Huntington Bank Remains 3rd in US in SBA Lending
COLUMBUS, Ohio -- For the third year in a row, Huntington National Bank ranks as the nation’s third-largest provider of Small Business Administration 7(a) loans, the bank announced Wednesday.
In the United States fiscal 2013 (ended Sept. 30), Huntington increased its number of such loans 20%, the bank said, to 3,062 totaling $465 million, almost all of them in its Midwest footprint that consists of Ohio, western Pennsylvania, the West Virginia panhandle, Michigan, northern Kentucky and Indiana.
Wells Fargo and JPMorgan Chase were first and second in the United States. JPMorgan Chase made more loans than any other bank, 3,637 to Wells Fargo's 3,481, but Wells Fargo lent the most, nearly $1.5 billion to JPMorgan’s $486 million.
Huntington Bank remains the No. 1 SBA lender in the Midwest, said its business-banking director, Deborah Stein, by a factor of seven over the bank in second place.
In fiscal 2013, the third-most active in SBA history, the agency backed $17.9 billion in 54,106 bank loans to small businesses, reports the acting administrator of the agency, Jeanne Hulit.
Borrowers who obtain SBA 7(a) loans, up to 85% of which are guaranteed by the federal government, may use the proceeds for long-term working capital (operational expenses, accounts payable, purchase inventory), short-term working capital (capital needs including seasonal financing), to buy equipment, machinery, furniture and fixtures, to buy real estate (land and buildings), to build or renovate a building. They cannot be used to refinance debt or buy out a co-owner.
In fiscal 2013, Huntington’s 7(a) lending activity consisted of:
- Indiana, 240 loans totaling %45 million.
- Northern Kentucky, 45 loans totaling $5 million.
- Michigan, 787 loans totaling $162 million.
- Ohio, 1,750 loans totaling $204 million. (No further breakdown was available.)
- Western Pennsylvania, 150 loans totaling $25 million.
- West Virginia panhandle, 77 loans totaling $20 million.
Published by The Business Journal, Youngstown, Ohio.
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