The U.S. Small Business Administration’s (SBA) Syracuse District Office approved 669 loans valued at $274 million for small businesses in Upstate New York during the 2024 fiscal year. This funding, disbursed through 7(a), 504, and microloan programs, highlights significant growth in capital access for local businesses across the 34-county district, the SBA announced this week.
SBA Syracuse District Director Daniel Rickman emphasized the record growth in loan approvals, particularly for loans under $150,000, which he noted are essential for small businesses with limited capital. “The impressive year-over-year increase in loan approvals demonstrates our commitment to helping Upstate NY’s small businesses grow and thrive,” Rickman said.
Top Lending Partners in Upstate Regions
Several financial institutions were recognized for their substantial lending contributions across Upstate New York. M&T Bank was the top overall 7(a) lender with 105 loans totaling $12.4 million, supporting businesses in the Central New York, Capital, and Southern Tier regions. Pursuit provided the largest amount of 504 loans, with 48 approvals totaling $48.6 million, focusing on assets like real estate and equipment.
In the Central New York Region, M&T Bank led as the top large commercial lender, issuing 67 loans valued at over $10 million, while Pathfinder Bank led as the top large community lender with 7 loans totaling $774,000. The Capital Region saw TD Bank as the top large commercial lender with 27 loans totaling $3.4 million, with Adirondack Trust Company recognized as the top large community lender.
The Southern Tier region, comprising Broome, Chemung, and surrounding counties, had Five Star Bank as the top large community lender, approving 23 loans valued at over $1 million. First Heritage Federal Credit Union led the small lender category, approving 7 loans valued at nearly $1.5 million​​.
SBA’s Role and Lending Programs
The SBA’s 7(a) loan program is the most widely used, offering flexible capital for purposes ranging from working capital to equipment purchases, with a loan maximum of $5 million. The 504 program, which provides long-term, fixed-rate financing for major assets, supported $51.8 million in business projects across Upstate New York in 2024. Additionally, 79 microloans totaling over $1.6 million were disbursed to support smaller business needs.
As the nation’s first federal agency dedicated to supporting small businesses, the SBA plays a key role in making the American dream of business ownership accessible to entrepreneurs nationwide. Its extensive partnerships with public and private entities extend valuable resources and support to small businesses, enabling them to access capital, overcome challenges, and achieve growth.
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