SBA Names Top Southern Tier 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. Steuben County had the most 7(a) loan approvals in the Southern Tier region, totaling 35 loans valued at more than $6.1 million.”

Paprocki also announced the most active lenders in the Southern Tier region for the recently ended federal fiscal year 2014. M&T Bank, NBT Bank, Tioga State Bank and Elmira Savings 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 Southern Tier and the entire 34-county Syracuse District. This year M&T Bank assisted small businesses in Southern Tier with 54 loans at a value of $5.5 million and district-wide with 161 loans totaling $24.3 million.

For the third straight year, NBT Bank was the most active large community lender in the Southern Tier, with 18 loans valued at $2.8 million. NBT Bank was also the top large community lender in the district for the fourth year in a row with 57 loans district-wide worth $10 million.

Tioga State Bank tied Elmira Savings Bank for the top small community lender in the Southern Tier with 5 approvals each. Tioga State Bank approvals totaled $840,100 and Elmira Savings Bank approvals were worth $316,000.

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 Southern Tier 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 Southern Tier region covers the following counties: Broome, Chemung, Chenango, Cortland, Delaware, Otsego, Schuyler, Steuben, Tioga, and Tompkins.


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