M&T Bank Ranks Among Nation’s Top SBA Lenders, Offers 1,115 SBA Loans to Entrepreneurs to Grow Small Businesses
BUFFALO, NY, 12 October 2021 / PRNewswire / – M&T Bank again ranked in the nation’s top 10 for US Small Business Administration loans, offering 1,115 7 (a) loans for a total of $ 201 million to help local small businesses grow in the SBA’s 2021 fiscal year – a 28% dollar jump from 2020 levels. For 13 consecutive years, M&T remained one of the top 10 SBA lenders from the country.
“Small businesses do more than create jobs and brighten main streets; they are part of the identity of our communities – and the entrepreneurs who run them become sources of inspiration for neighbors who are considering starting their own businesses, ”said Eric Feldstein, Head of Corporate Banking Services at M&T Bank. “We believe it is our responsibility to provide small businesses with the financial solutions, advice and support they need to grow stronger and make a difference in the lives of people, from the workers they hire to the promising entrepreneurs. that they inspire.
WC McBride Electrical Contractors, based in Bridgeport, Connecticut, obtained an SBA loan through M&T to finance the construction of the company’s new 11,000 square foot building in Bridgeport, Connecticut. The company, which participates in a training program for young people in the region, has also partnered with M&T’s supplier diversity team to seek contract opportunities with the bank.
“The SBA funding that we have received through M&T has helped us take important steps as a business, expanding our capabilities and helping us strengthen our community,” said Willie McBride, president of WC McBride Electrical Contractors. “M&T took the time to get to know us and our vision, and they identified SBA funding as the right solution to help us grow. We are excited about the direction our business is taking with the help of M&T – we intend to build a new head office and continue to hire for years to come. “
M&T was the primary lender to small businesses in the SBA districts of several communities it serves, including:
- Baltimore: 1st lender with 227 loans for $ 45.3 million.
- Buffalo / Rochester: 1st lender with 130 loans for $ 28.5 million.
- Delaware: 1st lender with 47 loans for $ 5.8 million.
- New Jersey: # 2 lender with 102 loans for $ 15.5 million.
- New York City: # 2 lender with 221 loans for $ 31.2 million.
- Philadelphia cream: 1st lender with 129 loans for $ 25.4 million.
- Syracuse: 1st lender with 69 loans for $ 13.9 million.
- Washington DC: 1st lender with 121 loans for $ 17.6 million.
SBA loans are typically given to businesses that may not qualify for traditional financing because they are just starting out, are operating in high-risk industries, or lack sufficient collateral. By providing lower monthly payments and longer loan terms to eligible businesses, SBA loans help fuel local economies through small business development.
To help businesses get the funds they needed during the pandemic, M&T provided a total of $ 9.9 billion dollars in funding to more than 58,000 companies through the Paycheck Protection Program (PPP). In addition to PPP, M&T has taken a multi-faceted approach to helping its customers and communities weather the pandemic. The company has equipped its staff with the tools and authority to help clients with specific needs, including fee relief on deposit or loan solutions, payment deferrals, and low-rate personal loans. of interest.
In its latest Greenwich Crisis Response Index (CRI), Greenwich Associates identified M&T as an “exceptional” among commercial banks in its support of small business clients during the ongoing COVID-19 pandemic. M&T was one of seven banks in the country to achieve this exceptional status for small business banking services.
M&T offers personalized banking solutions adapted to the needs of its commercial customers, by combining its technological capacities with its relational approach to the service of companies. Beyond its financing and credit offerings such as SBA loans and conventional loans, M&T helps small businesses with cash management products, merchant and payment services, mobile and digital banking tools, cards professional credit and control, etc. For more information on M&T Small Business Services, visit mtb.com/business.
About M&T Bank
M&T Bank Corporation is a financial holding company headquartered in Buffalo, New York. M&T’s main banking subsidiary, M&T Bank, operates bank offices in new York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and the District of Colombia. Trust related services are provided by affiliates of M & T’s Wilmington Trust and by M&T Bank.
Northern State new York, National media and trade publications:
Delaware, Maryland, Pennsylvania, Virginia and Washington, DC:
New Jersey, Connecticut and New York:
© 2021 M& T Bank. FDIC member. Equal housing lender.
SOURCE M&T Bank