U.S. Small Business Administration data also shows M&T approved more 7 (a) loans for small businesses than any other lender in Baltimore, Buffalo/Rochester, Delaware, Philadelphia, Syracuse and Washington D.C.
BUFFALO, N.Y., Oct. 14, 2020 /PRNewswire/ -- M&T Bank announced today it ranked fifth in the nation for the Small Business Administration's (SBA) fiscal year 2020, reflecting its commitment to helping small businesses and communities thrive by providing small business owners with valuable expertise and flexible financing solutions.
M&T extended 1,110 loans for a total of $157 million over the course of the year. This is funding outside of M&T's efforts through the Paycheck Protection Program (PPP), where M&T helped more than 35,000 small businesses acquire more than $7 billion in critical funding. M&T has been one of the top 10 most active SBA 7(a) lenders in the U.S. for the past 12 years.
"Our support of small business owners is unwavering, especially during these challenging times," said Eric Feldstein, head of business banking at M&T Bank. "Small businesses are a vital part of our communities and local economies, and it is times like these when our customers and communities need us most. I could not be prouder of the commitment and compassion that my colleagues have demonstrated throughout the year, and am certain that their efforts made a difference in people's lives."
According to the SBA, M&T continued its long-held position as a top-ranking lender in many of its major communities, including:
- Baltimore SBA District – Number one lender with 241 loans for $35.3 million. M&T issued more than 50 percent of the total number of loans in the district.
- Buffalo / Rochester SBA District – Number one lender with 153 loans for $25.3 million.
- Delaware SBA District – Number one lender based on total number of loans, with 44 loans totaling $7.5 million.
- New Jersey SBA District – Second leading lender in total number of loans issued, with 88 loans for $18.9 million.
- New York City SBA District – Second leading lender in total number of loans, with 192 loans for $16.9 million.
- Philadelphia SBA District – Number one leading lender ranked by total number of loans, with 118 loans for $15.9 million.
- Syracuse SBA District – Number one lender with 70 loans for $11.6 million.
- Washington D.C. SBA District – Number one lender based on total number of loans, with 143 loans for $19.3 million.
M&T Bank provides a wide range of credit solutions to small businesses, ranging from conventional loans to SBA loans and other government-sponsored lending programs.
For more information on M&T's small business products and services, please visit www.mtb.com/business. For additional information on SBA programs, visit www.sba.gov.
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.
New York (excluding NYC):
New Jersey, Connecticut and New York City:
Delaware, Maryland, Pennsylvania, Virginia and Washington, DC:
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SOURCE M&T Bank