SBA Names Top CNY Lenders for Fiscal Year 2011
SYRACUSE, N.Y. - SBA Syracuse District Director Bernard J. Paprocki today announced the most active lenders in the Central New York region for the recently ended federal fiscal year 2011. M&T Bank, NBT Bank, and Adirondack Bank had the highest number of 7(a) approvals in their respective categories.
For the sixth year in a row, M&T Bank topped all large commercial banks in the Central New York region and the entire 34-county Syracuse District. This year M&T Bank assisted small businesses in Central New York with 94 loans at a value of $16.5 million and district-wide with 173 loans totaling $27.4 million. M&T Bank’s district-wide lending activity increased over last year’s performance both in number (8.8%) and in dollar amount (20%) of loans. M&T Bank is also the sixth largest SBA 7(a) lender in the nation with $174.5 million in approved loans this fiscal year.
NBT Bank was the most active large community lender in Central New York and the Syracuse District. NBT Bank approved 25 loans to Central New York businesses valued at $3.1 million. NBT Bank made 74 loans district-wide worth $9.6 million to startup and existing businesses, representing a 208% increase in number of approvals and a 184% increase in dollar amount since the previous year. NBT Bank is also the most active Third Party Lender in the Syracuse District’s 504 program with 10 loans valued at $7.3 million, representing an increase in number (11%) and in dollar amount (43%) from 2010.
For the third year in a row, Adirondack Bank outperformed all other small community lenders in Central New York. With increased lending activity in number (13%) and dollar amount (8%) over last year, Adirondack Bank approved 26 loans worth $2.8 million.
“Strong relationships with our lending partners are essential in providing small business owners with increased access to the capital. With continued partnership, Central New York entrepreneurs can continue to invest in their businesses and communities,” praised SBA Syracuse District Director Bernard J. Paprocki.
In fiscal year 2011, which ended September 30th, SBA lenders in the 34-county Syracuse District provided 775 7(a) and 504 loan approvals valued at $161 million in needed capital. Although SBA does not make direct loans to small business, the agency’s use of its guaranty authority enables commercial lenders to make loans to small businesses they would otherwise not have made. The SBA Central New York region covers the following counties: Cayuga, Franklin, Fulton, Hamilton, Herkimer, Jefferson, Lewis, Madison, Montgomery, Oneida, Onondaga, Oswego, and St. Lawrence.
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