Huntington is the Fifth Largest Small Business Lender in the Country
Huntington Also Earns No. 1 Ranking in Ohio, Michigan, West Virginia and Western Pennsylvania for Number of SBA 7(a) loans
COLUMBUS, Ohio, Oct. 18 /PRNewswire/ -- Huntington (Nasdaq: HBAN; www.huntington.com) is the fifth-largest small business lender in the country in number of loans, as reported today by the U.S. Small Business Administration (SBA), up two spots from 2009. According to the SBA, Huntington made 1,312 loans for a total of $213,136,920 million during SBA's fiscal year that ended on Sept. 30, 2010, a 32 percent increase in number of loans and a 51 percent increase in dollar amount over 2009, demonstrating the bank's commitment to supporting small businesses throughout the Midwest.
"Small businesses are the lifeblood of our communities and the engine for job growth and recovery for our county," said Steve Steinour, Huntington CEO. "At Huntington, we partner with our small business customers and work to uncover every opportunity to approve credit through our own programs, in addition to leveraging credit-enhancement programs available through the SBA. Huntington has remained focused on supporting the lending needs of small business owners at a time when they need it most."
Huntington is the number-one SBA 7(a) lender cumulatively, both in the number of loans made and overall dollar amount of those loans, within its six-state Midwest footprint. Huntington's performance by state is as follows:
-- Ohio: 812 loans with a dollar volume of $124.7 million, number one both in number of loans and dollar amount -- Michigan: 262 loans with a dollar volume of $52.7 million, number one both in number of loans and dollar amount -- West Virginia: 33 loans with a dollar volume of $4.8 million, number one in number of loans and number two in dollar amount -- Western Pennsylvania: 62 loans with a dollar volume of $9.7 million, number one in number of loans and number three in dollar amount -- Indiana: 98 loans with a dollar volume of $12.3 million, number two in number of loans and number four in dollar amount -- Kentucky: 43 loans with a dollar volume of $8.7 million, number two in number of loans and number three in dollar amount
Huntington SBA specialists currently are helping customers benefit from new fee waivers and higher loan limits included in the Small Business Jobs Act that was signed into law last month. The act eliminates fees charged for SBA 7(a) and 504 loans through Dec. 31, 2010. The new legislation also increases SBA 7(a) loan limits from $2 million to $5 million; SBA 504 loans from $1.5 million to $5.5 million; and SBA 7(a) Express Loans from $350,000 to $1 million. The act also raises the SBA-guaranteed portion of SBA 7(a) loans from 75 percent to 90 percent through the end of 2010, providing banks with increased assurance around SBA lending.
"Through Huntington's continued partnership with the SBA, we've helped businesses retain and grow jobs, expand their services or buy new equipment and become stronger and better positioned for the future," said Steinour. "Every dollar we can put into the hands of small business owners is a dollar that can go toward rebuilding and revitalizing our economy. Every dollar could be a business started, business rescued or jobs created. Huntington is proud to continue our support of small businesses in the Midwest."
Huntington Bancshares Incorporated is a $52 billion regional bank holding company headquartered in Columbus, Ohio. Through its affiliated companies, Huntington has been providing a full range of financial services including checking, loans, savings, insurance and investment services to customers for 144 years. Huntington has more than 600 branches. Huntington also offers retail and commercial financial services online at huntington.com; through its telephone bank; and through its network of more than 1,300 ATMs.
SOURCE Huntington Bancshares Incorporated
Released October 18, 2010