CLEVELAND, Oct. 7, 2021 /PRNewswire/ -- KeyBank today
announced it extended 947 loans for a total of $434 million during the SBA's FY 2021, more than
doubling its number of unit loan approvals to individual small
businesses from 2020. The volume secured KeyBank a top 10 position
out of over 1,700 participating lenders and represented a
record-breaking loan volume for Key in terms of both units and
dollars.
This funding is outside of KeyBank's efforts through the
Paycheck Protection Program (PPP), which held its third wave of
funding in 2021. Through PPP, KeyBank processed approximately
70,000 SBA-approved loans, totaling $11
billion in critical funding for businesses. Since 2015,
KeyBank has provided more than $2
billion in SBA-guaranteed financing to thousands of small
business owners and has continually been ranked among the top SBA
lenders in the country.
"This year marks a monumental achievement for our team. Our
strategic focus and partnership with clients along with the SBA are
playing a meaningful role in the economic rebound of many small
businesses and communities" said Jim
Fliss, KeyBank National SBA Manager. For our team, the
mission is helping the communities we serve to thrive by providing
capital to more individual businesses that operate in them. Our
growth and rankings this year are proof that we are honoring that
commitment, signaling to small business owners that they can rely
on us."
"Complementing our industry-leading SBA offerings, we are proud
to be a true relationship bank that provides holistic financial
solutions including treasury, merchant, and wealth management
services for the company, the entrepreneur, and their employees."
said Kip Clarke, KeyBank Head of
Business Banking.
The SBA measures lender performance based on number of units and
absolute dollars lent under the flagship 7(a) program. KeyBank
earned a number one ranking in SBA dollar volume, ahead of all
other lenders, in SBA districts of Syracuse and Seattle; ranked in the top 3 in Portland, Columbus, Cleveland and Buffalo. For units, KeyBank earned a top 3
ranking in the districts of Cleveland, Buffalo, Seattle, Syracuse, Portland, and Maine. The bank increased loans to individual
small businesses by more than 100% in 2021 compared to 2020 in
Syracuse, Buffalo, Columbus, Connecticut, Pittsburgh, New
York, Philadelphia,
Utah, Boise, and Massachusetts.
"KeyBank continues to invest heavily in all areas of our
national SBA lending platform, from loan origination through
closing, to ensure that business owners can efficiently access the
capital they need while receiving the highest level of service from
our specialized SBA lending staff," said Fliss. "This includes
significant investment in digital technology utilized by our
stakeholders to ensure we are delivering ease, value, and expertise
to small business clients across the nation. We remain optimistic
looking into the future and will continue to support small
businesses that are the backbone of our economy driving significant
GDP and job creation."
About KeyCorp
KeyCorp's (NYSE: KEY) roots trace back
nearly 200 years to Albany, New
York. Headquartered in Cleveland,
Ohio, Key is one of the nation's largest bank-based
financial services companies, with assets of approximately
$181.1 billion at June 30, 2021.
Key provides deposit, lending, cash management, and investment
services to individuals and businesses in 15 states under the name
KeyBank National Association through a network of more than 1,000
branches and approximately 1,300 ATMs. Key also provides a broad
range of sophisticated corporate and investment banking products,
such as merger and acquisition advice, public and private debt and
equity, syndications and derivatives to middle market companies in
selected industries throughout the United
States under the KeyBanc Capital Markets trade name. For
more information, visit https://www.key.com/. KeyBank is Member
FDIC. ©2021. KeyCorp. CFMA #211001-1277778
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SOURCE KeyCorp