With the ending of the fiscal year on September 30th, M&T bank emerged as the sixth largest lender in the US. It made SBA 7 (a) loans to businesses in Buffalo, Baltimore, Rochester, Syracuse, Washington D.C, Philadelphia, and Wilmington. Over 1,000 such loans got approved during the fiscal year 2012.
Approximately, 1,089 7(a) loans were issued by M&T bank amounting to a total of $121.8 million. The 7(a) program is known to make operating capital available to small businesses. M&T has played an instrumental role over the last three years to fund businesses under this loan program. The bank has consistently maintained its sixth position during last three year span for lending out to small businesses.
However, loans in 2012 are down compared to 2011 by 11.2 percent. In 2011, it issued $174.5 million and in 2012 the loans granted amounted to $121.8 million. The reason for this decline is attributed to expiration of SBA incentive programs. But despite its national position, M&T ranked second in the New York City District for making 134 SBA 7_(a) loans. The bank is now intending to acquire the ‘Hudson City Bancorp Inc,’ parent of ‘Hudson City Savings Bank’. By doing so, it will be able to further leverage its SBA lending programs.
It is because of its partnership with SBA that the bank could invest $122 billion to help small businesses start and grow. Now, with the acquiring of Hudson City Bancorp Inc, it should be able to extend more of small business lending services in all 135 branches of Hudson City Savings Bank.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to firstname.lastname@example.org