KeyBank SBA 7(a) Lending Surpasses $1.13 Billion Over 5-Year Period
Following successive record lending years, KeyBank finished 13th among more than 1,800 SBA Lenders nationally.
CLEVELAND, Ohio (October 18, 2018) — KeyBank today announced it ranked 13th in the nation for the Small Business Administration’s (SBA) fiscal year (FY) 2018. The bank extended $304 million in approved dollars over the course of the year. KeyBank has been a top performing SBA Preferred Lender for over two decades, helping countless small businesses efficiently manage their comprehensive financial affairs. Over the past five years, KeyBank has increased its commitments to the SBA’s Lending Programs, growing at a 22.5 percent annual compounded growth rate since 2014 and more than doubling its SBA commitments over the same time period.
“I am very proud of our longevity and consistency to supporting thousands of unique businesses by listening to their needs and developing solutions that not only help the entrepreneurs, but also the communities in which these businesses operate in to thrive,” said Jim Fliss, National Manager of KeyBank’s SBA Program. SBA’s programs provide flexible financing solutions to empower small business owners to launch, grow, expand, or evolve their businesses, while conserving cash and improving cash flow. KeyBank has developed expertise in financing the purchase and sale of businesses as more Baby Boomers prepare to retire and sell their enterprises.
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 loan volume, ahead of all other lenders, in SBA districts of Maine and, for the second consecutive year, in Syracuse and Seattle; ranked second in Cleveland and Indiana; was third in Buffalo, Pittsburgh, and Vermont; ranked fourth in Columbus; and was fifth in Portland.
To meet the evolving needs of clients and streamline how businesses access the capital they need to grow, KeyBank recently acquired the digital lending platform, Bolstr. Designed to provide fast, flexible, and comprehensive financial solutions to business owners, Bolstr’s technology will enable KeyBank to streamline loan applications and meet clients on their terms, wherever they may be.
“Our investment speaks to our ongoing commitment to delivering ease, value, and expertise to our small business clients across the county,” continued Fliss.