Small Business Lending a Healthy Sign for Western New York
BUFFALO, NY---For the eighteenth consecutive year, M&T Bank won the annual competition for the highest 7(a) lending volume by dollar value in the Buffalo District Office of the U.S. Small Business Administration. M&T also recaptured the top rung in terms of number of loans and overall provided 227 loans valued at $26.8 million.
M&T Bank will receive the local office's Zenith Award for the highest dollar volume of loans as well as the Galaxy Award in appreciation of its number volume accomplishments. The number one ranking is based on dollar volume and number of loans made by M&T Bank from October 1, 2011 through September 30, 2012, or the end of the SBA fiscal year.
“This is the first year since the onset of the recession that we did not offer any incentives to our lenders to utilize our programs,” said Franklin J. Sciortino, District Director of the local office. “When one considers the general economic conditions and uncertainty caused by recent changes to our local banking landscape, we are very pleased to see our lending volumes returning to pre-recession levels,” he added. “We owe these accomplishments to our partnership with our local banking community.”
On June 1, 2012 SBA announced changes to the Small Loan Advantage (SLA) aimed at fostering greater economic development in America by making it easier for smaller community banks and credit unions to use SBA loan products to finance small businesses. Revisions to SLA include credit scoring of each application prior to loan approval and expanding SLA to all SBA participating lenders for small loans.
“Our lenders recognize the importance of using SBA in tough credit times to provide needed capital to small businesses. The modifications of SBA’s SLA program enhances our ability to increase loan volume from our small lenders,” said Sciortino.
The district’s lending activities assisted approximately 430 separate businesses that supported 8,505 jobs in the district service area including 1,815 newly created positions directly resulting from SBA assistance. Additionally, loan approvals supported 226 new business start-ups.
“It goes without saying that a vibrant small business community leads to a healthy and strong community overall,” concludes Sciortino.