- Allissa Kline
- Buffalo Business First Reporter- Business First
- Email | Twitter
Small business lending activity in Western New York is higher than it was a year ago, but the total dollars approved continue to lag behind the same nine-month period last year.
Data from the U.S. Small Business Administration’s Buffalo District Office shows that 519 7(a) loans totaling $87 million have been approved since Oct. 1, the start of the federal fiscal year. That compares to 503 7(a) loans totaling $101.2 million a year ago.
The SBA’s 7(a) program is the agency’s most popular small-business lending program. The loans are most commonly used to finance start-ups and expansions.
M&T Bank, based in Buffalo, is the region’s leading SBA lender. So far this fiscal year, it has 175 7(a) loans worth $21 million. Its nearest competitor remains First Niagara Bank N.A., also based in Buffalo, which has approved 80 such loans worth $14.7 million.
The Buffalo District Office covers 14 counties in New York, including the Rochester area.
Allissa Kline covers financial services, accounting and trade…
- Allissa Kline
- Buffalo Business First Reporter- Business First
- Email | Twitter
Small business lending activity in Western New York is higher than it was a year ago, but the total dollars approved continue to lag behind the same nine-month period last year.
Data from the U.S. Small Business Administration’s Buffalo District Office shows that 519 7(a) loans totaling $87 million have been approved since Oct. 1, the start of the federal fiscal year. That compares to 503 7(a) loans totaling $101.2 million a year ago.
The SBA’s 7(a) program is the agency’s most popular small-business lending program. The loans are most commonly used to finance start-ups and expansions.
M&T Bank, based in Buffalo, is the region’s leading SBA lender. So far this fiscal year, it has 175 7(a) loans worth $21 million. Its nearest competitor remains First Niagara Bank N.A., also based in Buffalo, which has approved 80 such loans worth $14.7 million.
The Buffalo District Office covers 14 counties in New York, including the Rochester area.
Allissa Kline covers financial services, accounting and trade