M&T Bank Commits $1 million to FSC First’s Loan Pool for Small Businesses in Prince George’s County
Largo, Md.; Aug. 19, 2021: M&T Bank has committed $1 million to FSC First’s loan pool providing financing to small businesses in Prince George’s County that typically don’t qualify for loan funding, particularly businesses owned by minorities, women, and veterans. M&T is the 11th FDIC-insured financial institution to join FSC First’s Bankers Task Force.
M&T’s commitment of $1 million is the second largest among banks contributing to the fund, and the bank’s pro rata share among loans is 14.44 percent. Only Truist Bank has committed more to the Bankers Task Force.
“In FSC First, M&T has found a great partner to help us be a bank for all communities throughout Prince George’s County,” said John M. Halley, a business banking team leader for M&T in Greater Washington and a member of FSC First’s board of directors. “M&T’s commitment to the Bankers Task Force is a clear demonstration of our support for the small businesses in the county that have been underserved by more traditional lending sources.”
M&T and FSC’s other lending partners advise FSC First in matters of risk mitigates, loan policy and procedures; establish FSC First’s annual borrowing rate; and respond to other matters deemed appropriate regarding the FSC First mission-driven lending and banking relationship. Other FDIC-insured banks included in the pool are Eagle Bank, Fulton Bank (formerly The Columbia Bank), Industrial Bank, PNC Bank, Primis Bank (formerly Sonabank), Sandy Spring Bank (formerly Revere Bank), TD Bank, Truist Bank (formerly BB&T Bank and SunTrust Bank), Wells Fargo Bank, and WesBanco (formerly Old Line Bank).
During the COVID-19 pandemic, M&T Bank has participated in federal initiatives like the U.S. Small Business Administration’s Paycheck Protection Program (PPP) to financially assist struggling businesses. The bank helped 35,014 businesses, funded over $7.03 billion to those businesses, and have impacted 765,700 employees. Additionally, the bank announced earlier this year an agreement to acquire People’s United Financial, Inc. to create a banking franchise serving communities throughout the Northeast and mid-Atlantic.
Shelly Gross-Wade, President & CEO of FSC First, stated: “FSC First is pleased to welcome M&T Bank with it’s strong, credible, and impressive track record of assisting the small business community and providing critical resources to those who need it.”
FSC First is a U.S. Treasury designated Community Development Financial Institution (CDFI), an SBA 504 Certified Development Company (CDC) and SBA Community Advantage 7(a) Guaranteed Lender. FSC First serves as a fund manager for several local and statewide loan programs. As a mission-driven financial institution, FSC First is focused on providing creative and innovative financing solutions to small and minority-owned businesses primarily in Prince George’s County, and throughout the State of Maryland.
Learn more about FSC First and the Bankers Task Force at our website, www.fscfirst.com.