M&T Bank announced on May 24 that it helped 1,302 businesses in New Jersey secure about $405 million in funding through the Paycheck Protection Program (PPP).
M&T has disbursed nearly all of the approved funding to these companies, which employ more than 24,340 people locally.
The U.S. Small Business Administration recently announced the PPP exhausted its funds and is now closed to most new applicants.
M&T reported the average loan size was $311,355, and more than 52% of the approvals were for loans less than $100,000; 68% were for less than $200,000.
Approximately 52% were loaned to businesses with 10 or fewer employees; 87% employ fewer than 50 people and 94% went to companies with 100 or fewer people.
The average loan size for the most recent round of applications was $210,020.
“During a period when New Jersey businesses were facing unprecedented hardships and economic uncertainty, we knew we had to do everything we could to help,” said Tom Comiskey, president of M&T Bank’s New Jersey region. “I’m so grateful to our employees who stepped up to meet the moment, serving as economic first-responders in our communities. They worked quickly and collaboratively to help local businesses secure the PPP funding they needed to keep people employed and make it through these difficult times. With more work still to be done, we’re committed to doing our part to help accelerate recovery and growth statewide.”
To help customers secure the funds they needed, M&T expanded its SBA loan team from 20 to more than 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 for customers.
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.