Bank continues to lead small-business lending
in Buffalo/Rochester, Baltimore, Delaware, Syracuse and Washington, D.C.; jumps to top spot in
Connecticut during fiscal year
2023
BUFFALO,
N.Y., Oct. 12, 2023 /PRNewswire/ -- M&T
Bank (NYSE:MTB) approved more U.S. Small Business Administration
(SBA) loans in the past year than ever before and finished the
SBA's 2023 fiscal year as the sixth-largest lender in the country.
This marked the 15th consecutive year M&T has ranked
among the nation's top 10 SBA lenders.
M&T approved 1,822 SBA 7(a) loans for a total of
$224.2 million in fiscal 2023, which
ended Sept. 30. That represents a
26.5% increase in SBA loans the bank approved in 2022 and a nearly
$21 million increase over last year.
This year's loan volume also eclipsed the previous high mark of
1,739 SBA loans M&T approved in 2016.
The average size of one of the bank's SBA loans in 2023 was
$123,076 – about $18,500 lower than M&T's average loan size in
2022.
This is the first year M&T has finished as the No. 1 SBA
lender in Connecticut – an
important milestone for the bank following its 2022 acquisition of
Bridgeport, Conn.-based People's
United Bank. In fiscal year 2023, M&T approved 126 SBA 7(a)
loans in Connecticut – more than a
40% increase in the number of loans the bank approved in the state
last year.
M&T Continues to Rank Highly Within the Communities It
Serves
Once again, M&T's strong SBA performance nationally was
reinforced by the bank's commitment to supporting small businesses
in communities throughout its 12-state footprint. In addition to
Connecticut, the bank was the
leading small-business lender in several markets and ranked highly
in many others, including the SBA Districts of:
- Baltimore: #1 lender with 284
loans for $30.3 million;
- Buffalo/Rochester: #1 lender with 184 loans for
$32.8 million;
- Delaware: #1 lender with 49
loans for $9.7 million;
- Syracuse: #1 lender with 96
loans for $16.2 million;
- Washington, D.C.: #1 lender
with 160 loans for $24.6
million;
- New Jersey: #2 lender with 179
loans for $17.3 million;
- New York City: #2 lender with
447 loans for $41.8 million;
- Philadelphia: #2 lender with
158 loans for $18.3 million;
and,
- Richmond, Va.: #3 lender with
41 loans for $3.4 million.
"Throughout our communities, M&T bankers helped
small-business owners acquire the capital they needed to grow and
thrive by approving more SBA loans than we've ever approved," said
Christina Brozyna, M&T's head of
business banking sales and operations. "It was a remarkable effort
that reaffirms M&T's commitment to being a catalyst for the
small businesses at the heart of the communities we serve."
One of those small businesses is Watershed Brewing Company. When
co-owner Ken Greenwood needed funds
to open a craft brewery in Geneva,
N.Y., M&T approved an SBA 7(a) loan for $642,000 that allowed Greenwood to buy a
shuttered brewing facility and purchase new equipment. The
10-employee brewery opened in June
2023.
"The SBA loan allowed us to purchase the property and make
improvements to the business by acquiring equipment to support
production and our business plan objectives, namely a canning line,
a pilot brewing system and serving tanks," Greenwood said. "M&T
was very helpful in guiding us to appropriate resources and
information that provided direction to us with respect to
structuring our financing as well as we could."
Said Brozyna: "M&T is a bank built for businesses. We
understand their unique needs and challenges they face, and we care
about helping small-business owners find the right banking
solutions to grow and thrive. We know their success is important to
the vibrancy of their communities."
Learn more about M&T Bank's lending for small businesses
here.
About M&T Bank
M&T Bank Corporation is a financial holding company
headquartered in Buffalo, New
York. M&T's principal banking subsidiary, M&T Bank,
provides banking products and services in 12 states across the
eastern U.S. from Maine to
Virginia and Washington, D.C. Trust-related services are
provided in select markets in the U.S. and abroad by M&T's
Wilmington Trust-affiliated companies and by M&T Bank. For
more information on M&T Bank, visit www.mtb.com.
Media Contacts:
National Media and Trade Publications
Frank Lentini
(929) 651-0447
flentini@mtb.com
Metro NY (Long Island,
New Jersey, New York City, and Tarrytown):
David Samberg
(201) 368-4515
dsamberg@mtb.com
Mid-Atlantic (Delaware,
Maryland, Pennsylvania, Virginia, and Washington, D.C.):
Scott Graham
(410) 244-4097
sgraham1@mtb.com
New England (Connecticut,
Maine, New Hampshire, Rhode
Island, and Vermont):
Christopher Loh
(617) 582-2676
cloh@mtb.com
Upstate and Western New
York:
Thea Pecht
(716) 512-4448
tpecht@mtb.com
Equal Housing Lender. © 2023 M&T Bank. Member FDIC.
According to statistics released by the U.S. Small Business
Administration (SBA) for total approved loans through the SBA's
7(a) lending program during the federal fiscal year ending
9/30/2023.
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SOURCE M&T Bank
