M&T Bank led the way in both loans and dollars in March, in a federally backed lending program to support small businesses in the Buffalo-Rochester region.
M&T recorded 23 of what are once again known as Small Business Administration 7(a) loans, with total volume of $3.9 million. The SBA had switched the program's name to Advantage Loans, but changed it back after only a few months.
Halfway through the current federal fiscal year, M&T led all participating lenders in the program, with 125 loans and volume of $9.8 million. Five Star Bank was second in both categories.
Victoria Reynolds, deputy director of the SBA Buffalo district office, noted that 14 lenders from outside the district had made 7(a) loans in the current fiscal year, a much higher number than usual.
Reynolds said she did not know the reason for the uptick in outside lenders' participation. "There may be a niche that's not getting served," she said.
"We cannot say that this market is underbanked," Reynolds added.
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