COLUMBUS, Ohio, June 7, 2018 /PRNewswire/ -- Huntington Bank
is the nation's largest originator of Small Business Administration
(SBA) 7(a) loans at the close of SBA fiscal second quarter 2018. In
total, Huntington's expanded SBA
program achieved an increased quarterly production, accounting for
a 27 percent increase in loan originations to more than 2,300, and
a 32 percent increase in dollars lent to $447 million compared to SBA fiscal second
quarter 2017.
"SBA loans continue to be a great source of capital for a wide
range of businesses, from those looking to get a start, to those
focused on gaining and keeping a competitive edge," said Huntington
Business Banking Director, Michael
Wamsganz.
During the SBA fiscal second quarter, Huntington continued to see high overall
demand for capital supporting business acquisitions, start-up
financing and investments in equipment upgrades and
infrastructure.
Huntington's SBA program
director, Maggie Ference, says
Huntington is continuing to see a
large number of businesses transition ownership from one generation
to another as the baby boomers are heading into retirement.
"The SBA programs offer great tools for new business owners to
support their small business growth and expansion needs," Ference
says.
The number of businesses Huntington helped through SBA lending in each
state through the second quarter of fiscal year 2018 includes:
- Ohio: 1,036 loans
totaling $212.2 million
- Michigan: 749 loans
totaling $104.4 million
- Indiana: 167 loans
totaling $24.5 million
- Illinois: 131 loans
totaling $42.7 million
- Western Pennsylvania:
91 loans totaling $17.3 million
- Wisconsin:
59 loans totaling $16.8
million
- Kentucky: 51 loans
totaling $11.4 million
- Florida: 32 loans
totaling $13 million
- West Virginia: 22 loans
totaling $1.4 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 is a regional bank holding
company headquartered in Columbus,
Ohio, with $104 billion of
assets and a network of 966 branches and 1,848 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 Bancshares Incorporated