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More business owners in Baltimore, Buffalo/Rochester, Delaware, Philadelphia, Syracuse and Washington, D.C., received SBA loans through M&T than any other lender
BUFFALO, N.Y., Oct. 12, 2021 /PRNewswire/ -- M&T Bank again ranked in the top 10 in the nation for U.S. Small Business Administration lending, providing 1,115 7(a) loans for a total of $201 million to help local small businesses grow during the SBA's 2021 fiscal year – a 28 percent jump in dollars from 2020 levels. For 13 consecutive years, M&T has remained one of the top 10 SBA lenders in the country.
"Small businesses do more than create jobs and brighten Main Streets; they become part of the identity of our communities – and the entrepreneurs who lead them become sources of inspiration to neighbors who are thinking about starting their own businesses," said Eric Feldstein, head of business banking at M&T Bank. "We believe it is our responsibility to provide small businesses with the financial solutions, guidance and support they need to grow stronger and make a difference in people's lives – from the workers they hire to the up-and-coming entrepreneurs they inspire."
WC McBride Electrical Contractors, based in Bridgeport, Connecticut, secured an SBA loan through M&T to finance the construction of the company's new 11,000-square-foot building in Bridgeport, CT. The company, which participates in a training program for local youth, was also connected to M&T's supplier diversity team to pursue contracting opportunities with the bank.
"The SBA funding we received through M&T has helped us take important next 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 time to get to know us and our vision, and they identified SBA financing as the right solution to help us grow. We're excited about where our business is headed thanks to M&T's help – we have plans to build a new headquarters and keep hiring in the years to come."
M&T was the leading small business lender in the SBA Districts of several communities it serves, including:
Baltimore: #1 lender with 227 loans for $45.3 million.
Buffalo / Rochester: #1 lender with 130 loans for $28.5 million.
Delaware: #1 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: #1 lender with 129 loans for $25.4 million.
Syracuse: #1 lender with 69 loans for $13.9 million.
Washington, D.C.: #1 lender with 121 loans for $17.6 million.
SBA loans are typically provided to businesses that may not qualify for traditional financing because they're just starting up, operate in higher-risk industries or lack sufficient collateral. By offering lower monthly payments and longer loan terms to eligible businesses, SBA loans help fuel local economies through small business development.
To help businesses secure the funds they needed during the pandemic, M&T provided a total of $9.9 billion in funding to more than 58,000 businesses through the Paycheck Protection Program (PPP). In addition to the PPP, M&T took a multi-faceted approach to help its customers and communities through the pandemic. The company empowered its staff with the tools and authority to help customers with specific needs, including fee relief on deposit or lending solutions, payment deferrals and low-interest personal loans.
In its latest Greenwich Crisis Response Index (CRI), Greenwich Associates identified M&T as a "Standout" among commercial banks in its support of small business customers during the ongoing COVID-19 pandemic. M&T was one of just seven banks across the country to achieve this standout status for small business banking.
M&T provides customized banking solutions tailored to their business customers' needs, combining its tech capabilities with its relationship-based approach to serving businesses. Beyond its financing and credit offerings like SBA loans and conventional loans, M&T helps small businesses with cash management products, merchant and payment services, mobile and digital banking tools, business checking and credits cards, and more. For more information about M&T's 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 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.
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© 2021 M&T Bank. Member FDIC. Equal Housing Lender.
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SOURCE M&T Bank