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Huntington Bank Tops Nationally for SBA 7(a) Loan Origination by Volume

October 11, 2021, 07:18 AM
Filed Under: SBA Lending News

Huntington National Bank 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 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 Maggie Ference, Huntington's SBA Program Director. "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.

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