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ESL, GRB top list of SBA lenders in Rochester
ESL, GRB top list of SBA lenders in Rochester
Listen to this articleESL Federal Credit Union is the No. 1 U.S. Small Business Administration (SBA) lender in the Greater Rochester community by total number of loans, while Genesee Regional Bank is the top lender in terms of dollars awarded.
With 91 loans in the fiscal year ending Sept. 30, ESL provided more than $10.5 million in lending to small businesses across the region.
Genesee Regional Bank awarded 17 loans totaling nearly $11.4 million during the same period.
“We have a strong and innovative business community in the Greater Rochester region that continues to grow and evolve,” said Keith Cleary, ESL’s senior vice president and director of business banking. “We’re proud of the valuable partnerships we have built with our business banking members and look forward to continuing to work together to help our business community thrive and prosper.”
The average loan amount through ESL in this latest fiscal year was roughly $135,000, or about 60 percent less than all SBA average loan size in the region.
Credit union leaders said the lesser average loan value further demonstrates ESL’s commitment to assist businesses of all sizes.
“Our teams have the expertise and knowledge to support the growth and development of businesses at any size and at every level,” said Mike Prince, ESL vice president/director, branch and contact center. “It’s a partnership that has seen extraordinary results for both business members and our community at large.”
Additionally, ESL provided 14 loans for $3.7 million to the Buffalo region through its western branches, bringing total SBA lending for ESL to 105 loans and $14.2 million for the fiscal year. The latter amount is more than double the credit union’s SBA lending production in 2023.
M&T Bank landed the top lender spot for the combined Buffalo/Rochester region, awarding 186 loans totaling nearly $18.9 million for the SBA’s fiscal year.
“With our average loan size of $113,432, we continue to be able to provide all sizes of companies with their essential capital needs,” said Chris Nichols, M&T Bank executive vice president and director of Business Banking Sales. “We are grateful for the trust to provide advice and guidance for the small business communities throughout our footprint.”
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