BUFFALO, N.Y., Oct. 31, 2016 /PRNewswire/ -- M&T Bank (NYSE: MTB) ended the 2016 federal fiscal year ranked as the 6th largest U.S. Small Business Administration (SBA) lender in the nation, rising from 7th in 2015, based on the total number of 7(a) loans made.*
Total dollars loaned to the bank's small business customers through the 7(a) program increased by more than 20 percent during the fiscal year.
With 1,739 7(a) loans totaling $200.4 million, M&T is the number one lender in the Buffalo, Baltimore, Philadelphia, Washington, and Delaware SBA districts. The bank was among the top ten lenders in both units and dollar volume in Newark, N.J., New York City, N.Y., Syracuse, N.Y., Pittsburgh, Pa., Connecticut, and Richmond, Va. districts.
"We believe deeply in the role that small businesses play in driving job growth and economic activity in our communities but new businesses can't form or grow without access to capital. So we work closely with our partners at the SBA to help our customers access these loan programs," said Neil Hosty, senior vice president for retail and business banking at M&T Bank.
7(a) program lending activity in major Northeast and Mid-Atlantic communities included:
- Baltimore SBA District – Number 1 lender with 302 loans for $39.5 million. M&T issued almost 48 percent of the 634 total number of 7(a) loans made throughout the district.
- Buffalo SBA District (Includes Rochester) – Number 1 lender with 376 loans for $29.2 million. M&T has now been the largest issuer of SBA loans in Buffalo and Rochester for more than 20 years.
- Philadelphia SBA District – Number 1 lender in total loans with 243 loans worth $29.5 million.
- Syracuse SBA District – Number 2 lender in both total loans and dollar volume with 228 loans for $15.3 million.
- Washington DC SBA District – M&T is the leading issuer of SBA loans in our nation's capital in terms of both loans made and dollar volume, with 172 loans for $30.2 million in 2016. M&T made 1 out of every 4 SBA loans issued in the Washington DC District.
- Newark SBA Office – Reflecting its recent growth in New Jersey, M&T is now the state's 4th largest issuer of SBA loans, with 106 loans for $16.7 million. This resulted in a 60 percent increase in total loans made in the state this year.
- Wilmington SBA Office – M&T made 37% of all SBA loans in the district and was number 1 in total loans with 61 loans for $5 million.
The 7(a) program is the SBA's largest loan guarantee program, helping start-up and existing small businesses with operating capital for a variety of general business purposes. Since 1989, M&T Bank has provided more than $2.86 billion in SBA-guaranteed financing to thousands of small businesses.
About M&T Bank Corporation
M&T is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, operates banking offices in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and the District of Columbia. Trust-related services are provided by M&T's Wilmington Trust-affiliated companies and by M&T Bank.
©2016 M&T Bank. Member FDIC.
*Source: U.S. Small Business Administration data
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SOURCE M&T Bank