The Adirondack Trust Co. had a successful year for its lending through the U.S. Small Business Administration, bank officials said.
For the year ending Sept. 30, the bank approved 42 SBA 7(a) loans, amounting to more than $3.45 million. This makes Adirondack Trust Co. the top lender in Saratoga and Warren Counties as a locally headquartered community bank, officials said.
“We are very pleased with the results of our SBA lending activities this year. For the fifteenth consecutive year, we were the most active locally headquartered and locally owned bank in both Saratoga and Warren counties, both in terms of number of loans made and in terms of the total dollars loaned, said bank President Stephan von Schenk said.
“Since our founding in 1901, this has been the center of our work. Every day, we work closely with locally owned and operated businesses, and we are proud to be able to help them grow by making SBA and other financing programs available. We are only as strong as our community, and the core of our mission is to continually serve that community and go above and beyond.”
In addition to helping business owners achieve their financial goals, The bank’s SBA lending program assisted in creating 101 new jobs across 20 businesses in the region, putting more dollars into more local pockets, according to the company.
In 2014, the Adirondack Trust Co. transitioned from an active SBA small community bank lender in the Capital Region, to a large community bank lender, which includes banks with $1-$10 billion in assets.
The SBA Capital region covers the counties of Albany, Clinton, Columbia, Essex, Greene, Rensselaer, Saratoga, Schenectady, Schoharie, Warren and Washington.
The Adirondack Trust Co. is an independent, locally owned and operated, community bank offering a wide variety of business and personal financial services. The bank has more than $1 billion in assets and 13 branch offices.