SBA Names Top Central NY Lenders for Fiscal Year 2014

SBA Loans on the Upswing in Upstate NY
Release Date: 
Thursday, November 6, 2014
Release Number: 
Advisory Date: 
Thursday, November 6, 2014
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. Onondaga County had the most loan approvals across both programs for the second year in a row, totaling 104 loans valued at more than $30 million.”

Paprocki also announced the most active lenders in the Central New York region for the recently ended federal fiscal year 2014. M&T Bank, NBT Bank, and Adirondack Bank 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 Central New York region and the entire 34-county Syracuse District. This year M&T Bank assisted small businesses in Central New York with 78 loans at a value of $13.2 million and district-wide with 161 loans totaling $24.3 million.

NBT Bank was the most active large community lender in Central New York and the Syracuse District for the fourth year in a row. NBT Bank approved 23 loans to Central New York businesses valued at $2.4 million and 57 loans district-wide worth $10 million.

For the sixth straight year, Adirondack Bank was the top small community lender in Central New York with 15 loan approvals valued at $4 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 Central New York 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 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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