BUFFALO, N.Y., Nov. 13, 2014 /PRNewswire/ -- M&T Bank (NYSE: MTB), a leading provider of capital to its small business customers for years, finished the 2014 federal fiscal year as America's sixth-largest issuer of U.S. Small Business Administration 7(a) loans, based on recently released data.
M&T ranked as a leading SBA lender in most of its larger communities, including:
- Baltimore District – Number one lender with 232 loans for $28.2 million. M&T issued more than 48 percent of the total number of 7(a) loans in the district.
- Buffalo District – Number one with 162 loans for $19.8 million. M&T has now been the largest issuer of SBA loans in Buffalo for 20 years.
- Delaware District – Number one in total loans, with 53 loans for $4.8 million.
- New Jersey District – In its newest market, M&T ranked sixth with 53 loans made for $8.2 million during its first full year of operation.
- Philadelphia District – Number one lender as ranked by total number of loans, with 184 loans for $23.5 million.
- Rochester Branch – Number one lender with 89 loans for $11.2 million. M&T has been the top SBA lender in Rochester for two decades.
- Syracuse District – Number one lender with 161 loans for $24.3 million.
- Washington, DC District – Number one in total loans with 128 loans for $18.8 million.
M&T increased its total number of SBA 7(a) loans to small businesses by nearly by 6 percent from 2013 levels, extending 1,226 loans for a total of $165.2 million. The small business loan totals grew from 1,156 SBA loans for $162.8 million in 2013.
These loans help support the creation and retention of 12,084 jobs in the bank's communities during the fiscal year, according to SBA data.
"Lending to small businesses contributes to the economic growth of our communities by helping entrepreneurs start and grow businesses. These loans also create thousands of jobs and spur additional economic activity when those employees bring home paychecks," said Janet Coletti, senior vice president for business banking at M&T.
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.
For more information on M&T's small business products and services, 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 700 branch offices and 1,500 ATMs in New York, Pennsylvania, Maryland, Virginia, West Virginia, Delaware and Washington D.C.
©2014 M&T Bank. Member FDIC.
SOURCE M&T Bank
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