KeyBank receives top national awardWritten by Morgan Delp | | email@example.com
On May 21, the U.S. Small Business Administration recognized KeyBank as the top SBA Large 7(a) Lender of the Year in a ceremony to kick off Small Business Week in Washington, D.C.
SBA Administrator Karen Mills presented the SBA’s highest award to KeyBank representatives Mike Toth, senior vice president and business banking head, and John Moshier, senior vice president and national SBA manager.
“Financial assistance and entrepreneurial counseling and training are the foundation for SBA’s mission of helping small businesses start, grow and succeed,” Mills said in a news release on sba.gov. “In a sense, this is how dreams are made for entrepreneurs across the country, and their contributions to our nation’s economic strength are vast. We welcome the opportunity to honor these award winners.”
The 7(a) Loan Program, for which KeyBank was honored, “includes financial help for businesses with special requirements. For example, funds are available for loans to businesses that handle exports to foreign countries, businesses that operate in rural areas, and for other very specific purposes,” the SBA said.
The KeyBank news release said that the criteria for the award consists of factors such as “portfolio performance, year-over-year growth in loan approval volume and on lender size, and ongoing commitment to the growth and expansion of small businesses.”
“We have deep insight into our clients’ business challenges and exceptional understanding of the many ways the SBA can help them,” Moshier said.
The Cleveland-based national bank was recognized for its nearly 31 percent growth in SBA-backed loans and more than 90 percent increase in SBA gross dollars approved in fiscal year 2011, according to the sba.gov news release.
Moshier said that KeyBank is one of only four banks to consistently place in the nation’s top 30 SBA lenders. Also, KeyBank is expected to achieve its goal of lending $5 billion to small businesses well before its deadline in 2014, Moshier said.
KeyBank was founded more than 160 years ago and as of December 31, 2011, has assets of approximately $89 billion, the KeyBank news release said. The bank provides services to individuals and small businesses in 14 states, along with corporate and investment products to select industries throughout the U.S., the news release said.
“The SBA honor highlights our ability to identify creative ways to support the capital needs of our clients through different economic cycles, and reinforces our passion for prudently supporting the growth of our clients and our economy,” Toth said. “It is a great honor to be recognized by the SBA, and an even greater honor to be able to help our clients thrive.”
When asked by the SBA what they are hoping to gain in this week, Toth and Mosheir said, “Learning small business’ best practices and helping to begin nominating next year’s award winners.”
Toth and Moshier’s advice for entrepreneurs seeking funding is to “work with organizations and resources that provide technical assistance so that you are prepared when you approach a lender. Crafting a solid business plan is also important before you apply for a loan,” the sba.gov news release said.