SYRACUSE — Banks in upstate New York made 747 U.S. Small Business Administration (SBA)-backed loans in its 7(a) and 504 loan programs, valued at $183.1 million during fiscal year 2017 across the 34-county Syracuse district. “With loan-program fee reductions in effect and 64 active lenders, small businesses in upstate New York are accessing the affordable capital […]
SYRACUSE — Banks in upstate New York made 747 U.S. Small Business Administration (SBA)-backed loans in its 7(a) and 504 loan programs, valued at $183.1 million during fiscal year 2017 across the 34-county Syracuse district.
“With loan-program fee reductions in effect and 64 active lenders, small businesses in upstate New York are accessing the affordable capital they need to start and expand,” Bernard J. Paprocki, director of the SBA Syracuse district office, said in an Oct. 17 news release.
In comparison, banks issued 995 SBA-backed 7(a) and 504 program loan approvals, valued at $179 million across the Syracuse district in fiscal year 2016, according to the SBA.
Buffalo–based M&T Bank (NYSE: MTB); Massachusetts–based Berkshire Bank (NYSE: BHLB); and Watertown Savings Bank were the “most active” lenders in the 13-county Central New York region for the recently ended federal fiscal year 2017, the SBA said.
The banks generated the highest number of 7(a) approvals in their respective categories based on asset size during fiscal year 2017, Paprocki announced.
For the 11th year in a row, M&T Bank topped all large commercial banks in the 13-county Central New York region and the entire 34-county Syracuse District.
M&T Bank assisted small businesses in Central New York with 84 loans at a value of $5.6 million and district-wide with 132 loans totaling $11.7 million.
KeyBank (NYSE: KEY) topped all banks in the full 34-county Syracuse district with $24 million in loans, representing 15.8 percent of the district’s total dollars approved. KeyBank was also the No. 1 Capital Region large commercial lender, with 32 loans at a value of $19.9 million, the SBA said in an Oct. 17 news release tailored for the Capital Region that KeyBank forwarded to CNYBJ.
For the third year in a row, Berkshire Bank was the most active large community lender in Central New York and the whole Syracuse district. Berkshire Bank made 80 loans to Central New York businesses valued at $6.6 million and 171 loans district-wide worth $19.1 million.
Watertown Savings Bank was the top small community lender in Central New York with 10 loan approvals valued at $3.2 million.
“With the strong relationships we have with our lending partners, continued fee reductions through 2018 and streamlined application processes, we anticipate building on this past year’s momentum so that more Central New York entrepreneurs will use SBA financing to create jobs and invest in their businesses and communities,” Paprocki noted.
Although the SBA doesn’t make direct loans to small business, the agency’s use of its guaranty authority enables commercial lenders to make loans to small businesses they would otherwise not have made.
The 7(a) loan program is the “most widely used” access to capital SBA program, with “flexible” use of proceeds and a loan maximum of $5 million.
The 504 program offers long-term, fixed-rate financing for “major” assets, such as land, building, and equipment with a loan maximum of $5 million.
The SBA Central New York region’s 13 counties are Cayuga, Franklin, Fulton, Hamilton, Herkimer, Jefferson, Lewis, Madison, Montgomery, Oneida, Onondaga, Oswego, and St. Lawrence.
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SYRACUSE — Banks in upstate New York made 747 U.S. Small Business Administration (SBA)-backed loans in its 7(a) and 504 loan programs, valued at $183.1 million during fiscal year 2017 across the 34-county Syracuse district.
“With loan-program fee reductions in effect and 64 active lenders, small businesses in upstate New York are accessing the affordable capital they need to start and expand,” Bernard J. Paprocki, director of the SBA Syracuse district office, said in an Oct. 17 news release.
In comparison, banks issued 995 SBA-backed 7(a) and 504 program loan approvals, valued at $179 million across the Syracuse district in fiscal year 2016, according to the SBA.
Buffalo–based M&T Bank (NYSE: MTB); Massachusetts–based Berkshire Bank (NYSE: BHLB); and Watertown Savings Bank were the “most active” lenders in the 13-county Central New York region for the recently ended federal fiscal year 2017, the SBA said.
The banks generated the highest number of 7(a) approvals in their respective categories based on asset size during fiscal year 2017, Paprocki announced.
For the 11th year in a row, M&T Bank topped all large commercial banks in the 13-county Central New York region and the entire 34-county Syracuse District.
M&T Bank assisted small businesses in Central New York with 84 loans at a value of $5.6 million and district-wide with 132 loans totaling $11.7 million.
