FORT BRAGG, N.C., May 21, 2013 /PRNewswire/ -- KeyBank is one of 20 large national banks accepting a US Small Business Administration challenge to increase SBA-backed loans to small business owners who are veterans.
SBA Director Karen Mills announced the national SBA Veterans Pledge Initiative Monday at Fort Bragg, NC. KeyBank National SBA Manager John Moshier attended the ceremony. According to the SBA, nearly 250,000 veterans leave the service each year, and many of these veterans become small business owners.
The Veterans Pledge Initiative is part of Operation Boots to Business, an SBA program that trains veterans in business entrepreneurship. The SBA wants to increase the number of veteran small business owners by 2,000 over the next five years. KeyBank and other participating banks are challenged to increase the number of loans to veteran small business owners by 5 percent each year for the next five years.
"We are honored to take part in the Veterans Pledge Initiative, which we believe will help many military veterans attain their post-service ambitions," Moshier said. In 2012, KeyBank made 52 loans totaling $21 million to veteran-owned small businesses.The Veterans Pledge Initiative is similar to the 2011 small business lending initiative in which 13 national banks committed to loan a total of $20 billion to small business owners by 2014. KeyBank pledged to loan $5 billion, and fulfilled that obligation two years ahead of schedule. About KeyCorp Key traces its history back more than 160 years and is headquartered in Cleveland, Ohio. One of the nation's largest bank-based financial services companies, Key has assets of approximately $89.2 billion as of March 31, 2013. Key (NYSE: KEY) provides deposit, lending, cash management and investment services to individuals, small and medium-sized business in 14 states under the name KeyBank National Association. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information about Key, visit www.key.com or follow Key on Twitter@KeyBank_News and @KeyBank_ Thrive. KeyBank is Member FDIC SOURCE KeyCorp