WASHINGTON, Feb. 13, 2013 /PRNewswire/ -- Maria C. Coyne, KeyBank Executive Vice President, Branch Network, testified today before a hearing of the U.S. House Committee on Small Business on "The State of American Small Businesses." Ms. Coyne spoke on behalf of The Financial Services Roundtable and the Consumer Bankers Association.
In her testimony, Coyne stated KeyBank's commitment to women-owned businesses had totaled $6 billion in lending since 2005. She also reiterated a 2011 commitment made by KeyBank and 12 other banks to increase small business lending by $20 billion over three years. Coyne cited widespread industry support for increases in small business lending; calling small businesses the "cornerstone of the American economy and its communities."
"KeyBank, the Roundtable and CBA have supported, and will continue to support, the various efforts of this Committee and Congress to expand small business lending and to stimulate economic development," Coyne said. "As a result, many small business lenders have instituted aggressive second-look programs to ensure no stone is unturned when finding ways to make more quality loans. These second-look programs are resulting in more approvals."
Coyne also noted a parallel track between the country's economic outlook and lending projections.
"It is a myth that banks are holding back the economy by refusing to loan to small and large businesses," she said. "In fact, overall domestic loans increased 5% by the end of 2011, reaching $2.1 trillion by the end of the second quarter of 2012. However, today's economic environment remains a challenge for many small businesses."
Coyne's full testimony can be found online at: http://smallbusiness.house.gov/calendar/eventsingle.aspx?EventID=319211
The Consumer Bankers Association (CBA) is the trade association for today's leaders in retail banking - banking services geared toward consumers and small businesses. The nation's largest financial institutions, as well as many regional banks, are CBA corporate members, collectively holding two-thirds of the industry's total assets. CBA's mission is to preserve and promote the retail banking industry as it strives to fulfill the financial needs of the American consumer and small business.
About The Roundtable
The Financial Services Roundtable represents 100 integrated financial services companies providing banking, insurance, and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO.
Roundtable member companies provide fuel for America's economic engine, accounting directly for $98.4 trillion in managed assets, $1.1 trillion in revenue, and 2.4 million jobs.
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 $90 billion as of Dec. 31, 2012.
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.