KeyBank ranked ninth in the nation for the Small Business Administration’s (SBA) full year 2017. It has extended $318 million in approved dollars over the course of the year, representing a 43% jump in dollar volume from 2016 levels, more than doubling its loan commitment since 2015.
“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 No. 1 ranking in SBA loan volume, ahead of all other lenders, in SBA districts Syracuse, NY and Seattle, WA; ranked second in Pittsburgh, Cleveland and Indiana; third in Buffalo, NY and fourth in Alaska. It increased lending by more than 100% 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 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,” Fliss said. “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.”