CLEVELAND, Oct. 11, 2017 /PRNewswire/ -- KeyBank today
announced it ranked ninth in the nation for the Small Business
Administration's (SBA) FY 2017. It extended $318 million in approved dollars over the course
of the year, representing a 43 percent jump in dollar volume from
2016 levels, more than doubling its loan commitment since 2015.
KeyBank's nationally ranked SBA loan program reflects its
commitment to help clients and communities thrive by providing
small business owners with valuable expertise and flexible
financing solutions.
"We believe the SBA Programs empower small business owners to
launch, grow, expand or evolve their businesses. For years, KeyBank
has had a dedicated and specialized SBA staff on the ground with
small business owners, helping them access capital from the SBA
loan programs to grow their businesses and benefit the communities
they operate in," said Jim Fliss,
National Manager of KeyBank's SBA Program. "Every day, we wake up
ready to work with and for these owners. We are proud of our
efforts, and our continued growth is an on-going commitment to
small businesses."
KeyBank earned a number one ranking in SBA loan volume, ahead of
all other lenders, in SBA districts Syracuse and Seattle; ranked second in Pittsburgh, Cleveland and Indiana; third in Buffalo and fourth in
Alaska. It increased lending by
more than 100 percent in 2017 compared to 2016 in Cleveland, Syracuse, Massachusetts, New
York and Alaska, based on
approved dollars.
KeyBank found many small business owners leveraged the SBA
Programs to complete change of ownership deals in 2017,
contributing to lending activity. Change-of-ownership loans more
than doubled at KeyBank compared to FY 2015, as more Baby Boomers
prepare to retire and sell their businesses.
"The rising number of Baby Boomers actively looking to sell
their businesses and transition into retirement continues to be a
major demographic trend fueling growth," continued Fliss. "SBA
Lending Programs are pivotal to meeting the evolving needs of small
business owners, from change of ownership to growth financing that
makes purchasing new equipment, facilities, and products possible –
all while conserving cash and improving cash flow. Our dedicated
SBA lending staff looks forward to providing another great year of
service and expertise to our clients and communities in 2018."
About KeyCorp
KeyCorp's (NYSE: KEY) roots trace
back 190 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
$135.8 billion at June 30, 2017. Key provides deposit, lending,
cash management, insurance, and investment services to individuals
and businesses in 15 states under the name KeyBank National
Association through a network of more than 1,200 branches and more
than 1,500 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.
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SOURCE KeyCorp