disbursed at closing — multiple draws aren’t permitted with this type of loan.

Equipment financing

You can acquire, upgrade or replace essential equipment for your business with an equipment loan. This type of loan can ultimately help optimize your business’s cash flow while preserving your lines of credit. KeyBank doesn’t disclose loan amounts for this product, but its website states that it offers up to 100% equipment financing with no down payment, plus they provide assistance with disposing of your older equipment. Unfortunately, KeyBank doesn’t release any information on interest rates or maximum amounts.

SBA 7(a) loans

As a SBA Preferred Lender, KeyBank partners with the U.S. Small Business Administration (SBA) to offer SBA loans. KeyBank offers 7(a) loans, the most common type of SBA loan. Known for its flexible purposes, KeyBank offers 7(a) loans up to $5,000,000. Although KeyBank doesn’t list expected terms or rates, the SBA stipulates a maximum length of 300 months for SBA loans.

KeyBank also offers several types of 7(a) loans to meet a range of financing needs, including the SBA Express loan up to $350,000, the Working CAPLine with a revolving credit limit up to $1 million and the SBA International Trade loan up to $5 million.

SBA 504/CDC loans

KeyBank offers the SBA 504 loan, which can be used for business development purchases such as machinery, buildings or commercial real estate. These loans consist of three parts: a low-cost down payment from the borrower, a SBA-guaranteed portion from a certified development company (CDC) and the remaining funds from KeyBank. Depending on your business type, you can borrow between $100,000 and $12,000,000. Once again, KeyBank doesn’t disclose specific loan details, however, SBA 504/CDC loans typically come with a 10-year or 20-year term with an approximate 3.00% interest rate.

One major drawback to keep in mind is that KeyBank SBA loans are only available in the following states: Alaska, Colorado, Connecticut, Idaho, Indiana, Maine, Massachusetts, Michigan, New Jersey, New Hampshire, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont and Washington.

KeyBank business loan requirements

Minimum annual revenueNo stated minimum, but your average net income can’t have exceeded $5 million for the past two years
Minimum annual revenueNo stated minimum, but your average net income can’t have exceeded $5 million for the past two years
Minimum time in business3 years
Minimum credit scoreNot publicly disclosed

Even though KeyBank doesn’t provide specific requirements in advance — such as credit score ranges, annual revenue or time in business — it’s best to be prepared by gathering the typical small business loan requirements.

For SBA loans, KeyBank requires that your for-profit business meets some or all of the following:

  • Independently owned and operated
  • A net worth below $15 million
  • Annual net profit hasn’t exceeded $5 million for the past two years
  • Not nationally dominant in its field
  • Demonstration of strong management skills
  • Net worth is comparable to industry averages
  • Historical cash flow shows ability to repay loan(s) within specified timeframe
  • Acceptable collateral (not applicable for loans under $100,000)
  • Qualifies as a small business according to the SBA’s size standards

Required documents

KeyBank doesn’t break down requirements for each lending product. However, here is a general list of documents you may be expected to provide:

  • Tax returns for yourself and your business
  • Financial statements for the business for the past three years, as well as from key people in your company
  • Unpaid invoices with dates of issue
  • Business documents such as Articles of Incorporation and Bylaws
  • Collateral information when applicable, such as valuation

Alternatives to KeyBank

Comparing other banks to KeyBank is a challenge since so many important details are not provided. However, it’s generally a good idea to consider several small business lenders before moving ahead. With enough research, you can feel confident with a KeyBank business loan or perhaps score a better deal elsewhere.

Here are some alternatives worth checking out.

KeyBankOnDeckTD Bank
Minimum credit scoreNot publicly disclosed600None
Loan products offered
  • Term loans
  • Business line of credit
  • Commercial real estate loan
  • Equipment financing
  • Working CAPline
  • SBA 7(a) loan
  • SBA 504/CDC loan
  • SBA Express loan
  • SBA International Trade loan
  • Short-term loan
  • Business line of credit
  • Term loans
  • Line of credit
  • Commercial real estate loan
  • SBA 7(a) loan
  • SBA 504/CDC loan
  • Health care practice lending
Time in businessThree yearsOne year0-3 years, depending on loan type and amount
Starting APRAround 3.00% for a SBA 504/CDC loan
Conventional loan APRs not publicly disclosed
Starting at 29.90%Around 3.00% for a SBA 504/CDC loan
Conventional loan APRs not publicly disclosed
Maximum loan size$12,000,000 for 504/CDC loans$250,000$5,000,000 (or no limit if using loan for a first mortgage)
Minimum annual revenueNo minimum specified, but needs to be less than $5 million$100,000 or moreNo minimum specified, but needs to be less than $15 million

KeyBank vs. OnDeck

Although OnDeck only offers two business loan products — a short term loan and a business line of credit — it has a couple of advantages when compared to KeyBank. For example, OnDeck offers loans for businesses who have been in operation for just one year, as opposed to KeyBank’s requirement of three years. As an online lender, OnDeck’s credit score requirement of 600 or higher may also be lower than KeyBank; traditional brick-and-mortar banks tend to offer lower APRs but require higher credit scores as a tradeoff.

However, OnDeck only offers loan amounts up to $250,000, which is only half the amount KeyBank offers for term loans and lines of credit. Furthermore, OnDeck’s APR rates start fairly high at 29.90%. In the end, OnDeck might be worth pursuing if you’re looking to borrow a small amount, you’ve been in business for over a year and your credit score is around 600.

KeyBank vs. TD Bank

TD Bank offers a range of business loan products, including health care practice lending. There is no minimum credit score for its business loans, although a higher score will secure you a better rate. Similar to KeyBank, there are no APR rates listed. It is noteworthy that TD Bank offers loans regardless of how long you’ve been in business, compared to KeyBank’s three-year requirement. However, certain loans and amounts with TD Bank will require that you’ve been in business for at least three years.

If you’re looking for maximum borrowing power, TD Bank falls short with a $5,000,000 limit, compared to KeyBank’s $12,000,000. Overall, TD Bank could be a better option if you haven’t been in business very long and reside near a TD branch.