BUFFALO, N.Y., Oct. 31, 2013 /PRNewswire/ -- M&T Bank (NYSE: MTB), a leading provider of capital to its small business customers for years, has grown to become America's fifth-largest issuer of U.S. Small Business Administration 7(a) loans, based on recently released SBA data.
M&T increased SBA 7(a) dollars to small businesses by nearly by 33.7 percent from 2012 levels, extending 1,156 loans for a total of $162.8 million. The small business loan totals grew from 1,089 SBA loans for $121.8 million in 2012. Only four other lenders issued more 7(a) loans during the 2013 federal fiscal year that ended September 30.
"M&T's consistent approach reflects our unwavering commitment to providing small business owners and entrepreneurs the capital and technical assistance they need to operate and grow their businesses," said Janet Coletti, senior vice president for business banking at M&T. "We've consistently served the small business market through all stages of the economic cycle and the $41 million increase in our SBA 7(a) loans last year helped hundreds of businesses finance new buildings, purchase equipment and create jobs."
M&T also ranked as a leading SBA lender in most of its major Northeast and Mid-Atlantic communities, including:
- Baltimore SBA District – Number one lender with 194 loans for $24.8 million. M&T issued more than 44 percent of the total number of 7(a) loans in the district.
- Buffalo SBA District – Number one with 148 loans for $20.9 million, increasing its total loans from 2012 by 27 percent and total dollar volume by 33 percent.
- Delaware SBA District – Number one in the total number of loans, with 33 loans for $3.7 million.
- New York City SBA District – Ranked second in the total number of SBA loans issued, with 95 loans for $12 million in 2013.
- Philadelphia SBA District – Leading lender ranked by total number of loans, with 205 loans for $27.2 million, representing a 14 percent increase in total loans.
- Rochester Branch – More than doubled the dollar volume of SBA loans in 2013 by issuing 112 loans for $24.1 million. M&T has been the top SBA lender in Rochester for two decades.
- Syracuse SBA District – Ranked as the number one SBA lender with 150 loans for $17.1 million.
- Washington SBA District – Total loans jumped by 42 percent, ranking M&T first in total 7(a) loans with 137 loans for $22.1 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 $2.5 billion in SBA-guaranteed financing to thousands of small businesses.
As an SBA-preferred lender, M&T can offer an expedited process on loan requests of less than $100,000, to quickly get a small business needed operating funds.
For more information on M&T's small business products and services, please visit www.mtb.com/business.
About M&T Bank
Founded in 1856, M&T Bank Corp. is one of the 20 largest U.S. bank holding companies, with more than 725 branch offices and 2,000 ATMs in New York, Pennsylvania, Maryland, Virginia, West Virginia, Delaware and Washington D.C.
Delaware: Megen Morris (302) 651-1462
Pennsylvania, Maryland, Virginia, Washington D.C.: Philip Hosmer (410) 949-3042
New York: Chet Bridger (716) 842-5182
©2013 M&T Bank. Member FDIC.
SOURCE M&T Bank