M&T Bank ranks 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, the company announced in a release.
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 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, M&T Bank said.
“Our support of small-business owners is unwavering, especially during these challenging times,” Eric Feldstein, head of business banking at M&T Bank, said in the release. “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 1 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 1 lender with 153 loans for $25.3 million.
- Delaware SBA District – Number 1 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 1 lender ranked by total number of loans, with 118 loans for $15.9 million.
- Syracuse SBA District – Number 1 lender with 70 loans for $11.6 million.
- Washington D.C. SBA District – Number 1 lender based on total number of loans, with 143 loans for $19.3 million.