KEYBANK ACHIEVES $2 BILLION LENDING GOAL FOR WOMEN-OWNED BUSINESSES; AIMS TO LEND ANOTHER $ 3 BILLION BY 2012
Defying the Credit Crunch, Key Achieves Goal Three Years Ahead of Schedule
10.06.2009 – KeyBank announced that as of April 2009 it has provided more than $2 billion in capital to qualified women-owned businesses (WOBs) through its Key4Women program, surpassing its 2007 pledge to lend these funds to women-owned firms by 2012. Continuing its lending momentum, Key recommits and will lend another $3 billion to qualified WOBs by the year 2012, which will also be important to our country's economic recovery.
This is the second time that Key has exceeded its goals of lending to WOBs; in 2005, the bank pledged $1 billion to women-owned businesses and surpassed that number in 2007.
"Providing more than $3 billion to qualified women-owned businesses since 2005 proves the strength of these companies," said Maria Coyne, Executive Vice President, Key4Women. "We continue to seek out and find women who are growing their businesses responsibly, even during these difficult economic times. We are pleased to be able to help these companies survive and thrive."
As one of the nation's largest financial services companies and top small business lenders, Key already provides financial services to thousands of women-owned businesses in 13 states.
Female entrepreneurs represent a highly dynamic segment of the small business market. According to the Center for Women's Business Research, 10.1 million firms are majority-owned by women. As of 2008, these firms accounted for 40 percent of all privately held companies, employed more than 13 million people and generated $1.9 trillion in sales.
Founded in 2005, the Key4Women program provides female entrepreneurs with access to capital, financial solutions, educational offerings and networking opportunities. Key4Women also offers customized service and financial expertise through a team of dedicated Key4Women Relationship Managers.
"An important part of our mission at Key4Women is to provide women business owners with access to capital, to help them get the right kind of financing at the right time," Coyne said. "According to research, women owned business are still less likely than men-owned businesses with comparable revenue to use or intend to use business credit or equity financing. Our message is: it's okay to borrow strategically."
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- Defying the credit crunch, Key4Women announces it will lend $3 billion to qualified women-owned businesses by 2012.
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- Membership in Key4Women, which provides women business clients with benefits to help them achieve their goals, including: access to Key.com/women, email newsletters, access to the mariaonmoney.com blog, local networking events, and educational opportunities such as roundtables, Financial Forums, local speakers, and online content.
- Key4Women also partners with other local and national organizations that support women-owned businesses, including the Center for Women's Business Research, the Women Presidents' Organization, and NAWBO.
- Key4Women Resource Centers, launched in 2008, which provide a place for women in business to meet, seek and find resources, and access financial expertise through Key4Women Relationship Managers.
- The Key4Women lending commitment is only part of the overall picture at Key. When the economy slowed in 2008, despite concern from business owners across America about access to capital, KeyBank remained well capitalized and has maintained its focus on lending to relationship clients. Key's ability to lend is partially due to its history of sound credit standards and choice to shun risky activities.
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- Key.com
- Key4Women
- Key4Women FAQ
- Maria on Money blog
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- Key4Women, small business lending, women-owned business lending, small business financing, women-owned business financing, credit crunch, small business banking
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Maria C. Coyne, Executive Vice President, Key4Women 
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