M&T Bank again ranked No. 1 in Delaware for U.S. Small Business Administration lending, providing 47 loans for $5.8 million to help small businesses in the state grow during the SBA’s 2021 fiscal year ended Sept. 30.
For 13 consecutive years, M&T has remained one of the top 10 SBA lenders in the nation.
Across its footprint, M&T provided 1,115 7(a) loans for a total of $201 million this year – a 28 percent jump in dollars from 2020 levels. M&T also was the most active SBA lender in Philadelphia, Baltimore, Buffalo, Syracuse, N.Y., and Washington, D.C.
“Delaware’s small businesses uplift our neighborhoods, create jobs, and are critical to fueling the local economy,” said M&T Bank’s Delaware Regional President Nick Lambrow. “Our consistent and determined focus on meeting the needs of small business owners empowers them to grow stronger and make a difference in people’s lives – from the workers they hire to the up-and-coming entrepreneurs they inspire.”
SBA loans are typically provided to businesses that may not qualify for traditional financing because they’re just starting up, operate in higher-risk industries, or lack sufficient collateral, according to an M&T release. By offering lower monthly payments and longer loan terms to eligible businesses, SBA loans help fuel local economies through small business development.
M&T provided a total of $9.9 billion in funding to more than 58,000 businesses through the Paycheck Protection Program (PPP), with $541 million provided to 4,234 Delaware small businesses.
In addition to the PPP, M&T took other approaches to help its customers and communities through the pandemic.
The company gave staff 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, the release stated.
In its latest Greenwich Crisis Response Index (CRI), Greenwich Associates identified M&T as a “Standout” among commercial banks in its support of small business customers during the ongoing Covid-19 pandemic. M&T was one of just seven banks across the country to achieve this status for small business banking.
For more information about M&T’s small business services, visit mtb.com/business.
