After falling on hard times during the economic recession of 2008, things are looking up for small businesses in our hometown of Buffalo, New York. This year, loan approvals from the Buffalo District Office of the U.S. Small Business Administration (SBA) topped 1,000 for the first time since 2007. With a total of 1,024 loans approved between January and August of this year, loan approvals have increased by 35.6 percent compared to last year. Not too shabby by any standards!
But entrepreneurs in our area aren’t just applying for more loans; the dollar value of those loans is increasing as well. As of August 30, more than $142 million in SBA loans have been approved by the district office – more than a 6 percent increase since last year.
Three of the region’s biggest lenders – M&T Bank, Five Star Bank and Citizens Bank – have been working overtime to keep up with the renewed demand. SBA loan approvals through M&T have grown by a whopping 73 percent since 2015. Five Star and Citizens have seen similarly remarkable increases in loan approvals this year as well.
Here at SPEED Global Services, we’re proud to be a business born and bred in Buffalo. We’re fortunate to have had the opportunity to serve this area for 70 years, and we couldn’t have done it without our neighbors’ steadfast commitment to local business. With a host of entrepreneurs once again returning to Western New York, we can rest easy knowing that Buffalo will continue to be a great place to start a small business in the future.