SBA recognizes Five Star Bank

The U.S. Small Business Administration’s Buffalo District Office recently recognized Five Star Bank with three awards for its 2011 small business lending practices.

Five Star Bank was honored with the Emerald, Four Star and Patriotic Lender awards for loans awarded between Oct. 1, 2010, and Sept. 30, 2011.

The Emerald Award is given to institutions lending more than $15 million by volume to the small business community, while the Four Star Award recognizes those that award between 100 and 149 SBA loans for the year. Five Star Bank completed 127 small business loan approvals for $17,053,500 in 2011. Compared to 2010, the bank showed significant increases in lending, up 13 percent in number of loans and 103 percent by dollar volume.

“SBA relies on its lending partners to provide much needed capital to our small businesses,” said Franklin J. Sciortino, SBA Buffalo District director. “Five Star Bank’s level of activity is a clear indication of its commitment to our local small business community.”

The Patriotic Lender Award recognizes a local lender that approves the highest number of loans to veteran-owned businesses which are classified as ownership of 51 percent or more by principals who have served in the U.S. Armed Services for 180 or more consecutive days. Five Star Bank approved 12 such loans for 2011.