Huntington Bank Takes Top Spot Nationally For SBA 7(a) Loan Origination By Volume For Fourth Consecutive Year
13th consecutive year Huntington has led SBA 7(a) loan originations within its footprint
COLUMBUS, Ohio, Oct. 8, 2021 /PRNewswire/ -- Huntington National Bank (Nasdaq: HBAN; www.huntington.com) is the nation's largest originator, by volume, of Small Business Administration (SBA) 7(a) loans for the fourth consecutive year at the close of SBA fiscal year 2021, further strengthening its position as the leader in supporting small businesses. This also marks the 13th year in a row Huntington has been the largest originator, by volume, of SBA 7(a) loans within its footprint.
The number of businesses Huntington helped through SBA lending in each footprint state through the 2021 fiscal year1 includes:
Huntington Footprint States | Loan Volume (Total) | Loan Amount (Total) | ||
Huntington | Top Competitor Total | Huntington | Top Competitor Total | |
OHIO | 1,998 | 124 | $366,344,300 | $69,216,000 |
MICHIGAN | 1,118 | 98 | $230,767,600 | $88,310,900 |
ILLINOIS | 355 | 113 | $77,292,300 | $128,788,000 |
INDIANA | 292 | 93 | $68,666,400 | $46,413,500 |
WESTERN PENNSYLVANIA | 186 | 44 | $37,005,700 | $50,926,400 |
FLORIDA | 90 | 364 | $39,020,800 | $165,776,500 |
KENTUCKY | 72 | 77 | $21,133,900 | $25,422,800 |
WEST VIRGINIA | 73 | 31 | $17,728,600 | $11,167,000 |
WISCONSIN | 30 | 75 | $9,969,600 | $57,581,000 |
This announcement follows Huntington's efforts throughout the pandemic to support its customers. It processed more than 47,000 Paycheck Protection Program loans across its footprint this year, for a total of 85,000 since 2020. These loans provided support to businesses during an extremely difficult time and further demonstrated the bank's commitment to looking out for people.
"We believe that when small businesses succeed, so do individuals and communities," explained Steve Rhodes, Huntington's Business Banking Director. "That's why we are so dedicated to helping small businesses achieve their goals. In another challenging year for businesses, we are pleased to have provided our trusted experience and assistance to so many customers who depend on us."
"The pandemic continues to show the value of the Small Business Administration and how a wide range of businesses can benefit from SBA loans," said Huntington's SBA Program Director, Maggie Ference. "We are especially proud this year to have supported our small businesses with this important source of capital, while at the same time working side-by-side with customers to help them access vital Paycheck Protection Program funds. It's a credit to our entire organization."
Huntington is currently bolstering its Business Banking presence and teams in Minnesota and Colorado. Bankers will bring Huntington's deep expertise and robust products and services to small businesses in expanded markets added through the TCF transaction.
Huntington continues to invest in its communities to support economic inclusion and to help make our customers and our communities more financially secure in the future. On June 16, the bank announced a new strategy to tackle social, racial, environmental and economic inequities across its footprint by committing $40 billion toward its new Community Plan. This includes expanding its Small Business lending programs into its new footprint following the merger with TCF Financial Corporation and committing $10 billion over five years, of which $2 billion will focus on lending to minority-owned businesses or businesses operating in majority-minority communities.
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. For more information, visit www.huntington.com/SmallBusiness/loans/sba-guarantee-business-loans.
About Huntington
Huntington Bancshares Incorporated (Nasdaq: HBAN) is a $175 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 1,100 branches in 12 states, with certain businesses operating in extended geographies. Visit Huntington.com for more information.
1 Fiscal year is Oct. 1, 2020-Sept. 30, 2021. Numbers include SBA loans made by TCF Financial in its Michigan market prior to the merger with Huntington.
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SOURCE Huntington Bancshares Inc.
