BUFFALO, N.Y., Sept. 20, 2013 /PRNewswire/ -- M&T Bank (NYSE: MTB) increased small business lending by $259 million during the last 12 months, a pace far exceeding its plans to grow small business loans by $50 million a year which were conveyed to the U.S. Small Business Administration in 2011.
At a White House Small Business Lender Forum held in Cleveland, Ohio in September 2011, M&T Bank Chairman and CEO Robert G. Wilmers vowed to Vice President Joseph R. Biden, Jr. and the U.S. Small Business Administration (SBA) that M&T would increase small business lending by $50 million above 2010 levels for each of the next three years. M&T recently submitted its two-year progress report to the SBA.
M&T increased new small business loan totals by $455 million over the 2010 baseline level, with the $259 million increase from September 2012 – 2013 coming on top of the $196 million increase included in M&T's first progress report, which covered the time frame of September 2011 – 2012.
"We've long believed one of the keys to renewed U.S. economic growth has been to get the small business job engine back on track," said M&T Bank Chairman and CEO Bob Wilmers. "By increasing our lending to small businesses in our communities, we're seeing those businesses create jobs, which helps generate more housing demand and increased consumer spending."
Among the thousands of small businesses that obtained loans from M&T to fund growth, investment and new job creation are:
- Benjamin's Desk, a start-up firm providing shared office space and support services to more than 30 companies and organizations in the historic Allman Building in Philadelphia. Military veteran Mike Maher used a Patriot Express loan through the U.S. Small Business Administration and M&T Bank to fund the business growth.
- MASLEY Enterprises, a Wilmington, Del-based, woman-owned small business that designs, engineers and manufactures specialty gloves for the U.S. military. Founded in 2000 by Donna and Frank Masley—a three-time Olympic luge athlete—the company recently moved the business to a historically underutilized business zone, or HUBZone, and has been recognized for using materials made in the U.S. as well as having a U.S.-based workforce, which has grown to 40 employees. The company also works with the State of Delaware's Blue Collar Training Fund to help a number of Delaware residents transition from welfare to work.
- Apnea Care of Western New York, a suburban Buffalo, N.Y. business, which received a $14.5 million contract from the U.S. Department of Veterans Affairs to provide oxygen therapy equipment to 2,800 veterans across New York State. A $1.5 million SBA loan through M&T Bank helped fund the new offices and equipment across New York. The company is in the process of doubling its staff to 52 employees.
- Red Barn Technology Group, a Binghamton, N.Y., technology firm specializing in building high-performance computer servers and work stations for many prestigious universities, and military and research institutions across the country. The small business has used SBA loan products to help manage its cash flow during its computer production cycle. Red Barn now employs more than 20 people.
- Thornberry Consulting, based in the Greater Washington suburb of Mt. Airy, Md., provides engineering, management, and IT services to the Department of Defense. Cash flow can be a significant hardship to a small federal contractor such as Thornberry. M&T helped the company plan and manage its growth effectively through regular meetings to review accounts, the business plan, current contracts and projections. The company has grown from three employees to 26 employees in nine years, while expanding from one contract to 20 contracts, and anticipates adding another 20 employees in the next five years.
M&T is the sixth largest Small Business Administration lender in the nation, based on the total number of loans made through the 7(a) loan program during the most recently completed federal fiscal year, and the number one SBA lender in many of its markets, including Buffalo, Rochester, Syracuse, Philadelphia, Wilmington, Baltimore and Washington, D.C. *
About M&T Bank Founded in 1856, M&T Bank Corp. (www.mtb.com) 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.
Media Contacts Delaware: Megen Morris (302) 651-1462 Pennsylvania, Maryland, Virginia, Washington D.C.: Philip Hosmer (410) 949-3042 New York: Chet Bridger (716) 842-5182
*According to statistics released by the U.S. Small Business Administration (SBA) for total approved loans through the SBA's 7(a) lending program during the federal fiscal year ending 9/30/2012.
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SOURCE M&T Bank