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Buffalo Veterans get more SBA Loans in 2011

Release Date: 
Tuesday, November 15, 2011
Release Number: 
Advisory Date: 
Wednesday, November 16, 2011
Advisory Number: 

Five Star Bank leads the way with most Loans to Vets

BUFFALO, NY---Buffalo veterans received more loans from the U.S. Small Business Administration than they did in 2010, it was reported to today. 

In making the announcement, SBA’s Regional Administrator Jorge Silva-Puras said that Buffalo veterans received 50 loans for $8,058,800 million during fiscal year 2011, compared to the 44 loans for $5,571,500 million that they received the previous year.  “These totals reflect that veterans received 13 percent more loans and 44 percent more dollars from the SBA this year,” said Silva-Puras. “We are grateful to lenders like Five Star Bank who are making a conscious effort to give veterans access to capital.” 

According to SBA’s Buffalo District Director Franklin J. Sciortino Five Star Bank provided the most loans to Buffalo veterans with 12 loan approvals for $0.7 Million.  The bank was honored yesterday by Sciortino with an SBA Patriot Award for their achievement.” 

SBA loans to veterans ranged from as small as $10,000 to the largest loan of $2.3 million.  M&T Bank came in a close second with 11 veteran loan approvals for $1.8 million.  First Niagara Bank followed with five loans for $410,000.  Rounding out the top five were The Bank of Castile with four loan approvals for $2.2 million; and New York Business Development Corporation with three loans for $964,000.  

“Entrepreneurship for veterans remains a top priority for the SBA,” said Sciortino. “We are focused on not only providing capital to the veteran community, but presenting them with a wide array of business counseling and training programs that give them the best possible opportunity to succeed.”

 “As thousands of service men and women return home from wars in Iraq and Afghanistan, we stand ready to aid those veterans who are looking to entrepreneurship as their next career,” said Sciortino.  “Many veterans possess the necessary skill set to become successful entrepreneurs. Characteristics like hard work, focus, organizational skills, discipline, tenacity and perseverance are what veterans can bring to the table.”

Veterans interested in learning more about the programs and services of the SBA should contact SBA’s Buffalo office at (716) 551-4301.  Additional information may be obtained by visiting SBA’s websites at www.sba.gov/vets, www.sba.gov/reservists, and www.sba.gov/patriotexpress.


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