M&T Bank remained Delaware’s top U.S. Small Business Administration (SBA) lender in 2022.
In Delaware, M&T approved 52 SBA 7(a) loans for $7.12 million in fiscal year 2022, which ended Sept. 30. Throughout the bank’s footprint, M&T approved 1,440 loans for a total of $203.8 million over the course of the year. M&T also topped the SBA lenders list in Baltimore, Md., Washington, D.C., Richmond, Va., Syracuse, N.Y., and Buffalo/Rochester, N.Y.
M&T ranked No. 6 nationwide in SBA lending in 2022, up one spot from No. 7 last year. It’s the 14th consecutive year the bank has been among the nation’s top 10 SBA lenders.
Businesses across industries – from construction firms to restaurants – can receive SBA loans, but they’re 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.
By offering lower monthly payments and longer loan terms to eligible businesses, SBA loans are often the right solution when companies need working capital to manage their growth or require financing to capitalize on a new opportunity.
Further information on M&T’s small business products and services is available at www.mtb.com/business.