M&T Bank remained Delaware’s top Small Business Administration (SBA) lender in 2020 in terms of the number of loans.
In Delaware, M&T approved 44 SBA 7(a) loans for $7.5 million in fiscal year 2020, which ended Sept. 30. The bank’s 44 loans were the most approved by any lender throughout the state.
Other banks with multiple loans were TD, WSFS and Wells Fargo.
Throughout its footprint, M&T extended 1,110 loans for a total of $157 million over the course of the year. M&T also topped the SBA lenders list in Washington, D.C., Philadelphia, Baltimore, Buffalo/Rochester, N.Y., and Syracuse, N.Y.
M&T ranked No. 5 nationwide in SBA lending in 2020.
“Our support of small-business owners is unwavering, especially during these challenging times,” said Eleni Monios, M&T’s business banking market manager in Delaware. “Small businesses are a vital part of our communities and local economies, and it is times like these when our customers and communities need us most. I could not be prouder of the commitment and compassion that my colleagues have demonstrated throughout the year and am certain that their efforts made a difference in people’s lives.”
Traditional SBA lending is different than M&T’s participation in the Paycheck Protection Program (PPP). M&T approved almost 2,500 PPP loans in Baltimore for $372.2 million. Those loans supported more than 38,000 jobs in Delaware. Altogether, M&T helped more than 35,000 small businesses across its footprint acquire more than$7 billionin critical funding.
SBA loans are made by private lenders, with the federal agency sharing the risk.