NBT Bank has been recognized as a top lender of US Small Business Administration (SBA) loans in the Large Bank category.
NBT Bank was recognized for being the most active third party lender of 504 loan projects participating in 12 projects totaling more than $6.2 million in loans to small businesses. NBT Bank was also commended for its activity in the 7(a) loan program completing 27 projects totaling more than $5 million.
The 504 loan program is sponsored by the SBA providing business owners with the necessary funds to purchase land, real estate or equipment to help grow their business. According to the SBA, the 504 loan program has created more than 2 million jobs nationwide through its $50 billion in funding.
“Small businesses are crucial to the economy in upstate New York,” NBT Bank President of Commercial Banking Sarah Halliday said. “NBT Bank is proud to provide this support to these business owners so they can continue to grow.”
“We will continue to encourage and work with our lenders to make loans available across Upstate New York. Ensuring small business owners have every opportunity to secure capital through SBA loan programs continues to be a primary focus in 2018,” said Bernard Paprocki, SBA Syracuse district director.