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SBA loans increase slightly in August

Loans approved through a federal government-guaranteed program increased slightly in August in the Buffalo/Rochester market, the Small Business Administration’s Buffalo district office said.

A total of 67 of the 7(a) loans were approved last month, up four loans from the year before. They were worth a combined $12.7 million, compared to about $12 million the year before.

The program aims to help startup and expanding businesses. The SBA program tracks data on the federal fiscal year calendar, which began in October and finishes at the end of September.

A total of 755 loans were approved under the program through August, up 17 percent from the same period in 2014. M&T led with 206 of the loans, followed by Five Star Bank’s 133.

The combined dollar value of the loans through August was $134 million, up 24 percent from a year ago. M&T led with $24.1 million, followed by First Niagara Financial Group’s $17.9 million.