Small Business Association Syracuse District Director Bernard J. Paprocki released in October the fiscal year 2019 lending report, with 501 7(a) and 504 loan approvals valued at $172.9 million across the 34-county Syracuse district.
\nPaprocki said Berkshire Bank, The Adirondack Trust Co. and Saratoga National Bank & Trust Co. had the highest number of 7(a) approvals in their respective categories based on asset size.
\n\u201cSmall businesses in Upstate New York are accessing the affordable capital they need to start and expand with SBA-backed loans,\u201d said Paprocki.
\nAccording to the SBA, Berkshire Bank was the top Capital Region large commercial lender, with 24 loans at a value of $11.1 million.
\nFor the second year, The Adirondack Trust Co. was the most active large community lender in the region, approving 26 loans valued at $2 million. This year, Adirondack Trust was also the most active large community lender in the entire district.
\nFor the sixth year in a row, Saratoga National Bank & Trust Co. was the top small community lender in the region with nine loan approvals worth $994,800. Saratoga National was also the top small community lender in the entire district, approving 10 loans worth $1.2 million.
\n\u201cStrong relationships with our lending partners and streamlined application processes will continue to help more Capital region entrepreneurs use SBA financing to create jobs and invest in their businesses and communities,\u201d said Paprocki.
\nAlthough SBA does not make direct loans to small businesses, the agency\u2019s use of its guaranty authority enables commercial lenders to make loans to small businesses they would otherwise not have made.
\nThe 7(a) loan program is the most widely used access to capital SBA program, with flexible use of proceeds and loan maximum of $5 million. The 504 program offers long-term, fixed-rate financing for major assets such as land, building and equipment with loan maximum of $5 million.
\nThe SBA Capital region covers the following counties: Albany, Clinton, Columbia, Essex, Greene, Rensselaer, Saratoga, Schenectady, Schoharie, Warren, and Washington.<\/p>\n","protected":false},"excerpt":{"rendered":"
Small Business Association Syracuse District Director Bernard J. Paprocki released in October the fiscal year 2019 lending report, with 501 7(a) and 504 loan approvals valued at $172.9 million across the 34-county Syracuse district. Paprocki said Berkshire Bank, The Adirondack Trust Co. and Saratoga National Bank & Trust Co. had the highest number of 7(a) […]<\/p>\n","protected":false},"author":196,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"yoast_head":"\r\n