Manhattan-based Savoy Bank continued to raise its profile as a small-business lender in 2017, earning a Silver Award from the Small Business Administration's New York District Office for the second consecutive year. Savoy Bank's SBA-backed loans to small businesses totaled $21.498 million in 2017, the third highest amount in the Silver Award category ($15-$30 million loaned).
"As both an SBA lender, and a member of the U.S. Treasury Department's Community Development Financial Institution program, Savoy Bank is very proud to help capitalize the vital small businesses that fuel economic growth in this region." says Savoy President Mac Wilcox.
"Our mission is to nourish the 'Small Giants' of the business world."
Savoy's efforts last year helped the SBA's New York District office achieve a new record in SBA-guaranteed lending, with the aggregate of loans surpassing the billion-dollar mark for the first time.