M&T Bank Customers Secure Nearly $10 Billion in Paycheck Protection Program Funding
In its work with customers to secure PPP loans, M&T reported:
- Average loan size was
- The average loan size for the most recent round of applications was
- More than 70 percent of the approvals were for loans less than
$100,000; 86 percent were for less than $250,000.
- Approximately 67 percent were loans to businesses with 10 or fewer employees; 93 percent employ fewer than 50 people; and 97 percent were to companies with 100 or fewer people.
- During the first 24 hours after opening its funding application portal for both the first and second PPP rounds, M&T processed and submitted nearly 30,000 customer applications alone.
"The Paycheck Protection Program provided us with an unprecedented opportunity to help our communities navigate one of the most challenging periods any of us have ever experienced – and we did everything we could to be sure we met the moment," said
Across the regions it serves, a significant number of businesses accessed PPP funding through M&T:
Greater Baltimore/Chesapeake – 11,314 companies employing 136,121 people
Buffalo/ Niagara– 9,237 companies employing 110,992 people
Greater Washington– 5,340 companies employing 60,370 people
Delaware– 4,191 companies employing 48,329 people
Syracuse– 3,568 companies employing 49,074 people
New York City– 3,532 companies employing 130,537 people
Rochester– 3,451 companies employing 49,842 people
Albany/ Hudson Valley– 3,447 companies employing 36,960 people
Philadelphia– 1,717 companies employing 38,774 people
Harrisburg/ Altoona– 1,542 companies employing 24,068 people
New Jersey– 1,288 companies employing 24,340 people
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. 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 today continues to assist customers with the PPP loan forgiveness process.
"As a small business primarily focused on helping our clients create a more accessible world for people with disabilities, it was critical that we find a way to make it through these difficult times. The people we serve needed us," said Karasch & Associates Owner
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
About M&T Bank
M&T is a financial holding company headquartered in Buffalo,
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