Fiscal year lending leaders announced by SBA

10/7/2011

As the fiscal year comes to pass, the U.S. Small Business Administration is naming bank branches across the country that successfully doled out the most SBA loans.

Buffalo Business First reports that Buffalo, New York-based M&T Bank approved the most 7(a) loans in its area - marking its 17th straight year holding such distinction. The financial institution approved 273 SBA loans, totalling $46.2 million in the Buffalo-Rochester area during the 2011 fiscal year - a 13 percent increase in loan activity from 2010.

"The success of loan incentives has allowed the district to rebound in fiscal year 2011," said SBA's Buffalo district director, Franklin Sciortino, as quoted by the news source. "As a result of the Small Business Jobs Act, the Buffalo District Office saw an increase of 9.7 percent in the number of loan approvals and a 22.3 percent increase in the dollar volume in 2011."

In total, the SBA's Buffalo District Office approved 804 7(a) loans for $136 million across a 14-county radius.

The SBA's lender list touched on Connecticut loans as well, noting TD Bank ranked as the top SBA bank lender in dollar volume in the state during 2011, handing out 36 loans for around $18.9 million, The Day reports.