Cleveland-based KeyBank, which has multiple branches in northwest Ohio, today was named the U.S. Small Business Administration’s large bank category Lender of the Year for financial institutions that participate in the SBA’s 7(a) commercial loan program.
The 7(a) loan program provides financial help for businesses with special requirements. For example, funds are made available to businesses that handle exports to foreign countries, businesses that operate in rural areas, or for other very specific purposes.
KeyBank received its award for its dramatic growth of almost 31 percent in the number of SBA-backed loans and more than 90 percent increase in SBA gross dollars approved in 2011. The award is based on several factors, including loan portfolio performance, year over year growth in loan approval volume, and the institution’s ongoing commitment to the help small businesses.