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Huntington Bank Named No. 1 SBA Lender of 7(a) Loans at Mid-Year

April 16, 2014, 07:23 AM
Filed Under: Industry News

In a press release, Huntington Bank announced it has climbed to the top spot in the country with the highest number of Small Business Administration (SBA) 7(a) loans for the first half of the SBA's fiscal year ending March 31. The ranking is particularly noteworthy because the bank is 33rd in the country in terms of assets and only makes SBA loans within its six-state footprint.

The mid-year ranking means Huntington has moved up from its position as the third-largest SBA lender in the nation by number of 7(a) loans, which it has held for several years. Additionally, Huntington has made more than half of the SBA 7(a) loans in its footprint for the first six months of the fiscal year. During the time period, from Oct. 1, 2013-March 31, 2014, Huntington made 1,804 loans while the remainder of the industry made 1,758 loans in Huntington's service area.

"Small businesses are the foundation of our Main Street economies throughout the United States," said Steve Steinour, chairman, president and CEO of Huntington Bank. "These businesses generate two-thirds of all of new jobs and help keep our neighborhoods healthy. Huntington is committed to supporting small business growth as a key way to strengthen our communities as they continue through the economic recovery."

Huntington's combined mid-year No. 1 ranking for number of 7(a) loans and dollar volume among the states it serves includes:

  • Ohio:  1,050 loans totaling $118,900,300
  • Michigan:  472 loans totaling $66,091,700
  • Indiana:  116 loans totaling $23,695,500
  • Western Pa.: 90 loans totaling $10,632,400
  • West Va.:      37 loans, totaling $7,635,400

Additionally, Huntington made more SBA 7(a) loans in Ohio, Michigan and West Virginia than all of its competitors combined during the first half of the current SBA fiscal year.

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