SYRACUSE — M&T Bank, NBT Bank, Adirondack Bank, and Solvay Bank topped lists of the most active lenders in the U.S. Small Business Administration’s (SBA) Central New York region in the 2012 fiscal year.
The banks tallied the most approvals under the SBA’s 7(a) Loan Guaranty Program, which supports financing for small firms to repay some debts or make acquisitions like equipment and land. The SBA does not directly lend, instead guaranteeing loans in order to encourage institutions to finance small businesses.
“Strong relationships with our lending partners are essential in providing small business owners with increased access to the capital,” SBA Syracuse District Director Bernard Paprocki said in a news release. “With continued partnership, Central New York entrepreneurs can continue to invest in their businesses and communities.”
Solvay Bank and Adirondack Bank finished the fiscal year as the most active community lenders in Central New York. Each bank approved 13 loans over the 12-month period that ended Sept. 30. Solvay Bank’s loans totaled $1.4 million, while Adirondack Bank’s tallied $1.1 million.
NBT Bank approved the most loans among large community lenders in the SBA’s 13-county Central New York region, making 20 loans for a total of $2.3 million. The bank also claimed the top large community lender spot in the SBA’s 34-county Syracuse district with 70 loans for a total of $10 million.
M&T Bank, meanwhile, came in as the highest-lending large commercial bank in the Central New York region and Syracuse district for the seventh consecutive year. It made 74 loans for a total of $7.8 million in Central New York and 166 loans for $17.6 million throughout the district.
Additionally, M&T gave out the most loans in the Syracuse district under the SBA’s 504 Loan Program, which offers long-term, fixed-rate financing so that businesses can acquire assets to expand or modernize. M&T made 12 loans with an aggregate value of $28.5 million under that program, a 300 percent dollar-amount increase versus 2011.
The SBA’s Central New York region is made up of Cayuga, Franklin, Fulton, Hamilton, Herkimer, Jefferson, Lewis, Madison, Montgomery, Oneida, Onondaga, Oswego, and St. Lawrence counties. Its Syracuse district includes Central New York, the Southern Tier, the North Country, and the Capital Region.
Contact Seltzer at firstname.lastname@example.org