PR Newswire | October 23, 2023
Today, KeyBank announced it ranked among the top 15 lenders in the country for unit volumes for the Small Business Administration (SBA) 2023 Fiscal Year for both the SBA 7(a) and SBA 504 lending programs. During SBA's FY 2023, KeyBank extended 918 loans for a total of $229 million under the flagship 7(a) program and an additional 52 small business loans worth more than $58 million utilizing the SBA's 504 program. The unit volume secured KeyBank the 14th position out of over 1,500 participating lenders for 7(a) lending and the 12th spot for 504 lending nationally
The SBA 7(a) program is the SBA's primary business loan program providing financial assistance to small businesses and can be used by eligible businesses for, among other items: short- and long-term working capital, refinancing current business debt and acquiring, refinancing or improving real estate and buildings.
The 504 Loan Program provides long-term, fixed rate financing for major fixed assets that promote business growth and job creation and can be used by eligible businesses for, among other items: existing buildings (or their improvement), land, new facilities, and long-term machinery and equipment.
I am very proud of our team's performance this year. While the economic environment has brought headwinds to our clients, we take great pride in being a consistent presence in the small business community and standing by our clients' sides to help them move forward financially, said Jim Fliss, National Manager of KeyBank's SBA Program. Our utilization of both programs is a testament to how we understand our clients' needs and work proactively to find the best solutions for their business.Getting capital into the hands of more small businesses remains a top priority for Key. These small businesses are the backbone of our economy and the communities we so proudly serve here at KeyBank, and they have shown such resiliency in recent years. We are committed to helping more small businesses take advantage of the benefits the SBA lending programs we have to offer.
KeyBank has been a top-performing SBA Preferred Lender for over two decades, helping numerous small businesses obtain access to capital through the SBA lending programs. Since 2015, KeyBank has provided more than $2.6 billion in SBA-guaranteed financing to thousands of small business owners with more than $1.29 billion of that funding occurring in the last four years. In addition, during SBA's FY 2023, Key recognized over 14% growth in the number of 7(a) units year over year.
In addition to the national result for the SBA's FY 2023, with respect to SBA 7(a) unit volume, KeyBank:
Earned a number one ranking, ahead of all other lenders, in the SBA district ofSeattle;
Ranked in the top 3 in the SBA districts ofBuffalo,Cleveland,Syracuse, andPortland; and
Ranked in the top 5 in the SBA districts ofAlaska,Colorado, Columbus,Connecticut,Indiana,MaineandPittsburgh.
For SBA 7(a) dollars loaned for the SBA FY 2023, KeyBank earned a top 3 ranking in the SBA districts of Cleveland, Buffalo and Seattle.
All credit products are subject to collateral and/or credit approval, terms, conditions, availability and are subject to change. SBA loans subject to SBA eligibility.
SMALL BUSINESS TRENDS
Standard Chartered | September 20, 2023
Standard Chartered Americas partners with Truist Bank to boost Truist's global business capabilities.
The partnership offers centralized processing and tracking services for trade finance, focusing on emerging markets.
Chris Burtch, Head of Financial Institution Sales, highlights opportunities in dynamic emerging economies and regions.
Standard Chartered Americas, a leading international banking group, has announced that it has entered into a trade finance partnership with Truist Bank, a leading financial services company. The partnership is aimed at elevating the global business capabilities of Truist's clientele.
Truist holds a prominent market share in numerous high-growth markets within the country. The company also provides an extensive array of products and services across various sectors, including retail and small business banking, commercial banking, corporate and investment banking, insurance, wealth management, and specialized lending.
This strategic alliance between Truist Bank and Standard Chartered is designed to streamline and enhance the business landscape for importers and exporters operating in the United States. Standard Chartered will leverage its unique network, local know-how, cutting-edge infrastructure, and technology to offer centralized processing, tracking, and analytics services. Truist's corporate and commercial clients will gain invaluable support from Standard Chartered in fulfilling their trade finance requirements, particularly in emerging markets across Africa, Asia, and the Middle East.
Chris Burtch, Head of Financial Institution Sales at Standard Chartered Americas, stated
We are proud to have a strong network across the world's most dynamic emerging economies and regions, which have the U.S. as its major trade partner. This presents immense opportunities for companies looking to expand their reach and tap into these new markets.
[Source - Business Wire]
He further expressed their excitement about partnering with Truist and facilitating its clients' cross-border trade finance needs across their footprint. With their expertise in navigating the complex landscape of cross-border trade, he conveyed confidence in their ability to support Truist clients, help them achieve their business objectives, and unlock new opportunities for growth.
Key highlights of this partnership include
Export and Import Letters of Credit: Truist will benefit from access to Standard Chartered's extensive reach and real-time transaction monitoring capabilities across the entire documentary trade value chain. In markets where Standard Chartered has a presence, Truist clients engaged in the buying or selling of goods and services will have the ability to confirm, advise, or discount letters of credit through the Bank.
Standby Letters of Credit (SBLC): Truist clients will now be equipped to execute performance and commercial contracts with counterparts in markets necessitating localized expertise alongside local SBLC delivery capabilities. Standard Chartered's innovative solution will empower Truist to process and issue SBLCs from start to finish, utilizing the Bank's network to expedite turnaround times and provide transparent cost visibility.
Goldman Sachs | September 15, 2023
Goldman Sachs commits $100 million to support rural small business owners for capital and growth.
$75 million allocated to community lenders, $15 million to community college courses, and $10 million as grants for local entrepreneurs.
Survey reveals only 7% of rural entrepreneurs feel adequately supported by non-governmental entities.
Goldman Sachs commits $100 million to support rural small business owners secure capital and foster growth.
The financial institution's 10,000 Small Businesses program unveiled this vital investment through a press release issued on Friday, September 8. This initiative, which was established in 2009, has been instrumental in providing education, funding opportunities, and various forms of support to approximately 14,000 American entrepreneurs, as stated on the Goldman Sachs website.
The allocation of the new $100 million fund will be distributed among three key groups: $75 million will be directed towards community lenders supporting rural small business owners, $15 million will be channeled into community college courses hosted by the 10,000 Small Businesses organization, and the remaining $10 million will be disbursed as grants to local entrepreneurs.
Goldman Sachs underlined the pressing issue that many rural small business owners face when trying to expand their enterprises – the lack of access to essential capital investments. To underscore this point, the firm cited a survey that revealed only 7% of rural entrepreneurs felt they received adequate support from non-governmental entities. Furthermore, the barriers to expansion also include limited access to critical services such as child care, healthcare, and labor. Notably, these challenges have an adverse effect on economic growth, as these businesses employ approximately 65% of their local workforce.
Goldman Sachs has chosen to allocate a substantial portion of its $100 million investment to local businesses through indirect channels. Consequently, the success of its mission to assist these organizations and the communities they serve hinges on entrepreneurs' ability to capitalize on these new funds.
Goldman Sachs emphasized that rural small business owners play a critical role in their communities, offering employment opportunities, stimulating economic activity, and creating prospects for growth. However, conventional lenders and educational institutions often overlook these enterprises, primarily because they represent a smaller fraction of the national economy compared to their counterparts in more densely populated regions. Encouraging more entrepreneurs to leverage private and government programs designed to foster small business growth in underserved areas could help reverse these trends and contribute to a more equitable distribution of wealth across the nation.