Huntington’s SBA 7(a) lending totaled $673 million to 4,337 small businesses
Columbus, OH - Huntington Bank has booked a record number of Small Business Administration (SBA) 7(a) loans for the SBA fiscal year ending September 30, 2015, the bank reported today. Huntington lent more than $673 million to small businesses, representing 4,337 loans for an increase of 21 percent in the amount of dollars lent and a 4 percent increase in number of loans over fiscal 2014.
It is the largest number of loans and biggest dollar amount ever lent by Huntington, making it the nation’s second largest SBA 7(a) lender in terms of number of loans. Huntington is also the largest SBA lender in its footprint by number of loans and dollar amount. Huntington has been able to attain the second spot for national SBA lending, despite being the 32nd largest bank in the country in terms of assets and focusing its SBA lending in its six-state footprint.
“Small businesses are the backbone of our local economies, driving job growth and keeping our communities vibrant,” said Huntington’s SBA Group Manager Margaret Ference. “Business owners are focused on helping their businesses to grow and often do not have time to explore lending options. Huntington has a team of SBA lending experts who can partner with entrepreneurs and give them financial advice so that they can concentrate on expanding their companies.”
The number of businesses Huntington’s SBA lending has helped in each state during fiscal year 2015 includes:
- Ohio: 2,348 loans totaling $340 million
- Michigan: 1,304 loans totaling $200 million
- Indiana: 269 loans totaling $55 million
- Western Pennsylvania: 287 loans totaling $56 million
- West Virginia: 56 loans totaling $4.4 million
- Kentucky: 62 loans totaling $13 million
Huntington has seen a 10.6% year-over-year increase in SBA (7a) loans for equipment purchases for a total of $110 million and a 14.2% increase in the number of these loans for business acquisitions totaling $102 million.
Huntington Bancshares Incorporated is a $70 billion asset regional bank holding company headquartered in Columbus, Ohio, with a network of more than 750 branches and more than 1,500 ATMs across six Midwestern states. Founded in 1866, The Huntington National Bank and its affiliates provide consumer, small business, commercial, treasury management, wealth management, brokerage, trust, and insurance services. Huntington also provides auto dealer, equipment finance, national settlement and capital market services that extend beyond its core states. Visit huntington.com for more information.
Contact: Michael K. Sherman (), (614) 480-6114