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.
M&T was the leading small business lender in the SBA Districts of several communities it serves, including:
- Baltimore: No. 1 lender with 227 loans for $45.3 million
- New York City: No. 2 lender with 221 loans for $31.2 million
- Buffalo / Rochester: No. 1 lender with 130 loans for $28.5 million
- Philadelphia: No. 1 lender with 129 loans for $25.4 million
- Washington, D.C.: No. 1 lender with 121 loans for $17.6 million
- New Jersey: No. 2 lender with 102 loans for $15.5 million
- Syracuse: No. 1 lender with 69 loans for $13.9 million
- Delaware: No. 1 lender with 47 loans for $5.8 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 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.