Catherine Marx
October 30, 2024
SBA lending in CT increased 18.3% in FY 2024; M&T Bank, TD Bank are top lenders
PHOTO | CONTRIBUTED
An M&T Bank branch at 117 Washington Ave. in North Haven.
For a second straight year, the U.S. Small Business Administration’s Connecticut District Office said it saw a significant jump in lending activity.
The SBA’s Connecticut District Office said it facilitated 1,058 traditional loans over the last 12 months, an 18.3% increase from a year earlier, according to newly released federal data.
SBA’s recently completed 2024 fiscal year ran from October 2023 to September 2024. During that time, the Connecticut office oversaw about $383 million in lending to the state’s small businesses, with loan approvals ranging from $5,000 to $5 million.
Catherine Marx, SBA’s Connecticut district director, said the surge in lending was “a result of SBA’s increased visibility, the commitment of our lenders and partners to focus on access to capital through targeted events.”
The funding disbursed in fiscal year 2024 included $318.8 million in 7(a) loans — in which the SBA guarantees the repayment of a certain portion of a private lender’s loan — to 901 small businesses.
M&T Bank was the top SBA 7(a) lender in Connecticut with 168 loans totaling $19 million, for an average loan size of $113,000.
Frank Micalizzi, M&T Bank's Bridgeport regional president and head of commercial banking for Connecticut, said the top ranking reflects M&T’s “deep commitment to Connecticut’s entrepreneurs, who are the backbone of our state’s economy.”
TD Bank ranked No. 2 with 98 loans totaling $9.2 million, for an average loan size of $94,000.
Webster Bank ranked third with 95 loans totaling $31.4 million, for an average loan of $331,000.
Additionally, $62.7 million was borrowed by 73 small businesses through 504 loans, which provide long-term, fixed-rate financing for major fixed-asset purchases — usually equipment or real estate.
New England Certified Development Corp. was the top 504 lender in Connecticut with 36 loans totaling $33.7 million. The Community Investment Corp. ranked No. 2 with 31 504 loans totaling $26.4 million.
SBA’S microloan program recorded 84 loans totaling $1.7 million. It provides funds to designated nonprofit community-based lenders that administer the program.
Most Recent
Most Recent
0 Comments