Small Business Loan Growth Increases at M&T Bank; Loans up $259 Million Over
BUFFALO, N.Y., Sept. 20, 2013
BUFFALO, N.Y., Sept. 20, 2013 /PRNewswire/ -- M&T Bank (NYSE: MTB) increased
small business lending by $259 million during the last 12 months, a pace far
exceeding its plans to grow small business loans by $50 million a year which
were conveyed to the U.S. Small Business Administration in 2011.
At a White House Small Business Lender Forum held in Cleveland, Ohio in
September 2011, M&T Bank Chairman and CEO Robert G. Wilmers vowed to Vice
President Joseph R. Biden, Jr. and the U.S. Small Business Administration
(SBA) that M&T would increase small business lending by $50 million above 2010
levels for each of the next three years. M&T recently submitted its two-year
progress report to the SBA.
M&T increased new small business loan totals by $455 million over the 2010
baseline level, with the $259 million increase from September 2012 – 2013
coming on top of the $196 million increase included in M&T's first progress
report, which covered the time frame of September 2011 – 2012.
"We've long believed one of the keys to renewed U.S. economic growth has been
to get the small business job engine back on track," said M&T Bank Chairman
and CEO Bob Wilmers. "By increasing our lending to small businesses in our
communities, we're seeing those businesses create jobs, which helps generate
more housing demand and increased consumer spending."
Among the thousands of small businesses that obtained loans from M&T to fund
growth, investment and new job creation are:
oBenjamin's Desk, a start-up firm providing shared office space and support
services to more than 30 companies and organizations in the historic
Allman Building in Philadelphia. Military veteran Mike Maher used a
Patriot Express loan through the U.S. Small Business Administration and
M&T Bank to fund the business growth.
oMASLEY Enterprises, a Wilmington, Del-based, woman-owned small business
that designs, engineers and manufactures specialty gloves for the U.S.
military. Founded in 2000 by Donna and Frank Masley—a three-time Olympic
luge athlete—the company recently moved the business to a historically
underutilized business zone, or HUBZone, and has been recognized for using
materials made in the U.S. as well as having a U.S.-based workforce, which
has grown to 40 employees. The company also works with the State of
Delaware's Blue Collar Training Fund to help a number of Delaware
residents transition from welfare to work.
oApnea Care of Western New York, a suburban Buffalo, N.Y. business, which
received a $14.5 million contract from the U.S. Department of Veterans
Affairs to provide oxygen therapy equipment to 2,800 veterans across New
York State. A $1.5 million SBA loan through M&T Bank helped fund the new
offices and equipment across New York. The company is in the process of
doubling its staff to 52 employees.
oRed Barn Technology Group, a Binghamton, N.Y., technology firm
specializing in building high-performance computer servers and work
stations formany prestigious universities, and military and research
institutions across the country. The small business has used SBA loan
products to help manage its cash flow during its computer production
cycle. Red Barn now employs more than 20 people.
oThornberry Consulting, based in the Greater Washington suburb of Mt. Airy,
Md., provides engineering, management, and IT services to the Department
of Defense. Cash flow can be a significant hardship to a small federal
contractor such as Thornberry. M&T helped the company plan and manage its
growth effectively through regular meetings to review accounts, the
business plan, current contracts and projections. The company has grown
from three employees to 26 employees in nine years, while expanding from
one contract to 20 contracts, and anticipates adding another 20 employees
in the next five years.
M&T is the sixth largestSmall Business Administrationlender in the nation,
based on the total number of loans made through the 7(a) loan program during
the most recently completed federal fiscal year, and the number one SBA lender
in many of its markets, including Buffalo, Rochester, Syracuse, Philadelphia,
Wilmington, Baltimore and Washington, D.C. *
About M&T Bank
Founded in 1856, M&T Bank Corp. (www.mtb.com) is one of the 20 largest U.S.
bank holding companies, with more than 725 branch offices and 2,000 ATMs in
New York, Pennsylvania, Maryland, Virginia, West Virginia, Delaware and
Delaware: Megen Morris (302) 651-1462
Pennsylvania, Maryland, Virginia, Washington D.C.: Philip Hosmer (410)
New York: Chet Bridger (716) 842-5182
*According to statistics released by the U.S. Small Business Administration
(SBA) for total approved loans through the SBA's 7(a) lending program during
the federal fiscal year ending 9/30/2012.
Equal Housing Lender. ©2013 M&T Bank. Member FDIC
SOURCE M&T Bank
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