M&T Bank Corporation announced that to-date 32,273 of its customers have received approval for a total of nearly $7 billion in funding through the Paycheck Protection Program (PPP). M&T has disbursed nearly 100 percent of the approved funding to these companies, which employ more than 718,000 people across the bank’s eight-state territory.
The program offers loans that can be partially or fully forgiven if companies keep staff on the payroll.
M&T continues to accept PPP loan applications for a limited period in order to assist as many companies as possible and ensure that those who apply have the greatest opportunity to receive the limited Small Business Administration (SBA) funds.
In Delaware, PPP loan-grants went to 2,245 companies and impacted 37,015 people. The loans had a combined value of $363 million. M&T is the largest full-service bank in Delaware.
Additional details of PPP loans to-date include:
Average loan size is $213,590
More than 65 percent of the approvals were for loans less than $100,000; 82 percent were for less than $250,000;
Approximately 63 percent were loans to businesses with 10 or fewer employees; 92% employ fewer than 50 people and 97 percent were to companies with 100 or fewer people;
To support the PPP initiative, M&T grew its SBA loan team of 20 to more than 2,000. This team, working 90 percent remotely, worked around-the-clock to secure SBA approval for 100 percent of the completed PPP applications submitted to M&T through the end of April.
The company has empowered its staff with the tools and authority to help customers with specific needs, including fee relief on deposit or lending solutions, payment deferrals and low-interest personal loans, a release stated.
M&T is a financial holding company headquartered in Buffalo, New York. M&T’s principal banking subsidiary, M&T Bank, operates banking offices in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and the District of Columbia. Trust-related services are provided by M&T’s Wilmington Trust-affiliated companies and by M&T Bank.