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M&T led small business loan program in June

M&T Bank led the way in a federally backed small business loan program in June in the Buffalo-Rochester region, in both dollars and the number of loans originated.

Buffalo-based M&T made 43 loans through the Small Business Administration’s 7(a) program, representing about 40 percent of the monthly total. Those loans were worth $3.4 million, out of $13 million altogether in June.

Warsaw-based Five Star Bank had 21 of the loans, worth $10.1 million.

Rochester-based ESL Federal Credit Union continued to make inroads in the rankings, with 10 of the 7(a) loans in June.

Nine months into the program’s fiscal year – which began last October – M&T was No. 1 loans, followed by Five Star and Citizens. First Niagara, which is on track to be acquired by KeyCorp this year, was fourth, just one loan ahead of ESL.

Ranked by loan volume during the same nine-month period, M&T led with $23 million, followed by Five Star, New York Business Development Corp., and Wells Fargo.