Over the 2016 fiscal year, Huntington lent $633 million to small businesses via 3,905 7(a) loans. Plans are set to expand SBA lending and deepen relationships with small business owners across all of its markets in 2017.
“Businesses are growing as a result of credit made available through the SBA and Huntington’s partnership in fiscal year 2016,” said Huntington’s SBA Group Manager Maggie Ference. “Small business owners contributed to a healthier and more vibrant economy through Huntington-supported access to the SBA’s signature 7(a) program to open, acquire and expand their businesses.”
Huntington’s SBA lending for business acquisitions increased 83 percent to $249 million over fiscal year 2015, as a large percentage of Baby Boomers sought the bank’s succession services to pass along their businesses to the next generation. The bank’s 7(a) lending to startups in business one year or less increased by 69 percent to $214 million.
Huntington led SBA lending within its core footprint for the ninth-consecutive year. Huntington also made inroads into Illinois, Florida and Wisconsin. The bank added 17 SBA specialists and regional sales managers across its footprint with an emphasis on building lending relationships in Chicago, Wisconsin and other new markets following its recently completed acquisition of FirstMerit Bank.
The number of businesses Huntington’s SBA lending helped in each state during fiscal year 2016 includes:
Ohio: 2,040 loans totaling $332 million
Michigan: 1,113 loans totaling $168 million
Indiana: 315 loans totaling $44 million
Western Pennsylvania: 225 loans totaling $35 million
West Virginia: 67 loans totaling $18 million
Kentucky: 69 loans totaling $12 million
Florida: 31 loans totaling $9 million
Illinois: 24 loans totaling $5 million
Wisconsin: 11 loans totaling $2 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.
Huntington Bancshares Incorporated is a regional bank holding company headquartered in Columbus, Ohio, with approximately $100 billion of assets and a network of 1,103 branches and 1,976 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.