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KeyBank Would Lend $1B to Women-Owned Businesses
"CLEVELAND -- Through its Key4Women program, KeyBank will lend a minimum of $1 billion over the next three years to qualified businesses owned by women.KeyBank, with $91 billion in assets, serves nearly 80,000 businesses owned by women in 13 northern states from New York to Alaska.Charleen Davidson has been named relationship manager of the Key4Women program in its Youngstown, Canton and Akron markets, Thomas E. Tulodzieski announced. Tulodzieski is president of the bank's eastern Ohio region. "We're increasing our levels of support in all markets," Davidson said, declining to be more specific or to say what the level of increase might be in eastern Ohio. While KeyBank has been focused on serving women more than 50 years, Key4Women will be "more of a focus," Tulodzieski said.Women-business owners are more reluctant than men to borrow from commercial banks, Davidson pointed out. "They're less likely to use commercial credit," a situation KeyBank hopes to change by "hosting a variety of women-owned business events in local markets." The bank would work with the Small Business Administration, chambers of commerce and Service Corps of Retired Executives (Score) to educate women on applying for and obtaining credit."Through our financial support of Women's President Organization and National Association of Women Business Owners," Davidson said, "we act as the conduit for such services. We make partnerships and networking easier." Women-owned businesses are as strong financially and credit-worthy as the average firm in the United States, she added. KeyBank held its first women-owned business event in Ohio earlier this month and is looking to hold its first meeting in the Youngstown market in early March, Davidson said. The bank says it will lend to a range of companies from self employed entrepreneurs to large corporations who need to augment their working capital, expand, buy equipment or real estate or other business-related purpose.Businesses owned by women are a growing economic force, KeyBank notes, citing the Center for Women's Business Research finding that the number of businesses owned by women in the United States grew 28% between 1997 and 2004 to 10.6 million. These companies employ 19.1 million and generate $2.5 trillion in sales.Over that same period in eastern Ohio, Key says, the number of businesses owned by women grew to 21,803 from 19,660. Not surprisingly, Davidson reports, "Women have been taking more initiative" in developing their businesses. Visit KeyBank at www.keybank.com"