Bank continues to lead small-business lending
throughout its footprint
BUFFALO,
N.Y., Oct. 16, 2024 /PRNewswire/ -- M&T
Bank (NYSE:MTB) approved 1,832 7(a) program U.S. Small
Business Administration (SBA) loans in the past year and finished
the SBA's 2024 fiscal year as the 10th-largest lender in the
country. This marked the 16th consecutive year M&T
Bank has ranked among the nation's top 10 SBA lenders.
M&T Bank approved 1,832 SBA 7(a) loans for a total of
$207.8 million in fiscal year
2024, which ended September 30, 2024. The average size of the
bank's SBA loans in 2024 was $113,432.
"With our average loan size of $113,432, we continue to be able to provide all
sizes of companies with their essential capital needs," said
Chris Nichols, M&T Bank
Executive Vice President and Director of Business Banking Sales.
"We are grateful for the trust to provide advice and guidance for
the small business communities throughout our footprint."
M&T continued to deliver in its growth in New England
markets as SBA loan values increased in the New England region by
58%, and the number of loans nearly doubled in Massachusetts and Vermont.
M&T Continues to Rank Highly Within the Communities It
Serves
Once again, M&T's strong SBA performance nationally was
reinforced by the bank's commitment to supporting small businesses
in communities throughout its 12-state footprint. The bank was the
leading small-business lender in several markets and ranked highly
in many others, including the SBA Districts of:
- Baltimore: #1 lender with 344
loans for $40.1 million
- Buffalo/Rochester: #1 lender with 186 loans for
$18.9 million
- Connecticut: #1 lender with
168 loans for $19 million
- Delaware: #1 lender with 64
loans for $6.4 million
- Syracuse: #1 lender with 113
loans for $13.1 million
- Washington, D.C.: #1 lender
with 164 loans for $24.7 million
- New Jersey: #2 lender with 157
loans for $18.1 million
- New York City: #6 lender with
199 loans for $18.3 million
- Philadelphia: #2 lender with
203 loans for $21.4 million
- Richmond, VA.: #2 lender with
56 loans for $5.9 million
Nichols added, "We are proud to be able to leverage our
relationship with the SBA to serve 1,832 small businesses this past
year. We are inspired by the stories of how this capital has helped
support the growth of the small businesses and, in turn, the
communities across our footprint."
Additionally, M&T Bank was also ranked #6 nationally as a
third-party lender on sixty-six (66) 504 program loans for
$57.96 million dollars, further
supporting the communities they serve.
Nichols concluded, "We are grateful for all the colleagues
across the Bank that make these results possible. We are a purpose
driven organization, and our teams come to work every day to make a
positive impact in the communities across our footprint. Our
partnership with the SBA plays a big role in our ability to
execute."
Supporting the Small Business Community
M&T's focus on community and client relationships proved
effective in 2024. M&T continued small business lending,
serving its clients in challenging economic conditions.
New Jersey-based client Brick
Auto Body has been a staple in the Bricktown community since 1986.
Owner Adam Hepp commented on
M&T's relationship-driven approach: "The SBA 7(a) loan allowed
me to purchase a turnkey auto body shop thriving for over 38 years.
The loan enabled me to purchase the business and all the equipment
and supplies. M&T was our direct lifeline for help during the
entire loan process."
When Navid Ghoreishi of Alliance
Commodity LLC/Northern Food Service Inc. of Gloucester, MA needed funds to expand his
bustling seafood brokerage business, M&T approved a
three-facility, SBA 7(a) credit package in the aggregate amount of
$1,750,000. This allowed Mr.
Ghoreishi to purchase new equipment and have access to working
capital to support his expansion plans. As a result of the loan
package, the 35-employee seafood operation will now expand to
nearly 100-employees to support one of the fastest growing seafood
companies in America's oldest fishing village.
Mr. Ghoreishi is proud and passionate and was extremely
appreciative of M&T's attention to detail and commitment to
execute his robust expansion plan and "can't wait to showcase his
new breaded production line with added employees."
Learn more about M&T Bank's lending for small
businesses here.
According to statistics released by the U.S. Small Business
Administration (SBA) for total approved loans through the SBA's
7(a) lending program during the federal fiscal year ending
Sept. 30, 2024.
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,
provides banking products and services in 12 states across the
northeastern U.S. from Maine to
Virginia and Washington, D.C. Trust-related services are
provided in select markets in the U.S. and abroad by M&T's
Wilmington Trust-affiliated companies and by M&T Bank. For more
information about M&T Bank, visit www.mtb.com.
© 2024 M&T
Bank. Member FDIC. NMLS# 381076 Equal Housing Lender.
Media Contacts:
National Media and
NYC, NJ, PA, Long Island
Frank Lentini
(929) 651-0447
flentini@mtb.com
New England
Christopher Loh
(617) 581-2676
cloh@mtb.com
Mid-Atlantic
Neil Dhillon
(202) 768-1071
ndhillon@mtb.com
Upstate and Western New York
Thea Pecht
(716) 512-4448
tpecht@mtb.com
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SOURCE M&T Bank Corporation