BUFFALO, N.Y., Oct. 10, 2018 /PRNewswire/ -- M&T Bank today announced it ranked seventh in the nation for total loans during the Small Business Administration's (SBA) fiscal year. M&T Bank extended 1,403 SBA 7(a) loans to small business owners for a total of $172.6 million over the course of the year, representing a 12.4 percent jump in loans made from 2017 levels.
M&T Bank has been a top 10 SBA lender for a decade, reflecting a longstanding commitment to help customers and communities thrive by providing small business owners with valuable expertise and flexible financing solutions.
M&T Bank also continued its long-held position as a top-ranking SBA lender in many of its major communities, including:
- Baltimore SBA District – Number one lender with 340 loans for $39 million, increasing its total loans from 2017 by 36.5 percent. M&T issued more than 49 percent of the total number of loans in the district.
- Buffalo SBA District (incl. Rochester) – Number one lender with 198 loans for $23.9 million.
- Connecticut SBA District – Ranked fourth in total number of loans with 35 loans for $7 million, increasing its total loans by 119 percent from 2017.
- Delaware SBA District – Number one lender based on total number of loans, with 58 loans totaling $8.6 million.
- New Jersey SBA District – Ranked second in the total number of loans, with 92 loans for $13.3 million. Last year, M&T Bank ranked fourth with 90 loans.
- New York City SBA District – Ranked third in the total number of loans issued, with 154 loans for $15.8 million, representing a 30.5 percent increase in total loans.
- Philadelphia SBA District – Second leading lender ranked by total number of loans, with 196 loans for $18.5 million.
- Richmond SBA District – Ranked third in the total number of loans with 38 loans for $4.2 million.
- Syracuse SBA District – Number one lender based on total number of loans, with 102 loans totaling $7.8 million.
- Washington SBA District – Second leading lender ranked by total number of loans, with 170 loans for $31.7 million. M&T was the district's top lender based on total dollars loaned to small businesses.
"Our consistent top ten ranking reflects our unwavering support of small business owners as they look to grow and prosper in their local communities," said Eric Feldstein, senior vice president for business banking at M&T. "We are proud to partner with the SBA to offer a range of lending solutions that help small businesses, which are the drivers of job creation and economic growth in this country."
M&T Bank has been one of the top 10 most active SBA 7(a) lenders in the U.S. over the past 10 years, and during that time the company has increased its SBA 7(a) lending 103 percent in loans and 137 percent in dollar volume.
The 7(a) loan is one of the SBA's most flexible loan programs, designed to finance existing small businesses and startups that are unable to secure business loans through traditional lending channels. Since 1989, M&T Bank has provided more than $3.5 billion in SBA-guaranteed financing to thousands of small businesses.
About M&T Bank
M&T Bank Corporation 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.
© 2018 M&T Bank. Member FDIC. Equal Housing Lender.
SOURCE M&T Bank