Huntington Bank Ranks as Second-Largest SBA Lender
COULMBUS, Ohio – The U.S. Small Business Administration says Huntington Bank is the second-largest lender to small businesses as ranked by the number of loans originated in U.S. fiscal 2015, which ended Sept. 30.
Despite issuing the largest number of SBA 7(a) loans in its history in fiscal 2015 – 4,337 — Huntington slipped to No. 2 in the nation.
Huntington, with $70 billion in assets at Sept. 30, is the 32nd largest bank in the United States.
Overall, the bank lent $673 million to small-business owners so they could start a business, acquire another, help them operate their enterprises or expand their businesses.
Under the 7(a) program, the SBA will guarantee repayment of up to 85% of the first $150,000 a bank lends a small business and up to 75% of the balance greater than $150,000 with a maximum guarantee of $3.75 million. The maximum loan allowed under 7(a) is $5 million.
The bank has a significant presence in six states, Ohio, Michigan, Indiana, western Pennsylvania, the northern panhandle of West Virginia and northern Kentucky.
Following are the number of loans each state and the amounts Huntington lent:
- Ohio, 2,348 loans, $340 million.
- Michigan, 304 loans, $200 million.
- Indiana, 269 loans, $55 million.
- Western Pennsylvania, 287 loans, $56 million.
- West Virginia, 56 loans, $4.4 million.
- Kentucky, 62 loans, $13 million.
Huntington says it has seen a 10.6% year-over-year increase in SBA 7(a) loans for the purchase of equipment – total $110 million – and a 14.2% increase in the number of loans to acquire another business, $102 million.
SOURCE: Huntington Bank.
Copyright 2023 The Business Journal, Youngstown, Ohio.