M&T Bank Boosts Small Business Lending by $196 million; Nearly Quadruples Pledge to SBA
At a White House Small Business Lender Forum held in Cleveland, Ohio last September, 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 reported its small business lending growth in a one-year progress report to the SBA.
"Small businesses are vitally important to the creation of new jobs and economic recovery. By partnering with small businesses today, we move more confidently toward economic success tomorrow," said M&T Bank Chairman and CEO, Bob Wilmers. "While we've exceeded our goal to lend to small businesses this year, our commitment is unwavering, and we will continue to seek out partnerships with businesses that will help drive the economy forward."
Among the thousands of small businesses that obtained loans from M&T Bank to fund growth, investment and new job creation are:
- Techwave Consulting, Inc. (TCI), a leading provider of professional consulting services in Exton, Pa., is one example of a small business that has experienced growth with the help of M&T Bank. The small business has increased its workforce by more than 30 percent in two years by adding 20 jobs and has doubled its profits year over year. M&T Bank has assisted TCI with an SBA loan and consolidation of debt, as well as access to business accounts and corporate credit cards.
- Woodcock Brothers Brewing Co. , a microbrewery in Wilson, NY set to open in October 2012. Their $710,000 loan from M&T Bank is helping to adapt an old building into a brewery and hire 15 employees.
- Dr-AL Family & Urgent Care, a clinic delivering immediate medical care to an underserved community in Woodbridge, Va. Dr. Liqaa Al-Khozaie partnered with the bank to purchase her building with a $1.5 million loan and plans to hire two staff members in conjunction with the opening of a sleep study center.
- Super Salvage, a scrap materials wholesaler in D.C. and Southern Maryland is adding seven to ten jobs with a purchase of a new facility in Prince Frederick, Md., thanks to a $1.2 million loan from the bank
M&T Bank is currently the sixth largest Small Business Administration lender in the nation, the third largest east of the Mississippi, 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 750 branch offices and 1,800 ATMs in Maryland, Washington D.C., Virginia, Pennsylvania, New York, West Virginia and Delaware.
Delaware: Megen Morris (302) 651-1462
Pennsylvania, Maryland, Virginia, Washington D.C.: Philip Hosmer (410) 949-3042
New York: Chet Bridger (716) 842-5182
SOURCE M&T Bank