Huntington infuses a record of more than $1.3 billion into the economy by supporting over 7,300 small businesses
COLUMBUS, Ohio, Oct. 6, 2023 /PRNewswire/ -- The Huntington National Bank continues to demonstrate its commitment to small businesses and the communities they call home as the nation's largest originator, by volume, of Small Business Administration (SBA) 7(a) loans for the sixth consecutive year. The designation marks a record year for Huntington, surpassing $1.3 billion in SBA 7(a) loans and helping more than 7,300 small businesses. This is also the 15th year in a row Huntington has been the largest originator, by volume and dollar amount, of SBA 7(a) loans within its 11-state footprint.
"At Huntington, we believe small business is big business, and we're immensely proud of the number of small businesses we've been able to help," said Brant Standridge, President of Consumer and Regional Banking. "This recognition is a credit to our colleagues, who continue to put people first and keep our customers at the center of all we do. By bringing the full-service capabilities of the bank to our small business customers, we're arming them with the knowledge and resources they need to be successful for today and as their businesses grow."
This designation as top lender follows the 2022 expansion of Huntington's SBA 7(a) lending program throughout the U.S.
"We've purposefully taken the opportunity to grow our SBA program within our footprint and nationwide," said Maggie Ference, Huntington's SBA Director. "We understand the tremendous impact small businesses have on communities and local economies, and we recognize the importance of our role in supporting these business owners. We're continuing to invest in our SBA program, so we can help more small businesses start, grow and prosper within our footprint and beyond."
The number of small businesses Huntington supported through SBA lending in each of its footprint states and nationally through the 2023 fiscal year1 includes:
Huntington Footprint States
| Loan Volume (Total)
| Loan Amount (Total)
|
Huntington
| Top Competitor Total
(other than HBAN)
| Huntington
| Top Competitor Total
(other than HBAN)
|
OHIO
| 2,341
| 169
| $327,153,600
| $49,709,900
|
MICHIGAN
| 1,399
| 80
| $201,839,000
| $47,901,000
|
ILLINOIS
| 534
| 131
| $96,116,500
| $138,557,000
|
INDIANA
| 315
| 100
| $58,025,500
| $31,031,000
|
PENNSYLVANIA
| 324
| 304
| $62,386,300
| $54,627,000
|
KENTUCKY
| 63
| 45
| $13,066,300
| $16,700,200
|
WEST VIRGINIA
| 79
| 12
| $13,363,000
| $6,100,000
|
WISCONSIN
| 56
| 70
| $13,553,000
| $31,966,300
|
MINNESOTA
| 144
| 190
| $28,125,000
| $41,358,200
|
COLORADO
| 227
| 121
| $54,302,600
| $93,750,500
|
FLORIDA
| 296
| 825
| $88,133,700
| $112,752,900
|
All Other States
| 1,547
|
| $415,710,700
|
|
Huntington National Total
| 7,325
|
| $1,371,775,200
|
|
In addition to its national ranking, Huntington is the largest originator, by volume and dollar amount, in multiple states in its footprint, including Ohio, Michigan, Indiana, Pennsylvania, Kentucky and West Virginia.
As a complement to its suite of small business loan services, which includes SBA 7(a) loans, SBA express loans, and 504 loans, Huntington also supports small businesses and invests in its communities through its Lift Local Business program. Designed for woman-, minority-, and veteran-owned businesses, the program provides loans, business planning support, free financial courses through Operation HOPE, and other services to help small business owners through every stage of the business life cycle — from start-up to expansion.
Since launching in 2020, the Lift Local Business program has provided $77 million in funding to more than 1,100 small businesses. The program is part of Huntington's $40 billion Strategic Community Plan, which includes a $2 billion focus on lending to minority-owned businesses or businesses operating in largely minority communities. Lift Local Business is just another way Huntington is reinforcing its commitment to strengthening small businesses and the communities they call home.
For more information about Huntington's SBA program and small business loan services, visit https://www.huntington.com/SmallBusiness/loans/sba-guarantee-business-loans.
About Huntington
Huntington Bancshares Incorporated (Nasdaq: HBAN) is a $189 billion asset regional bank holding company headquartered in Columbus, Ohio. Founded in 1866, The Huntington National Bank and its affiliates provide consumers, small and middle–market businesses, corporations, municipalities, and other organizations with a comprehensive suite of banking, payments, wealth management, and risk management products and services. Huntington operates more than 1,000 branches in 11 states, with certain businesses operating in extended geographies. Visit Huntington.com for more information.
¹SBA loans subject to SBA eligibility. Huntington is the nation's largest originator, by volume, of SBA 7(a) loans from Oct. 1, 2022 to Sept. 30, 2023. Source: U.S. Small Business Administration (SBA)
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SOURCE Huntington National Bank
