KeyCorp is taking applications for small-business loans by telephone-24 hours a day, seven days a week in 14 states.

KeyCorp's loan-by-phone program follows BankAmerica Corp.'s introduction of a similar program, which operates 15 hours a day, seven days a week in 10 western states. The two banks' territories overlap in Washington, Idaho, Oregon, and Alaska.

Entrepreneurs can apply by phone for KeyCorp's loans and credit lines up to $35,000, reserve lines of credit up to $10,000, or Visa small-business credit cards.

"Small-business owners have so many demands on their time-banking by phone enables them to choose the time that is most convenient," said Sandra Maltby, executive vice president for small-business services at KeyCorp.

Customers complete the KeyCorp loan application by talking to a customer service representative. The company said it makes a loan decision within 24 hours. No financial documents such as tax returns are necessary.

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