SYRACUSE — M&T Bank, the nation’s fifth largest Small Business Administration (SBA) lender in fiscal year 2020, has helped over 3,600 businesses in the Mohawk Valley and Central New York secure about $552 million in funding through the Paycheck Protection Program (PPP), the bank has announced.
M&T has disbursed nearly all of the approved funding to these companies, which employ more than 49,000 people locally. The SBA recently announced the PPP has exhausted its funds and is now closed to most new applicants.
In its work with local customers to secure PPP loans, M&T reported:
Average loan size was $153,159.
More than 71% of the approvals were for loans less than $100,000;
84% were for less than $200,000.
Approximately 68% were loans to businesses with 10 or fewer employees;
93% employ fewer than 50 people;
97% were to companies with 100 or fewer people.
The average loan size for the most recent round of applications was $99,966.
“During a period when businesses were facing unprecedented hardships and economic uncertainty, we knew we had to do everything we could to help,” said Lee DeAmicis, M&T Bank Business Banking Regional Manager. “I’m so grateful to our employees who stepped up to meet the moment, serving as economic first-responders in our communities. They worked quickly and collaboratively to help local businesses secure the PPP funding they needed to keep people employed and make it through these difficult times. With more work still to be done, we’re committed to doing our part to help accelerate recovery and growth in the Mohawk Valley.”
To help customers secure the funds they needed, M&T expanded its SBA loan team from 20 to over 2,000 people after the PPP launched. Building on the bank’s expertise as a nationally recognized top 10 SBA lender, these team members worked around the clock to complete the processing necessary to secure PPP loan approval for customers, according to the company announcement.
The bank also brought together talent from across the company, including technology and operations to build its digital application and its processing and funding units, the announcement said. Meanwhile, frontline employees, such as branch staff and business relationship managers, were tasked with communicating to customers and assisting them in preparing the information needed for application submission. M&T continues to assist customers with the PPP loan forgiveness process, it added.
In addition to the PPP, M&T has taken a multi-faceted approach to help its customers and communities through the pandemic, the company said, adding it empowered its staff with the tools and authority to help customers with specific needs, including fee relief on deposit or lending solutions, payment deferrals and low-interest personal loans.
M&T also activated its charitable foundation to respond to the pandemic, awarding $1 million in grant funding to about 100 nonprofits in Central New York and the Mohawk Valley in 2020.