The Small Business Administration has awarded KeyBank, KeyCorp's newly established nationwide bank, preferred lender status.

KeyBank said the designation lets it approve SBA-guaranteed loans and should result in faster service to small-business customers.

The preferred lender status is new to KeyBank in Ohio, Michigan, Indiana, New Hampshire, and Idaho. KeyCorp units in Maine, Vermont, New York, Colorado, Utah, Washington, and Oregon were already SBA preferred lenders.

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