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.
Media Contacts:
Upstate New York, National
Media and Trade Publications:
Julia Berchou
(716) 842-5385
jberchou@mtb.com
Delaware, Maryland, Pennsylvania, Virginia and Washington,
DC:
Scott Graham
(410) 244-4097
sgraham1@mtb.com
New Jersey, Connecticut and New York City:
David Samberg
(201) 368-4515
dsamberg@mtb.com
© 2021 M&T Bank. Member
FDIC. Equal Housing Lender.
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SOURCE M&T Bank