From M&T Bank:
BINGHAMTON, N.Y. – M&T Bank, the nation’s fifth largest Small Business Administration (SBA) lender in fiscal year 2020, has helped over 1,800 businesses in New York’s Southern Tier secure about $265 million in funding through the Paycheck Protection Program (PPP). M&T has disbursed nearly all of the approved funding to these companies, which employ more than 24,000 people locally. The SBA recently announced the PPP has exhausted its funds and is now closed to most new applicants.
In its work with customers in Binghamton, Ithaca, Elmira and other Southern Tier
communities, M&T reported:
• Average loan size was $146,299.
• More than 70 percent of the approvals were for loans less than $100,000; 85
percent were for less than $200,000.
• Approximately 64 percent were loans to businesses with 10 or fewer
employees; 92 percent employ fewer than 50 people; and 97 percent were to
companies with 100 or fewer people.
• The average loan size for the most recent round of applications was $94,654.
“During a period when businesses were facing unprecedented hardships and economic uncertainty, we knew we had to do everything we could to help,” said Carl Speicer, M&T Bank Business Banking Regional Manager for Southern New York. “I’m so grateful to our employees who stepped up to meet the moment, serving as economic firstresponders 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 Southern Tier.”
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. 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. 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.
The North Brewery, an Endicott-based brewery at the heart of the Washington Avenue
revitalization, is among the thousands of businesses that navigated the application and
forgiveness processes with M&T’s support.
“Breweries like ours were hard hit during the pandemic. We pivoted to get beer to our customers in new and different ways, but it still didn’t compare with what we could do with on-premise sales at our brewery,” said Zach Pedley, who co-owns The North Brewery with his father, Eric. “M&T Bank was there for us – they helped us secure the PPP funding we needed and assisted with loan forgiveness. Their support has helped us focus more time on doing what we do best – making adventurous, creative beer that our customers love and doing our part to support Washington Avenue’s recovery and revival.”
In addition to the PPP, M&T has taken a multi-faced approach to help its customers and
communities through the pandemic. The company 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 over
$510,000 in grant funding to more than 90 nonprofits in the Southern Tier in 2020. It
remained agile and pivoted quickly to provide funding to emerging needs as they arose,
while also supporting longtime nonprofit partners.