KeyBank Business Loans Review
Pros and cons of KeyBank
Pros
- Offers a wide variety of small business financing options
- Also provides business checking accounts, savings accounts and credit cards
- High borrowing limits for eligible businesses
Cons
- Does not disclose interest rates, fees, eligibility requirements or time to funding
- No online application process
- SBA loans only available in 17 states
KeyBank small business loans review
KeyBank is an established small business lender that offers a variety of financing options. That includes term loans, lines of credit, SBA loans and equipment financing. It also has brick-and-mortar branches in 16 states. That might be a nice perk for small business owners who prefer to do their banking in person.
You can expect a suite of business banking products like checking accounts, savings accounts and credit cards, which may be attractive to business owners who want all their business accounts in one place.
KeyBank is also a preferred SBA lender, which means they may be able to fund SBA loans faster than competitors. It currently offers SBA loans in the following states:
- Alaska
- Colorado
- Connecticut
- Idaho
- Indiana
- Maine
- Massachusetts
- Michigan
- New Jersey
- New Hampshire
- New York
- Ohio
- Oregon
- Pennsylvania
- Utah
- Vermont
- Washington
Like any small business lender, KeyBank has some potential downsides. Its website is one of the biggest hurdles, offering little information when it comes to financing details. Don’t expect to find information online regarding interest rates, fees, funding times and eligibility criteria, including credit requirements.
When it comes to KeyBank’s business loans, you’ll have to contact them for a personalized quote and to apply — there are no online loan applications.
- Established businesses. To qualify for an SBA loan through KeyBank, you’ll need to be in business for at least three years.
- Business owners who prefer in-person banking. KeyBank offers online banking options, but its brick-and-mortar locations could be an added benefit.
- Those seeking an SBA loan: As an SBA Preferred Lender, KeyBank can connect eligible borrowers to loans with competitive rates and terms.
KeyBank small business financing at a glance
| Product | Loan amounts | Repayment term | Estimated APR range | Fees |
|---|---|---|---|---|
| Business term loans | $10,000 to $500,000 | 12 to 84 months | Not disclosed | Not disclosed |
| Business lines of credit | $10,000 to $500,000 | Revolving, renewable every 12 months | Not disclosed | Not disclosed |
| Equipment financing | Not disclosed, but offers up to 100% financing | Not disclosed | Not disclosed | Not disclosed |
| Commercial real estate loans | $10,000 to $1,000,000 | Up to 240 months | Not disclosed | Not disclosed |
| SBA 7(a) loans | Up to $5,000,000 | Up to 300 months | to | Not disclosed |
| SBA 504 loans | $100,000 to $12,000,000 | Up to 300 months | About 3.00% Based on SBA guidelines | Not disclosed |
Term loans
KeyBank offers both secured and unsecured business loans with both fixed and variable rates. Funds can be used for anything — from freeing up cash to cover operating expenses to consolidating debt. KeyBank allows you to borrow anywhere from $10,000 to $500,000. Terms vary. Opting for a shorter term will result in a higher monthly payment, but you’ll pay less interest over the life of the loan.
Line of credit
In many ways, a business line of credit mirrors a credit card. It comes with a credit limit, and you draw on funds as needed. You’ll only pay interest on the amount you borrow. As you pay down your balance, you’ll have access to more of your credit limit. KeyBank offers business lines of credit from $10,000 to $500,000, and you can review your credit line annually. Rates and fees are not disclosed, so you’ll have to contact KeyBank for more information.
Equipment financing
Equipment financing is a term loan that allows you to purchase essential equipment for your business. That can include large machinery, vehicles, computers and more. With this type of secured loan, the equipment serves as collateral. That means the lender can repossess it if you default on your loan. With KeyBank, eligible business owners can secure up to 100% equipment financing, but the lender does not disclose its terms, rates or fees.
Commercial real estate loans
A commercial loan can be used for new construction or to buy existing real estate. This type of financing typically requires a down payment of at least 20%. You can also expect a shorter term length, KeyBank has terms up to 240 months. Eligible business owners can borrow anywhere from $10,000 to $1,000,000.
SBA 7(a) loans
SBA loans are issued by approved lenders and partially insured by the U.S. Small Business Administration. That usually makes them more affordable, though the application process and eligibility requirements can be rigorous.
SBA 7(a) loans can have fixed or variable interest rates and be used for general business financing. Qualified borrowers can secure up to $5,000,000 through KeyBank. You may need to offer collateral for loans larger than $50,000. Terms can last up to 300 months. But again, KeyBank only offers SBA loans in the 17 states mentioned above.
SBA 504
SBA 504 loans are designed to fund commercial real estate or large equipment. Like SBA 7(a) loans, these loans are backed by the SBA up to a certain amount. You’ll likely have to make a down payment of at least 10%.
504 loans typically have lower interest rates that are equal to roughly 3.00% of the total loan amount. Repayment terms are 10,20 or 25 years. KeyBank offers 504 loans from $100,000 to $12,000,000.
KeyBank borrower requirements
| Minimum annual revenue | Not disclosed but the following caps apply to SBA loans:
|
| Minimum time in business | Three years for SBA loans |
| Minimum credit score | Not disclosed |
Required documents
KeyBank isn’t very transparent when it comes to its eligibility requirements. To get this information, you’ll need to reach out to KeyBank directly for a personalized quote. However, the lender does offer more information regarding its SBA loans. If you choose to apply through KeyBank, you’ll need to provide the following documents:
- Up-to-date business financial statement
- Business financial statements for the past three years
- Personal and business tax returns
- Aging report for unpaid invoices
- Articles of incorporation and bylaws
- Personal financial statements from the business owner and any high-ranking employees
- Collateral information and valuation, if applicable
Alternatives to KeyBank
| KeyBank | Bank of America | U.S. Bank | |
|---|---|---|---|
| Minimum credit score | Not disclosed | 700 for unsecured lending products | Not disclosed |
| Loan products offered |
|
|
|
| Time to funding | Not disclosed | Around two weeks for SBA loans, not disclosed for other products | In some cases, funds could be available within minutes |
| Starting rates | Not disclosed | 6.29% to 10.75% Unsecured term loans: 8.50%XSecured term loans: 7.25%Unsecured lines of credit: 10.75%Secured line of credit: 9.50%Business auto loans: 6.29%Equipment financing: 7.25%Commercial real estate loans: 6.50% | Not disclosed |
| Maximum loan size | $10,000 to $12 million | $10,000 to $5 million | $5,000 to $12,375,000 |
| Minimum annual revenue | Not disclosed | $50,000 to $250,000 | Not disclosed |
KeyBank vs. Bank of America
KeyBank offers SBA loan options, but they’re only available in 17 states. That could present a challenge for certain small business owners. What’s more, KeyBank does not make its loan details readily available. You’ll have to contact the lender directly for information about its rates, fees, eligibility requirements and more.
Bank of America offers more transparency — and might be a better fit for startups that haven’t been in business long enough to get financing through KeyBank. You can expect strong credit requirements (700+ for unsecured loan products) and a healthy minimum annual revenue to qualify for a business loan with Bank of America.
Read our full Bank of America small business loan review.
KeyBank vs. U.S. Bank
KeyBank and U.S. Bank offer similar loan products, but neither is transparent when it comes to minimum credit score requirements, starting APRs and minimum revenue criteria.
That said, U.S. Bank could be a good option for business owners looking for smaller loan amounts — you could borrow as little as $5,000. And its quick online application process and funding times could be another advantage.
Read our full U.S. Bank small business loan review.
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