ADIRONDACK TRUST COMPANY NAMED TOP LARGE COMMUNITY LENDER IN CAPITAL REGION BY SBA

Saratoga Springs, New York-Adirondack Trust Company announced today that 2024 has been a successful year for its lending through the U.S. Small Business Administration (SBA), solidifying its role as a critical financial partner for small businesses in the Capital Region.

For the fiscal year ending Sept. 30, 2024, Adirondack Trust approved 19 SBA 7(a) loans, representing nearly $2.5 million in financial support. This achievement positions the Bank as the top Large Community Bank Lender in the Capital Region, covering Albany, Clinton, Columbia, Essex, Greene, Rensselaer, Saratoga, Schenectady, Schoharie, Warren, and Washington counties.

"We are proud to continue our commitment to supporting local businesses through community lending," said ATC President & CEO Charles V. Wait, Jr. "Our ability to provide critical financial support to small businesses in the southern Adirondacks and beyond reflects our long-standing dedication to community economic growth. Each loan represents an opportunity for a local entrepreneur to transform their vision into reality."

The Bank's SBA lending strategy focuses on supporting diverse local businesses across various sectors. These loans have enabled companies to fund critical needs such as working capital, equipment purchases, business expansion, and commercial real estate acquisitions. The typical loan amounts have ranged from smaller investments supporting startup needs to more substantial funding for established businesses looking to scale.

"These SBA loans are more than just financial transactions," said ATC Executive Vice President-Commercial Lending Michael O'Connell, adding depth to the Bank's approach. "They represent opportunities for local entrepreneurs to expand, innovate, and create jobs in our community. Each loan tells a story of potential and progress. We carefully evaluate each application, looking beyond traditional metrics to understand the unique potential of each business."

The SBA 7(a) loan program, which provides loan guarantees to participating lenders like Adirondack Trust, has been instrumental in helping small businesses access capital that might otherwise be challenging to obtain. By mitigating some of the lending risk, the program enables banks to support businesses that are critical to local economic development.

"The SBA program allows us to take calculated risks on promising local businesses that might not qualify for traditional lending," said ATC Vice President-Commercial Lending Ellen Brodie. "We're not just providing capital: We're investing in the future of our region's economic landscape. Our team takes pride in understanding each business's unique story and potential."

This achievement builds on the Bank's historical commitment to community support. Since its founding in 1901, Adirondack Trust Company has maintained a deep connection to the local business ecosystem, consistently demonstrating that community banks play a crucial role in regional economic development.

The U.S. Small Business Administration (SBA) makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit SBA.gov.

The Adirondack Trust Company is an independent, locally owned and operated, community bank offering a wide variety of business and personal financial services. The Bank has more than $1.6 billion in assets and 12 branch offices. The Bank offers banking, trust, insurance, and wealth management services, and originates real estate mortgages, both residential and commercial, and commercial business loans throughout its primary market area. The Bank is a Bauer 5-Star Rated Superior bank. The Bank's website is AdirondackTrust.com.