SBA Names Top Capital Region Lenders for Fiscal Year 2014

SBA Loans on the Upswing in Upstate NY
Release Date: 
Thursday, November 6, 2014
Release Number: 
15-07
Advisory Date: 
Thursday, November 6, 2014
Contact: 
Rachael Stanton 315-471-9393 ext. 244

SYRACUSE, N.Y. - SBA Syracuse District Director Bernard J. Paprocki released today the fiscal year 2014 lending report, with 648 7(a) and 504 loan approvals valued at $146.9 million across the 34-county Syracuse district.

“With 7(a) loan program fee reductions in effect and 58 active lenders in the district, our loan approvals increased significantly over last year: 10 percent in number of loans approved and 14 percent in dollar value,” said SBA Syracuse District Director Bernard J. Paprocki. “Across Upstate New York, the average 7(a) loan size increased in excess of 20 percent over last year to $208,015. In the Capital region, Saratoga County had the most 7(a) loan approvals with 74 and Albany County had the highest 7(a) loan total at $13.4 million.”

Paprocki also announced the most active lenders in the Capital region for the recently ended federal fiscal year 2014. M&T Bank, The Adirondack Trust Company, and Saratoga National Bank & Trust had the highest number of 7(a) approvals in their respective categories based on asset size.

For the ninth year in a row, M&T Bank topped all large commercial banks in the entire 34-county Syracuse District with 161 loans totaling $24.3 million. This year M&T Bank was also the top Capital region large commercial lender, with 29 loans at a value of $5.5 million.

The Adirondack Trust Company was the most active large community lender in the Capital region in its first year in the category, approving 29 loans valued at $1.8 million.

For the first time, Saratoga National Bank & Trust was the top small community lender in the Capital region with 20 loan approvals worth $1.25 million.

Empire State Certified Development Corporation (ESCDC) was the most active 504 lender district-wide with 36 approvals valued at $19.4 million. ESCDC was also the top Community Advantage lender in the district, approving 16 loans worth $2.1 million. Community Advantage is a pilot 7(a) loan program introduced by SBA in 2012 to meet the credit, management, and technical assistance needs of small businesses in underserved markets with loan maximum of $250,000.

“With the strong relationships we have with our lending partners, continued fee reductions through 2015 and streamlined application processes, we anticipate building on this past year’s momentum so that more Capital region entrepreneurs will use SBA financing to create jobs and invest in their businesses and communities,” noted Paprocki.

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 7(a) loan program is the most widely used access to capital SBA program, with flexible use of proceeds and loan maximum of $5 million. The 504 program offers long-term, fixed-rate financing for major assets such as land, building and equipment with loan maximum of $5 million. The SBA Capital region covers the following counties: Albany, Clinton, Columbia, Essex, Greene, Rensselaer, Saratoga, Schenectady, Schoharie, Warren, and Washington.

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