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SBA Names Top Capital Region Lenders for Fiscal Year 2011
ALBANY, N.Y. - SBA Syracuse District Director Bernard J. Paprocki announced the most active lenders in the Capital region for the recently ended federal fiscal year 2011. KeyBank, NBT Bank and The Adirondack Trust Company had the highest number of 7(a) approvals in their respective categories.
KeyBank topped all large commercial banks in the Capital region, assisting small businesses with 34 loans at a value of $3.7 million. KeyBank’s SBA lending activity increased over last year’s performance by 26% increase in number of loans. KeyBank is also the second most active large commercial lender in the Syracuse District with 61 loans valued at $7.8 million, representing an increase in number (38%) and in dollar amount (43%) from 2010.
In the large community lender category, NBT Bank was the most active large community lender in the Capital region and the entire 34-county Syracuse District. NBT Bank made 22 loans worth $3.2 million to startup and existing businesses in the Albany area. District-wide, NBT Bank approved 74 loans valued at $9.6 million, a 208% increase in number and a 184 % increase in dollar amount from 2010. 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 eleventh straight year, The Adirondack Trust Company outperformed all other small community lenders. The Adirondack Trust Company approved 30 loans worth $3.2 million in the Capital region, representing 20% increase in number and 87% increase dollar amount.
“Strong relationships with our lending partners are essential in providing small business owners with increased access to the capital. With continued partnership, Capital region 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 Capital region covers the following counties: Albany, Clinton, Columbia, Essex, Greene, Rensselaer, Saratoga, Schenectady, Schoharie, Warren, and Washington.
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