It's only three months into the U.S. Small Business Administration's fiscal year, but M&T Bank Corp. was the first out of the gate in the agency's lending horse race.
Buffalo-based M&T led in both total number of SBA-guaranteed loans and the dollar amount under the agency's flagship 7(a) program, with 43 loans for $5.6 million.
Citizens Financial Group's Citizens Bank was No. 2 in number of loans, with 26, followed by HSBC Bank USA with 21, and First Niagara Financial Group's First Niagara Bank with 17.
But Citizens was sixth in dollar volume, at $768,500. First Niagara was second with $1.8 million, followed by HSBC with $1.7 million.
In all, 16 lenders have made 157 loans to small businesses, with the SBA guarantee, valued at $15.2 million.
Under the 7(a) program, the SBA guarantees 85 percent of loans up to $150,000 and 75 percent of loans from $150,000 to $2 million. Express loans, with less paperwork, carry a 50 percent guarantee.