KeyBank Small Business Loan Review
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KeyBank, the 2012 SBA 7(a) Large Lender of the Year, is honored to be among the small percentage of banks designated as a Preferred Lender, a status they have justified every year for 20 years. As part of our commitment to support businesses in our communities, they have structured a loan team of SBA specialists in local offices and as well as a closing and credit team dedicated to SBA loans.
Understanding Your Loan Options
SBA loans provide 90% financing, longer loan amortizations, no balloon payments and fixed-rate interest rates. Because they are a bank rather than a lending institution, Keybank has inhouse underwriting and application processing that is centralized for a smooth process. The most common SBA loan is the 7(a); this program offers up to $5,000,000 for a variety of financing needs, with longer terms and lower collateral requirements than conventional lending.
The range of loans Keybank fosters is exceptional: 504, for unsecured loans, Working Capital CAPLines which allows revolving credit and allows for consolidating debt, SBA Express, which offers fast-expediting loans of up to $350,000 that provide fixed-asset purchase power, debt consolidation, or working capital, two export loan programs and one international trade program. The range allows for many different terms and conditions based on the borrowers’ financial situations and the amount and duration of the loan. Related: How to qualify for a VA debt consolidation loan.
Speed of Implementation and Loan Duration
Small Business Administration (SBA) loan programs available through KeyBank are designed for the unique and evolving needs of small business – from growth financing to loans that make purchasing new equipment, facilities and products possible. These small business loans offer comparatively longer terms, lower payments, interest rate caps, flexible repayment terms, and are designed for businesses with collateral that may not meet conventional lending standards. As a leader in SBA Lending, KeyBank claims to provide a quicker, more streamlined process for their borrowers.
Finally, Keybank offers the Small 7(a) loan program for loans under $350,000 that require less paperwork and time to apply for and receive.
Fine Print and Final Thoughts
Key bank’s expertise is impressive but people often sign on the dotted line without taking the time to read the fine print, which is a costly error that you will want to avoid. In the fine print, you will often find hidden fees and service charges that you did not expect to encounter, increasing the overall cost of your loan, especially when expediency is a service the bank is selling.
Anne is a Senior Author for SBL. She began her career as an independent consultant for local businesses after graduating with a BA in Management. Since that time, she’s expanded to writing as well as consulting to spread helpful knowledge to small business owners across the country.