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
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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.
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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:
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Earned a number one ranking, ahead of all other lenders, in the SBA district of Seattle;
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Ranked in the top 3 in the SBA districts of Buffalo, Cleveland, Syracuse, and Portland; and
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Ranked in the top 5 in the SBA districts of Alaska, Colorado, Columbus, Connecticut, Indiana, Maine and Pittsburgh.
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.