SBA Names Top Southern Tier Lenders for Fiscal Year 2011
SYRACUSE, N.Y. - SBA Syracuse District Director Bernard J. Paprocki announced the most active lenders in the Southern Tier for the recently ended federal fiscal year 2011. M&T Bank, Five Star Bank, and Corning Federal Credit Union had the highest number of 7(a) approvals in their respective categories.
For the sixth 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 the Southern Tier with 54 loans at a value of $7.9 million and district-wide with 173 loans totaling $27.4 million. M&T Bank’s district-wide lending activity increased over last year’s performance both in number (8.8%) and in dollar amount (20%) of loans. M&T Bank is also the sixth largest SBA 7(a) lender in the nation with $174.5 million in approved loans this fiscal year.
In the large community lender category, Five Star Bank was the most active large community lender in the Southern Tier for the fifth straight year. Five Star Bank made 28 loans worth $7.1 million to startup and existing Southern Tier businesses, representing an 81% increase in dollar amount.
For the fourth year in a row, Corning Federal Credit Union outperformed all other small community lenders. Corning Federal Credit Union approved 18 loans worth $2 million in the Southern Tier.
“Strong relationships with our lending partners are essential in providing small business owners with increased access to the capital. With continued partnership, Southern Tier 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 Southern Tier covers the following counties: Broome, Chemung, Chenango, Cortland, Delaware, Otsego, Schuyler, Steuben, Tioga, and Tompkins.
# # #