BUFFALO, N.Y., Oct. 16, 2017 -- M&T Bank remained a leading provider of new loans guaranteed by the U.S. Small Business Administration during the recently completed 2017 federal fiscal year, ranking 8th nationally in 7(a) loans, which is the SBA's most widely used loan program.
M&T continued its long-held position as the number one small business lender based on total 7(a) loans in the SBA's Baltimore, Buffalo, Delaware and Washington, D.C. districts and was the second largest lender in Philadelphia and Syracuse.
M&T's average 7(a) loan was $147,138, with the bank providing $183.6 million in financing to 1,248 business owners.
"We are proud to have once again expanded our total lending to small businesses over the past year and SBA loans are one of the many tools we have to help entrepreneurs start and grow businesses. Whether it's the small manufacturer buying a new piece of equipment, or the neighborhood dentist opening a second office, small businesses are the backbone of the economy across many of our communities and we will continue to partner with the SBA to help these businesses provide jobs in their communities," said M&T Senior Vice President for Business Banking Eric Feldstein.
M&T also continued to build relationships with more small businesses in the New York City metropolitan area and New Jersey. In the New York City SBA District, which is home to several of the nation's largest financial institutions, M&T was the 3rd largest SBA lender based on total 7(a) loans. M&T finished 4th in total loans within the Newark SBA District.
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 business purposes.
About M&T Bank:
M&T Bank Corporation (NYSE:MTB)("M&T") 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.
© 2017 M&T Bank. Member FDIC.
Equal Housing Lender