National Bank Huntington Leads Nation in SBA 7(a) Loan Issuance by Volume for Fifth Consecutive Year

Huntington Bank infused nearly $1 billion in the economy by supporting 5,675 small businesses over the past year

Columbus, Ohio, October 6, 2022 /PRNewswire/ — Huntington Bancshares Incorporated (Nasdaq: HBAN) is the nation’s largest originator, by volume, of Small Business Administration (SBA) 7(a) loans for the fifth consecutive year. As a national leader in the small business sector, Huntington remains committed to lending both its expertise and capital to support small businesses across the country.

“Small businesses are the backbone of our communities. When they succeed, we all succeed,” said Brant StandridgeChairman of the Consumer and Business Bank at Huntington. “Huntington is proud to serve small businesses by helping them achieve their goals. Our work is guided by Huntington commitment to helping communities thrive through much-needed access to capital and supporting our clients through every stage of their business lifecycle. To be a continued leader in the SBA lending space is a distinct honor for us.”

Huntington offers a suite of lending services designed to help small businesses access the capital they need to open, acquire or grow, including 7(a) loans, SBA express loans and 504 loans. In 2020, the bank launched a Local Business Elevator program designed to create more opportunities for businesses owned by women, veterans and minorities. The program offers loans, business planning support, free financial education classes through Operation HOPE, and other services to help small business owners achieve their goals. Since launch, Huntington The Lift Local Business program has provided funding to more than 500 minority-, women-, and veteran-owned small businesses – 997 business owners have enrolled in Operation HOPE courses.

“The possibility of associating with Huntington on the Lift Local Business program continues to increase the number of small businesses that are app-ready without creating unnecessary time and expense for the small business owner,” said John Hope Bryant, Founder, President and CEO of Operation HOPE. “We are so grateful Huntington are dedicated to helping small businesses across the country. »

The number of companies Huntington aided through SBA loans in every traditional footprint state through fiscal year 20221 understand :

Huntington Footprint States

Loan volume units (total)

Loan amount (total)

Huntington

Best Competitor Total
(other than HBAN)

Huntington

Best Competitor Total
(other than HBAN)

OHIO

2,383

141

$323,331,300

$70,158,100

MICHIGAN

1,154

88

$172,724,700

$58,389,000

ILLINOIS

406

118

$69,869,900

$106,179,900

INDIANA

291

106

$53,981,900

$42,670,000

WEST PENNSYLVANIA

260

65

$44,559,800

$49,790,100

COLORADO

90

84

$15,454,500

$87,923,400

MINNESOTA

75

147

$17,008,200

$47,394,700

WEST VIRGINIA

75

12

$18,803,600

$3,500,000

KENTUCKY

63

61

$19,708,400

$18,701,000

WISCONSIN

27

65

$13,735,500

$33,710,000

Huntington is the #1 lender by volume in eight states, including Ohio, Michigan, Illinois, Indiana, Pennsylvania, Kentucky, West Virginiaand even Coloradoafter entering the SBA loan market this year.

By committing resources to expand access to capital in expanded states and through sustained national leadership, Huntington continues to expand its leadership for underserved small businesses. The SBA 7(a) loan program offers government support, allowing small business lenders to extend credit to business owners who are unable to access conventional bank financing.

“A wide range of businesses can benefit from SBA loans, and we look forward to using our expertise to support these customers across the country,” said Maggie Ferencedirector of SBA loans for Huntington. “We are especially proud to partner with small businesses to ensure fair access to capital. Our continued success is credited to our colleagues.”

In 2021, Huntington announced a new strategy to address social, racial, environmental and economic inequalities across its footprint by committing $40 billion towards a community plan. This includes expanding its lending programs through Footprint and Engagement $10 billion over five years to small business loans, of which $2 billion will focus on majority minority census tracts and $100 million to the Lift Local Business program for businesses owned by women, minorities and veterans. Thanks to Lift Local, Huntington also held nearly a dozen Seeds for Growth events in communities across its footprint. These large-scale training and community development events aim to maximize training and networking opportunities for underfunded small business owners.

For more information visit: www.huntington.com/SmallBusiness/loans/sba-guarantee-business-loans

About Huntington
Huntington Bancshares Incorporated (Nasdaq: HBAN) is a $179 billion regional bank holding company headquartered in Columbus, Ohio. Founded in 1866, National Bank Huntington and its subsidiaries offer consumers, small and medium-sized businesses, corporations, municipalities and other organizations a full range of banking, payment, wealth management and banking products and services. risk management. Huntington operates more than 1,000 branches in 11 states, with some companies operating in wide geographic areas. Visit Huntington.com for more information.

1 Fiscal year is October 1, 2021-September 30, 2022.

SOURCEHuntington Bancshares Incorporated

Comments are closed.