COLUMBUS, Ohio, Oct. 5, 2017 /PRNewswire/ -- Huntington Bank is
the nation's second largest originator of Small Business
Administration (SBA) 7(a) loans during SBA fiscal year 2017,
maintaining its ranking for total 7(a) loans nationwide, and
ranking as the top 7(a) lender for total loans and dollars lent
within its eight-state core footprint. Huntington has ranked as a top-three national
SBA 7(a) lender since 2011 and the premier 7(a) lender in its core
footprint since 2008.
In a concentrated effort to expand SBA lending and deepen
customer relationships across all markets over fiscal year 2017,
Huntington increased dollars lent
by 25 percent to its highest ever loan volume of $793.6 million via 4,065 7(a) loans. This
included establishing a strong foothold in Illinois and Wisconsin with marked increases of
$48 million and $32 million, respectively.
"Small businesses continued to grow and thrive across the
greater Midwest during fiscal year 2017 with SBA loans as a smart
strategic advantage," said Huntington Business Banking Director
Michael Wamsganz. "An overwhelming
number of businesses can benefit from SBA loans, and we continue to
find new and better ways to help owners capitalize on the program
to grow their businesses."
Huntington's SBA lending for
business acquisitions trended up for the second consecutive year,
totaling $302 million for a 21
percent increase over fiscal year 2016.
"We continued to see a large percentage of Baby Boomers finding
SBA loans a smart move for help in passing along their businesses
to the next generation," said Maggie
Ference, SBA Group Manager at Huntington.
Huntington now employs 35 SBA
sales and leadership colleagues across its footprint, with an
emphasis on building lending relationships. The number of
businesses Huntington's SBA
lending helped in each state during fiscal year 2017 includes:
- Ohio: 1,946 loans
totaling $ 347.5 million
- Michigan: 1,158 loans
totaling $ 174.9 million
- Indiana: 298 loans
totaling $ 69.7 million
- Illinois:
156 loans totaling $ 53.8
million
- Western Pennsylvania:
219 loans totaling $44.2 million
- Wisconsin:
74 loans totaling $34
million
- Florida: 61 loans
totaling $24.2 million
- Kentucky: 83 loans
totaling $22.2 million
- West Virginia: 57 loans
totaling $7.7 million
The SBA 7(a) lending program provides government backing,
enabling small business lenders to extend credit to business owners
who are not yet able to access conventional bank financing with
reduced lender risk. For more information, visit
www.huntington.com/SmallBusiness/loans/sba-guarantee-business-loans.
About Huntington
Huntington Bancshares
Incorporated (NASDAQ: HBAN) is a regional bank holding company
headquartered in Columbus, Ohio,
with $101 billion of assets and a
network of 996 branches and 1,860 ATMs across eight 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.
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SOURCE Huntington Bank