If you’re looking for small business financing, you’re probably looking at many bank options to see which is the right bank for you. KeyBank is one of those options, offering a robust menu of loan products.
If you’re interested in what KeyBank business loans have to offer, we’ve gathered all the info you need right here. Take a look and see if KeyBank is the the right place for your small business needs today.
KeyBank is the primary subsidiary of KeyCorp, is a regional bank headquartered in Cleveland, Ohio.
Since 2008, KeyBank has been the only major bank based in Cleveland and is one of the largest banks in the United States. Key’s customer base spans retail, small business, corporate, and investment clients.
There are 1,217 KeyBank branches and 1,500 ATMs, which are in Alaska, Colorado, Connecticut, Florida, Idaho, Indiana, Maine, Massachusetts, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont, and Washington. KeyCorp maintains business offices in 31 states.
KeyBank has a long track record in banking, having been in business since 1929. They are ranked 479th on the Fortune 500 list.
KeyBank’s established nature is a certainly an appeal for business owners. But what business financing options do they have to offer, and how much can this bank loan you for your business? Here’s what you need to know.
When your business needs funds to grow, KeyBank has plenty of options. KeyBank offers several business loans to help meet your particular financial situation.
Whether you require a one-time disbursement of funds for general growth, or if your need is specific, KeyBank offers small business term loans and Small Business Administration (SBA) loans, as well as business equipment loans, commercial vehicle loans, and business mortgage loans, and business lines of credit.
KeyBank is a SBA Preferred Lender and received the 2012 SBA Large 7(a) Lender of the Year award.
You can drive your business with SBA financing from KeyBank, a Top Ten SBA 7(a) Lender in the Nation for over 20 years.
As part of their commitment to support businesses in their communities, they have invested in a team of SBA specialists in local offices with closing and credit teams dedicated to SBA loans, all to help simplify the loan process for clients.
Small Business Administration (SBA) loan programs can provide long or short term working capital needs, fund purchases such as land, buildings or equipment, and drive growth—to name a few.
As a leading SBA Preferred Lender, you can work with KeyBank’s knowledgeable Relationship Managers and SBA Specialists work in partnership to help you select options that are right for your business needs. (Check out Chase SBA loans, another top SBA lender, for alternatives.)
See below for a breakdown of options and the info you need about all KeyBank business loans:
Is your business a good fit for a Small Business Administration loan? Different industries carry different standards and qualification varies year to year. An SBA specialist can give you more specific guidance for your unique needs, but these are a few basics on the parameters for qualifying for an SBA loan.
A business must meet certain qualifications for a small business loan consideration from the SBA. The SBA defines a small business as one that is independently owned and operated, is not dominant in its field, is for-profit and meets SBA employment or sales standards.
Think you have what it takes to qualify for these KeyBank business loans? Then you should take a shot at applying.
Here’s the information that you’ll need to provide on a KeyBank SBA loan application (or any SBA loan application, for that matter).
(And if you’re interested in applying for a an SBA loan through KeyBank see the KeyBank SBA Loan Kit here.)
KeyBank Business Term Loans offer flexible terms with competitive interest rates and are designed to cover long-term financing needs.
Term loans are generally best when you need a lump sum loan to cover a large, one-off expense that you know will general revenue for your business.
These KeyBank business loans are great for expanding your business or consolidating expensive debt with Business Term Loans. Here’s what KeyBank Business term loans have to offer:
KeyBank can offer you the financing you need to purchase business equipment. Get help purchasing the equipment you need today—with KeyBank you can take advantage of deferring the principal payments for six months. Here’s what else KeyBank Business Equipment Loans have to offer:
Unfortunately, the loan cannot be used as a construction business loan, or for real estate purchases or debt consolidation. If you need a loan for that purpose, it’s best to try for an SBA Loan.
Also, these KeyBank business loans can’t be used with Small Business Association Guaranteed Loans.
If you’d like to purchase or refinance commercial real estate and have the flexibility to choose the interest rate type that is best for you, KeyBank may have financing options for you in the form of business mortgage loans.