KeyBank (NYSE: KEY) topped all banks in the full 34-county Syracuse district with $24 million in loans, representing 15.8 percent of the district’s total dollars approved. KeyBank was also the No. 1 Capital Region large commercial lender, with 32 loans at a value of $19.9 million, the SBA said in an Oct. 17 news release tailored for the Capital Region that KeyBank forwarded to CNYBJ.
For the third year in a row, Berkshire Bank was the most active large community lender in Central New York and the whole Syracuse district. Berkshire Bank made 80 loans to Central New York businesses valued at $6.6 million and 171 loans district-wide worth $19.1 million.
Watertown Savings Bank was the top small community lender in Central New York with 10 loan approvals valued at $3.2 million.
“With the strong relationships we have with our lending partners, continued fee reductions through 2018 and streamlined application processes, we anticipate building on this past year’s momentum so that more Central New York entrepreneurs will use SBA financing to create jobs and invest in their businesses and communities,” Paprocki noted.
Although the SBA doesn’t make direct loans to small business, the agency’s use of its guaranty authority enables commercial lenders to make loans to small businesses they would otherwise not have made.
The 7(a) loan program is the “most widely used” access to capital SBA program, with “flexible” use of proceeds and a loan maximum of $5 million.
The 504 program offers long-term, fixed-rate financing for “major” assets, such as land, building, and equipment with a loan maximum of $5 million.
The SBA Central New York region’s 13 counties are Cayuga, Franklin, Fulton, Hamilton, Herkimer, Jefferson, Lewis, Madison, Montgomery, Oneida, Onondaga, Oswego, and St. Lawrence.
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SYRACUSE — Banks in upstate New York made 747 U.S. Small Business Administration (SBA)-backed loans in its 7(a) and 504 loan programs, valued at $183.1 million during fiscal year 2017 across the 34-county Syracuse district. “With loan-program fee reductions in effect and 64 active lenders, small businesses in upstate New York are accessing the affordable capital […]
SYRACUSE — Banks in upstate New York made 747 U.S. Small Business Administration (SBA)-backed loans in its 7(a) and 504 loan programs, valued at $183.1 million during fiscal year 2017 across the 34-county Syracuse district.
“With loan-program fee reductions in effect and 64 active lenders, small businesses in upstate New York are accessing the affordable capital they need to start and expand,” Bernard J. Paprocki, director of the SBA Syracuse district office, said in an Oct. 17 news release.
In comparison, banks issued 995 SBA-backed 7(a) and 504 program loan approvals, valued at $179 million across the Syracuse district in fiscal year 2016, according to the SBA.
Buffalo–based M&T Bank (NYSE: MTB); Massachusetts–based Berkshire Bank (NYSE: BHLB); and Watertown Savings Bank were the “most active” lenders in the 13-county Central New York region for the recently ended federal fiscal year 2017, the SBA said.
The banks generated the highest number of 7(a) approvals in their respective categories based on asset size during fiscal year 2017, Paprocki announced.
For the 11th year in a row, M&T Bank topped all large commercial banks in the 13-county Central New York region and the entire 34-county Syracuse District.
M&T Bank assisted small businesses in Central New York with 84 loans at a value of $5.6 million and district-wide with 132 loans totaling $11.7 million.
KeyBank (NYSE: KEY) topped all banks in the full 34-county Syracuse district with $24 million in loans, representing 15.8 percent of the district’s total dollars approved. KeyBank was also the No. 1 Capital Region large commercial lender, with 32 loans at a value of $19.9 million, the SBA said in an Oct. 17 news release tailored for the Capital Region that KeyBank forwarded to CNYBJ.
For the third year in a row, Berkshire Bank was the most active large community lender in Central New York and the whole Syracuse district. Berkshire Bank made 80 loans to Central New York businesses valued at $6.6 million and 171 loans district-wide worth $19.1 million.
Watertown Savings Bank was the top small community lender in Central New York with 10 loan approvals valued at $3.2 million.
“With the strong relationships we have with our lending partners, continued fee reductions through 2018 and streamlined application processes, we anticipate building on this past year’s momentum so that more Central New York entrepreneurs will use SBA financing to create jobs and invest in their businesses and communities,” Paprocki noted.
Although the SBA doesn’t make direct loans to small business, the agency’s use of its guaranty authority enables commercial lenders to make loans to small businesses they would otherwise not have made.
The 7(a) loan program is the “most widely used” access to capital SBA program, with “flexible” use of proceeds and a loan maximum of $5 million.
The 504 program offers long-term, fixed-rate financing for “major” assets, such as land, building, and equipment with a loan maximum of $5 million.
The SBA Central New York region’s 13 counties are Cayuga, Franklin, Fulton, Hamilton, Herkimer, Jefferson, Lewis, Madison, Montgomery, Oneida, Onondaga, Oswego, and St. Lawrence.
