To learn more about Key Equipment Finance and decide if it’s right for your needs, please continue reading:
Businesses of all sizes often need financing help to acquire new equipment. Whether your company needs to purchase or lease equipment, multiple financing options are available.
Key Equipment Finance, backed by KeyBank, provides various flexible financing options for essential business equipment. However, the company might not be right for every small business. As part of its strategy, Key Equipment Finance plans to engage the capital markets to manage risks and handle larger transactions.
It doesn’t provide an online application or publish interest rates or fees. This review can help you decide if Key suits your equipment financing needs by covering the benefits, drawbacks, and application process.
Specifically, we’ll answer these questions and more:
Key Equipment Finance® is a bank-based finance provider to help companies with expensive equipment purchases. It’s a division of Key Bank designed to serve this specialty finance market.
The company services businesses of all types across the US. It works with equipment manufacturers, dealers, and select resellers. Key provides equipment financing solutions for federal, state, and local government agencies. In addition, it partners with specialty finance lending and capital markets syndications. Key Equipment Finance has a four-pronged strategy that includes Bank Channel, Clean Energy, Key Government Finance, and Capital Markets.
Key Equipment Finance has exited its commercial and municipal vendor finance business as part of its new strategy. The Clean Energy Group at Key Equipment Finance focuses on financing solar, fuel cells, electric commercial vehicles, and energy-efficient solutions. The Inflation Reduction Act is seen as a significant boost for the Clean Energy financing sector.
Key Equipment Finance also provides key government finance solutions, supporting public sector clients such as municipalities and nonprofit hospitals. The company will continue supporting public sector clients with tax-exempt financing through Key Government Finance.
Key Equipment Finance has provided equipment financing for over 48 years. It maintains relationships with vendors and manufacturers that help support the process.
Key launched in 1973 as KeyCorp leasing. It was rebranded as Key Equipment Finance in 2001. The company is headquartered in Denver, Colorado. Its management team provides executive leadership. Over the past 50 years, Key Equipment Finance has helped corporations acquire equipment to increase efficiencies and enhance overall profitability.
Key Equipment Finance is a division of KeyBank National Association. Peter K. Bullen is the EVP & Group Head of Key Equipment Finance. His long-term goal for the company is growth, with plans to examine pipelines, revenue streams, and fee opportunities for 2024.
Equipment financing allows you to acquire needed business equipment on credit. In most cases, the lender pays the equipment vendor directly for the equipment. The business repays the loan in fixed payments, and the equipment is the collateral.
Unfortunately, the lender does not provide information on amounts, rates, or terms. Interested business owners must contact Key directly to learn more about financing options.
The company provides a broad range of equipment finance solutions, including:
Key Equipment Finance does not publish eligibility criteria but states it works with businesses of all sizes. Commercial clients must contact the company or begin the application process to see if they qualify.
With up to 100% financing on business equipment, it may be possible to avoid down payments and finance soft costs. The company states that almost any equipment that generates revenue or reduces time and labor can be financed. It serves various sectors.
Key Equipment Finance is the 7th largest bank-affiliated equipment financing company in the U.S. It is also ranked #3 in U.S. bank-affiliated equipment finance companies in syndicated volume.
It uses a solution-based approach to equipment financing. Business owners can leverage the company’s capital resources and vertical market expertise to acquire needed assets while helping to: Key Equipment Finance offers a solutions-based approach to help businesses acquire necessary assets now and plan for long-term success. Contractors can get finance solutions when dealing with government entities.
The company emphasizes relationship-building with clients who value their offers and ideas. Highly specialized equipment financing may require unique structuring expertise and asset knowledge to meet clients’ objectives. Key Equipment Finance is focused on supporting bank relationships as part of its new go-to-market strategy.
The finance company may have a business loan affiliate program, but the details of how it works are unclear. ISOs and loan brokers interested in partnering with the company should contact them for more information.
The company does not provide an online application nor publish information on what to expect during the application process. You must contact the finance company directly to learn more about applying. You can call them, fill out the customer service form, or visit a location for more information.
The company states it’s possible to structure payments that match your revenue streams and seasonal cash flow. However, it doesn’t explain how that process works.
The company doesn’t provide much additional information on post-funding. Ensure you understand the repayment structure and your obligations before signing any equipment loan or lease agreement.
A primary benefit of working with Key Equipment Finance is that the company has extensive experience in the industry. It’s also owned and backed by KeyBank, giving the company robust capital resources. Key Equipment Finance has over $13.8 billion in assets, further solidifying its financial strength.
Additionally, the company manages a portfolio of approximately $8 billion. It is ranked #11 in U.S. annual originations for bank-affiliated equipment finance companies. The vendor channel contributed 23% of Key Equipment Finance’s new business volume in 2022.
Another advantage is that it offers highly flexible equipment financing structures. Key provides multiple equipment loans and leases with a wide range of payment structures.
One of the company’s most significant drawbacks is that it doesn’t offer an online application. You must contact them or visit a location to apply.
It provides very little information on its products and no cost information, making it impossible to compare costs with similar equipment finance providers.
Yes, Key Equipment Finance is a legitimate lender. The company has provided equipment financing solutions for over 48 years and is a division of KeyBank, one of the largest banks in the nation.
We couldn’t locate online reviews for Key Equipment Finance. Although there are several user reviews for its parent company, KeyBank, those reviews are from customers using the bank’s consumer banking products and services.
We will update this section in the future if online reviews become available.
Since it doesn’t publish qualifications, you must contact the company to determine eligibility for your business. If you apply and get declined, the denial letter should explain why. If not, or if you need more information, you can call them directly.
Fortunately, many lenders are available if Key Equipment Finance doesn’t work for you. Most lenders provide upfront information on eligibility and rates. You’ll be able to find multiple options for equipment financing.
You might also be interested in one of the following small business loans.
Key Equipment Finance is best suited for small business owners seeking flexible options with a traditional brick-and-mortar lender experience. While it doesn’t provide eligibility requirements, the company states it works with companies of all types.
Business owners who want to compare costs or apply online must find a different equipment finance provider. Some traditional lenders provide more transparency on costs and qualifications.
Based on the available information, we rate Key Equipment Finance at 3.5 out of 5. It’s a highly reputable lender with many loan and lease options. However, the lack of upfront information and lack of an online application option hold it back.
Disclaimer: The Key Equipment Finance trademark is owned by KeyBank, and its use herein is for reference purposes only, and it does not indicate sponsorship or endorsement from KeyBank.
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