KeyBank Helps Small Businesses Meet Cash Flow Challenges
October 27 2003 - 4:16PM
PR Newswire (US)
KeyBank Helps Small Businesses Meet Cash Flow Challenges CLEVELAND,
Oct. 27 /PRNewswire-FirstCall/ -- Two Key Small Business Banking
products featuring promotional rates and discounts are helping
small business clients manage difficult cash flow situations while
saving money. The Small Business Responsive Line of Credit and the
Small Business Term Loan are both designed to assist small
businesses in working through budget concerns while taking
advantage of savings opportunities. Promotional rates for both
products are only available through November 29. "Small businesses
need to have funds available in order to grow. Expenses such as
equipment upgrades and purchases, and costs associated with
expansion are necessary for companies to reach their potential,"
said Patrick B. Murphy, segment manager for micro small business at
KeyBank. "Key is here to make that growing process as easy as
possible by offering a line of credit and a term loan that can save
businesses money as they head into the end of the fiscal year."
KeyBank's Small Business Responsive Line of Credit* features a
promotional rate of the Wall Street Journal Prime Rate prime minus
0.50 percent for the first 12 months on new accounts. This rate is
only available to those clients with a new or existing Key business
checking account and whose line of credit application is approved.
The Responsive Line of Credit is ideal for businesses that require
access to available funds on an ongoing basis. The Small Business
Term Loan* features promotional fixed rates as low as 5.49 percent
depending on credit worthiness. Clients opening a new term loan
will also have their origination fee waived, which could mean
savings of up to $1,000 depending on the size of the loan. These
promotional rates and discounts require a new or existing Key
business checking account and an approved loan application. The
promotional rate can be applied for a maximum of 60 months for term
loan up to $150,000. Businesses interested in these products can
visit any KeyCenter, call 1-888-KEY4BIZ(R) or visit
http://www.key.com/smallbiz . Key Small Business Banking Key is one
of the nation's largest lenders to small businesses with annual
sales revenues of up to $10 million. Key's expert relationship
managers provide small businesses with comprehensive deposit,
investment and credit products, and business advisory services,
delivered through multiple channels. Key also provides small
business owners with an information-rich Web site (
Key.com/smallbiz ) that includes the Online Solutions Center, an
interactive resource for obtaining information on growing and
managing a business. KeyCorp Cleveland-based KeyCorp (NYSE:KEY) is
one of the nation's largest bank- based financial services
companies, with assets of approximately $84 billion. Key companies
provide investment management, retail and commercial banking,
consumer finance, and investment banking products and services to
individuals and companies throughout the United States and, for
certain businesses, internationally. The company's businesses
deliver their products and services through KeyCenters and offices;
a network of nearly 2,200 ATMs; telephone banking centers
(1.800.KEY2YOU); and a Web site, Key.com(R), that provides account
access and financial products 24 hours a day. * Credit products
subject to credit approval. Line of credit introductory rate is
based on the Wall Street Journal Prime Rate minus .50% (3.50% as of
10/01/03) for the first 12 months and will revert to standard
pricing index thereafter. Term loan promotional fixed rate is good
on loans $25,001 - $150,000 for up to 5 years and can be as low as
5.49% depending on credit worthiness. Promotional offer is
effective for Small Business Responsive Lines of Credit and/or
Small Business term loans applied for by November 29, 2003. Rates
subject to change. DATASOURCE: KeyCorp CONTACT: Jennifer Raynor of
KeyCorp, +1-216-689-5273, or email, Web site: http://www.key.com/
http://www.key.com/smallbiz http://www.key.com/newsroom
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