Here’s what KeyBank Business Mortgage Loans have to offer:
Many people use lines of credit to take their business to the next level, such as expanding internationally or adding significant new manufacturing capabilities.
However, they’re also great financing products if you need flexibility in the capital. A business line of credit works especially well as a back-pocket option when you need to smooth out cash flow when expenses come up.
KeyBank offers multiple ways to structure business lines of credit, including:
KeyBank offers a variety of different business lines of credit, including a Responsive line of credit (for working capital and cash flow needs), a business equity line of credit (to tap into the equity within your commercial real estate), and a home equity line of credit (that helps you get capital with your home as collateral).
Loans aren’t the only service provided to businesses at KeyBank. KeyBank business checking accounts are specialized to support various cash flow strategies with reliable, robust and secure online business checking platform and bill pay.
Opening a business checking account with KeyBank can also gain you access to discounts on loans and lines of credit, access to more than 1,500 ATM locations, and waived monthly fees when minimum requirements are met.
See below for KeyBank’s business checking account types to see if one may be a good fit for you, and learn more about them here.
A premier non-interest-bearing business account that rewards you with exclusive discounts on products and services valued at nearly $4,000.
A basic non-interest-bearing bank account tailored for businesses with a low balance and low monthly volume of transactions.
An interest-bearing business bank account for clients maintaining moderate balances and transactions.
An analyzed demand deposit account that uses balances to offset monthly service fees.
KeyBank has a history of championing women in business, financing women-owned businesses for more than fifty years.
Founded in 2005, Key4Women is a nationwide community of entrepreneurial and executive business women brought together by KeyBank to help gain access to business capital, customized financial services and advice from a dedicated team, intellectual resources on a variety of topics, and networking opportunities.
The Key4Women program is available to business owners who bank with Key, and there is no cost to join. If anything, it’s a great way to connect with other female entrepreneurs, if not find KeyBank business loans.
You can join Key4Women by registering online.
Now that you have a basic understand of what KeyBank has to offer in terms of business loan products, it’s time to make the decision on whether or not these bank business loans are right for you.
Here are the advantages to consider before working with this bank.
KeyBank offers a wide variety of loans, at least as far as traditional banks go. This means you’ll have more options to consider when working with their specialists, whether you have short or long-term financial needs.
KeyBank business loans offer reduced rates for automatic payments on products. Customers can get a 0.25 percent rate reduction off of the interest rate with this feature. It goes without saying that this could save you a good amount of money.
KeyBank offers online education that can be invaluable for a business owner growing their companies. KeyBank’s website offers businesses the Financial Tools & Resources section with calculators to help determine return on investments, cash flow and capital requirements, as well as checklists of required information you will need when you apply for loans.
KeyBank is an SBA preferred lender. For obvious reasons, this is a plus when attempting to apply for an SBA loan.
Here are the disadvantages you need to weigh before working with this bank.
To start, KeyBank charges an $86 documentation fee as part of the processing requirement for all term loans. Then, fees range anywhere from $250 – $1,500 depending on the loan amount.
While this is typical for most large loans from banks, smaller loans offered could have online applications to streamline the process, as other lenders have done. As it stands, businesses can research types of loans on KeyBank’s website, but they must call the bank or visit one of its branches in order to apply.
KeyBank only offers loans to consumers and businesses in 15 states, greatly limiting the customer base and expansion potential for your business.
KeyBank provides a wide variety of types of loans, but their fees are relatively high.
They also aren’t the most streamlined bank to work with, and are not the most accessible in terms of both digital applications and geographic locale.
However, certain benefits, like reduced rates for automatic payments, could outweigh the detractors. KeyBank is still a large bank, so it might be hard to qualify. Be sure to compare all your options before making a decision on what type of business loan to move forward with. Check out all the bank loan alternatives out there, too, like Chase small business loans, Wells Fargo business loans, or TD Bank business loans. All are great options worth comparing to KeyBank business loans before you sign on the dotted line.