Huntington Moves Up One Spot to Third Most Active SBA Lender in the Nation Through First Quarter 2011
Huntington holds top spot as most active SBA lender across its Midwest markets
COLUMBUS, Ohio, May 16, 2011 /PRNewswire/ -- Huntington (NASDAQ: HBAN; www.huntington.com) has once again gained in its national ranking for supporting small business lending. The U.S. Small Business Administration (SBA) reported that Huntington has moved up one position to become the third most active SBA 7(a) loan provider in the country for the first six months of its fiscal year.
Huntington also remains the most active SBA 7(a) lender cumulatively, both in the number of loans made and overall dollar amount of those loans, within its six-state Midwest service area. Huntington outpaced its market competitors with more than three times the number of loans and more than twice the dollar volume.
"Huntington has made a very strong commitment to support small businesses and these rankings validate that we are delivering on that commitment and improving the resources we provide to small businesses each and every year," said Steve Rhodes, Huntington's director of business banking. "We are so dedicated to helping small businesses because we believe the more successful they are, the stronger our economy will become. And, nowhere is that more true than in the Midwest."
According to the SBA, Huntington provided 1,191 SBA loans for a dollar amount of more than $188 million through the first six months ending March 31, 2011.
Huntington's performance by the states it serves is as follows:
-- Ohio: 1,136 loans with a dollar volume of $85.8 million -- Michigan: 278 loans with a dollar volume of $58.9 million -- Indiana: 123 loans with a dollar volume of $23.7 million -- West Virginia: 34 loans with a dollar volume of $5.4 million -- Western Pennsylvania: 54 loans with a dollar volume of $8.5 million -- Kentucky: 37 loans with a dollar volume of $5.6 million
In 2010, Huntington lent $1.1 billion to small businesses, meeting the bank's plan to lend $4 billion to small businesses in the Midwest over a three-year period, with a stepped increase in small business lending through 2012 and beyond.
Just one example of Huntington's ability to help small business owners can be found in Columbus, Ohio-based, Food for Good Thought, a for-profit, gluten-free bakery and nonprofit organization that provides vocational training and employment for individuals with autism. According to Food for Good Thought's owner, Dr. Audrey Todd, the SBA-backed loan she received from Huntington provided a much-needed lifeline that allowed her business to thrive and grow.
"Huntington went above and beyond to help me and my business," Dr. Todd said. "If it wasn't for Huntington, Food for Good Thought may not be here today."
Huntington's SBA-enhanced loans can be used by small business owners for real estate, business acquisition or expansion, start-up costs, equipment purchases, working capital and more. For more information about Huntington and its small business lending programs, visit https://www.huntington.com or call 1-800-480-2001.
Huntington Bancshares Incorporated is a $53 billion regional bank holding company headquartered in Columbus, Ohio. Huntington National Bank, founded in 1866, provides full-service commercial, small business, and consumer banking services; mortgage banking services; treasury management and foreign exchange services; equipment leasing; wealth and investment management services; trust services; brokerage services; customized insurance brokerage and service programs; and other financial product and services. The principal markets for these services are Huntington's six-state banking franchise: Ohio, Michigan, Pennsylvania, Indiana, West Virginia, and Kentucky. The primary distribution channels include a banking network of over 600 traditional branches and convenience branches located in grocery stores and retirement centers, and through an array of alternative distribution channels including internet and mobile banking, telephone banking, and over 1,300 ATMs. Through automotive dealership relationships within its six-state banking franchise area and selected New England states, Huntington also provides commercial banking services to the automotive dealers and retail automobile financing for dealer customers.
The logo mark and Huntington® are federally registered service marks of Huntington Bancshares Incorporated.
SOURCE Huntington Bancshares Incorporated
Released May 16, 2011