NBT Bank was recognized for being the most active third party lender of 504 loan projects participating in 12 projects totaling more than $6.2 million in loans to small businesses. NBT Bank was also commended for its activity in the 7(a) loan program completing 27 projects totaling more than $5 million.
The 504 loan program is sponsored by the SBA providing business owners with the necessary funds to purchase land, real estate or equipment to help grow their business. According to the SBA, the 504 loan program has created more than 2 million jobs nationwide through its $50 billion in funding.
“Small businesses are crucial to the economy in upstate New York,” NBT Bank President of Commercial Banking Sarah Halliday said. “NBT Bank is proud to provide this support to these business owners so they can continue to grow.”
“We will continue to encourage and work with our lenders to make loans available across Upstate New York. Ensuring small business owners have every opportunity to secure capital through SBA loan programs continues to be a primary focus in 2018,” said Bernard Paprocki, SBA Syracuse District Director.
### About NBT Bank
NBT Bank offers personal banking, business banking and wealth management services from locations in six states, including New York, Pennsylvania, Vermont, Massachusetts, New Hampshire and Maine. The bank and its parent company, NBT Bancorp, are headquartered in Norwich, NY. NBT Bancorp had assets of $9.1 billion as of December 31, 2017, and is traded on the Nasdaq Global Select Market under the symbol NBTB. More information about NBT is available online at www.nbtbank.com.
### About the Small Business Administration
The U.S. Small Business Administration was created in 1953 and, since January 13, 2012, has served as a Cabinet-level agency of the federal government to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation. The SBA helps Americans start, build and grow businesses. Through an extensive network of field offices and partnerships with public and private organizations, the SBA delivers its services to people throughout the United States, Puerto Rico, the U.S. Virgin Islands and Guam. To learn more, visit: www.sba.gov.