Huntington Comment on Passing of Legislation in Support of Small Businesses
COLUMBUS, Ohio, June 25, 2018 -- Huntington issued the following statement after The Small Business 7(a) Lending Oversight Reform Act of 2018 (H.R. 4743) was signed into law by the President, promoting and protecting small businesses with the most significant modernization of the Small Business Administration (SBA) statute in more than two decades.
"We understand the value of small business and appreciate how business owners create jobs and opportunities for all in our communities. We commend the passage of this legislation that will protect the long-term strength of the SBA mission and promote the reach of the programs that benefit business formation and growth throughout the country," said Steve Steinour, chairman, president and chief executive officer of Huntington. "Small businesses play a foundational role in driving economic growth and the vitality of our communities. We are proud to partner with the Small Business Administration as the number one 7(a) SBA lender in our Midwest footprint since 2008. The 7(a) program is an important tool to support small business growth and entrepreneurship."
Huntington appreciates the leadership of the House Committee on Small Business Chairman Steve Chabot (OH) and Ranking Member Nydia Velazquez (NY), Senate Small Business Chairman Jim Risch (ID) and Senator Jeanne Shaheen in updating this statute.
"This legislation will insure the availability of capital to support the small businesses that power community development and economic opportunity in our markets and across the nation," said Maggie Ference, senior vice president and SBA director.
Huntington Bancshares Incorporated (NASDAQ: HBAN) 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 www.huntington.com for more information.