BUFFALO, N.Y.—M&T Bank ranked as the #1 SBA lender in the Buffalo, Rochester, Syracuse, Baltimore, Washington, D.C., and Philadelphia districts and finished 6th nationally ranked by total loans made through the U.S. Small Business Administration's (SBA) most popular small business lending program during the federal fiscal year ended Sept. 30, 2010.
M&T Bank issued 938 of the SBA's 7(a) loans for $119 million, a 36 percent increase in total loans to small business from the prior federal fiscal year. The 7(a) program is the SBA's largest loan program providing operating capital to small business. M&T Bank moved up three spots after ranking 9th nationally in total loans last year.
"One of our bank's most important roles is to work with small business owners and entrepreneurs to consistently provide them with the capital and sound advice needed to operate their businesses and create jobs," said Janet Coletti, senior vice president for business banking at M&T Bank. "We view the SBA as a key partner in our effort to get more capital in the hands of business owners."
M&T Bank has been the leading SBA lender in several of its core markets for more than a decade. The bank nearly doubled its total SBA loans in the Washington, D.C. SBA District this year, topping all district lenders in total loans for the first time. M&T Bank ranked second in total SBA loans in the New York City District with 92 loans.
Under the Small Business Jobs Act passed this month, the maximum SBA 7(a) loan has been increased from $2 million to $5 million. The application fee has also been waived by the SBA through Dec. 31, 2010.
Additional information about M&T Bank's small business products and services can be found at www.mtb.com/business.