SBA Ranks Huntington Bank No. 1 Lender in US
COLUMBUS, Ohio -- Huntington Bank reports it has become the largest Small Business Administration 7(a) lender in the United States for the fiscal year ended Sept. 30.
The bank made 4,183 loans that totaled $549 million in its six-state footprint, an increase of 37% over fiscal 2103 when it ranked third. Huntington has a presence in Ohio, western Pennsylvania, Michigan, central Indiana, northern Kentucky and northern West Virginia.
The parent of the bank, Huntington Bancshares Inc., has $64 billion in assets.
Huntington was the 11th-largest SBA 7(a) lender in fiscal 2008.
During fiscal 2014, the bank extended 2,368 loans on Ohio that totaled $286 million; 1,098 in Michigan for $163 million; 316 in Indiana for $46 million; 234 in Pennsylvania for $35 million; 78 in West Virginia for $12 million; and 80 in Kentucky for $7 million, SBA said.
Under the SBA 7(a) program, small-business owners can use the proceeds for long- and short-term working capital needs such as paying operating expenses, purchase inventory, to finance construction and real estate, buy equipment, machinery and furniture, start or expand a business and finance exports.
The business owner borrows from a commercial lender, usually a bank, for up to $5 million. The SBA guarantees repayment, up to 85% on loans of $150,000 or less, up to 75% for loans more than $150,000 but less than $5 million.
In fiscal 2012, the average SBA-guaranteed loan was $337,730, the agency says.
Published by The Business Journal, Youngstown, Ohio.
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