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M&T offers assistance to businesses affected by storm

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M&T Bank has launched a new effort to help local small businesses affected by the snow storm. Business banking customers may be eligible for discounted rates on lines of credit and term loans.

The Buffalo based bank assists roughly 20,000 small businesses, and some experienced major issues due to the storm. Senior Vice President of Business Banking Neil Hosty says the bank will provide technical advice, reduced rates, waived application fees, and payment assistance. Lending and rates will vary based on each merchant’s needs. Hosty says they are reaching out to small businesses.

“We’ve seen a number of different things thankfully, although it’s still the assessment period, the damage hasn’t been as widespread as maybe we all feared originally. But, we have some customers who’ve experienced property damage and many others who just experienced business interruptions; manufacturers who had some employees who couldn’t come in for a few days or retailers and businesses who rely on walk-in traffic that wasn’t happening over the last few days while the storm was at its worst,” said Hosty.

Hosty says the success of a bank is tied to the success of the community. He says it’s crucial to provide assistance after one of the worst snow storms to ever hit western New York.

The special offers are only available for local businesses through December 31st. Business owners can contact their local branches or they can call the business banking department at 1-800-724- 6070 to apply.