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M&T Among Top U.S. Small Biz Lender

by Allissa Kline

Tuesday, October 26, 2010

M&T Bank Corp. announced this week that it is the sixth-largest lender of U.S. Small Business Administration loans in the nation.

The bank said its standing was determined by the number of total loans made through the SBA’s 7(a) loan program during the federal fiscal year ending Sept. 30. It issued 938 of the SBA’s 7(a) loans, totalling $119 million and representing a 36 percent year-over-year increase in total loans to small business.

M&T’s finish is up three positions from the ninth place finish it secured during the 2009 federal fiscal year.

“One of our bank’s most important roles is to work with small business owners and entrepreneurs to consistently provide them with the capital and sound advice needed to operate their businesses and create jobs,” Janet Coletti, senior vice president for business banking, said in a release. “We view the SBA as a key partner in our effort to get more capital in the hands of business owners.”

Locally, M&T (NYSE: MTB) was the top lender of SBA 7(a) loans in the Buffalo district. It approved 127 such loans, totalling $20.7 million, in its hometown. It also secured the top spot in the Rochester, Syracuse, Baltimore, Philadelphia and Washington, D.C. districts.