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SOURCE M&T Bank
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:
M&T is the sixth largest Small Business Administration lender 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 Washington D.C.
Delaware: Megen Morris (302) 651-1462
Pennsylvania, Maryland, Virginia, Washington D.C.: Philip Hosmer (410) 949-3042
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
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