CLEVELAND, May 13, 2021 /PRNewswire/ -- KeyBank is being recognized for its support of small business clients by the Greenwich Excellence Awards, both nationally and regionally in 2020, highlighting the bank's accomplishments in client satisfaction, Relationship Manager interaction, and cash management. The awards – determined through a survey of more than 12,000 interviews with businesses between $1 million and $10 million in revenues, evaluated 600 banks and named KeyBank among a select group of organizations performing in support and service for small businesses.
The Greenwich Excellence Awards come during an unprecedented time of need for small businesses, which are looking for increased support from their banks to weather the impact of the pandemic.
"These awards are really special because they exemplify how we rose to the challenges faced by our clients and communities," said Kip Clarke, Head of KeyBank Business Banking. "We put a special focus on relationship banking, truly knowing our clients and their needs. We are proud of how hard our teammates worked and appreciative of the recognition they deserve."
As the Greenwich survey responses were gathered, businesses across the nation were reliant on the support of the Paycheck Protection Program (PPP), and in most cases, they acquired these loans through their primary bank. During the first two phases of PPP in 2020, KeyBank processed more than 43,000 applications, totaling more than $8.1 billion in funding. "During 2020 our clients needed much more than loans, and our relationship approach as their trusted advisor helped them navigate an extremely challenging environment," said Clarke. "We pride ourselves on thoughtful, industry-informed, advice and capital to help our clients, their owners and employees achieve their goals."
Last year was also a landmark year for KeyBank with SBA 7(a) loans. Small business clients were able to acquire $316 million in SBA 7(a) loans, ranking KeyBank 7th in the nation among financial institutions.1
KeyBank received six National Greenwich Excellence Awards, along with seven Regional Greenwich Excellence Awards. Among the regional awards, the Northeast, Midwest, and West regions of KeyBank's teams were recognized. KeyBank is one of just 32 banks to be included in this year's awards.
Methodology Greenwich Excellence Award winners are determined at a National level and in four geographic regions: Midwest, Northeast, South, and West. To qualify for consideration for the National awards, each winning bank had to have a minimum of 50 clients that responded to the survey. To qualify for Regional awards, each winning bank had to have a minimum of 30 clients responding in the region.
Greenwich Excellence Award selection is based on Top Box ratings on Greenwich Associates 5-point evaluation scale. The banks selected must receive a statistically significant proportion of "Excellent" ratings relative to the overall mean (at a 95% confidence level).
1 Source: Statistics released by the SBA as of 9/30/2020