Huntington Bank Reports Increased Loan Production In SBA Fiscal Q2 2018
Huntington Now Leads SBA Loan Originations across nation in Q2
COLUMBUS, Ohio, June 7, 2018 -- Huntington Bank is the nation's largest originator of Small Business Administration (SBA) 7(a) loans at the close of SBA fiscal second quarter 2018. In total, Huntington's expanded SBA program achieved an increased quarterly production, accounting for a 27 percent increase in loan originations to more than 2,300, and a 32 percent increase in dollars lent to $447 million compared to SBA fiscal second quarter 2017.
"SBA loans continue to be a great source of capital for a wide range of businesses, from those looking to get a start, to those focused on gaining and keeping a competitive edge," said Huntington Business Banking Director, Michael Wamsganz.
During the SBA fiscal second quarter, Huntington continued to see high overall demand for capital supporting business acquisitions, start-up financing and investments in equipment upgrades and infrastructure.
Huntington's SBA program director, Maggie Ference, says Huntington is continuing to see a large number of businesses transition ownership from one generation to another as the baby boomers are heading into retirement.
"The SBA programs offer great tools for new business owners to support their small business growth and expansion needs," Ference says.
The number of businesses Huntington helped through SBA lending in each state through the second quarter of fiscal year 2018 includes:
- Ohio: 1,036 loans totaling $212.2 million
- Michigan: 749 loans totaling $104.4 million
- Indiana: 167 loans totaling $24.5 million
- Illinois: 131 loans totaling $42.7 million
- Western Pennsylvania: 91 loans totaling $17.3 million
- Wisconsin: 59 loans totaling $16.8 million
- Kentucky: 51 loans totaling $11.4 million
- Florida: 32 loans totaling $13 million
- West Virginia: 22 loans totaling $1.4 million
The SBA 7(a) lending program provides government backing, enabling small business lenders to extend credit to business owners who are not yet able to access conventional bank financing with reduced lender risk. For more information, visit www.huntington.com/SmallBusiness/loans/sba-guarantee-business-loans.
Huntington Bancshares Incorporated is a regional bank holding company headquartered in Columbus, Ohio, with $104 billion of assets and a network of 966 branches and 1,848 ATMs across eight Midwestern states. Founded in 1866, The Huntington National Bank and its affiliates provide consumer, small business, commercial, treasury management, wealth management, brokerage, trust, and insurance services. Huntington also provides auto dealer, equipment finance, national settlement and capital market services that extend beyond its core states. Visit huntington.com for more information.