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SBA Names Top Southern Tier Lenders for Fiscal Year 2012
SYRACUSE, N.Y. - U.S. Small Business Administration Syracuse District Director Bernard J. Paprocki today announced the most active lenders in the Southern Tier for the recently ended federal fiscal year 2012. M&T Bank, NBT Bank, and Corning Federal Credit Union had the highest number of 7(a) approvals in their respective categories.
For the seventh 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 67 loans at a value of $6.9 million and district-wide with 166 loans totaling $17.6 million.
In the large community lender category, NBT Bank was the most active large community lender in the Southern Tier and the Syracuse District. NBT Bank made 25 loans worth $3.3 million to startup and existing Southern Tier businesses, and 70 loans worth $10 million across the Syracuse District.
For the fifth year in a row, Corning Federal Credit Union outperformed all other small community lenders. Corning Federal Credit Union approved 20 loans worth $1.4 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 2012, which ended September 30th, SBA lenders in the 34-county Syracuse District provided 682 7(a) and 504 loan approvals valued at $168 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.
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