M&T Bank Corp. is maintaining its stranglehold on small business lending locally, but First Niagara Financial Group has taken over the No. 2 spot for the dollars lent.
As of the end of June, the Lockport-based savings bank had given out nearly $5 million in loans under the U.S. Small Business Administration's primary guarantee program in the Buffalo area. That edged out No. 3 HSBC Bank USA, with $4.65 million.
However, both were overwhelmed by the $15.5 million loaned out so far by Buffalo-based M&T. M&T is also the biggest lender in the number of loans locally with 135 -- nearly double that of No. 2 Citizens Financial Group, whose Citizens Bank has made 68 loans for $1.9 million.
Coming in fourth in total loans was Five Star Bank of Warsaw, at 48 loans for $2.5 million, followed by First Niagara with 46 loans. In dollars, New York Business Development Corp. was ranked third, with $3.55 million, followed by Five Star at $2.5 million.
Lenders cite their ranking by the agency as a measurement of their activity and commitment to small businesses. In all, 26 lenders made 487 loans for $45 million as of June 30. The SBA's fiscal year ends in September.