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Huntington Bank No. 1 Nationally For SBA 7(a) Loan Origination, By Volume

October 04, 2018, 07:23 AM
Filed Under: SBA Lending News

Huntington Bank is the nation's largest originator, by volume, of Small Business Administration (SBA) 7(a) loans at the close of SBA fiscal year 2018. This also marks the 10th year in a row Huntington has been the largest originator, by volume, of SBA 7(a) loans within its footprint.

In total, Huntington's SBA program achieved a 13.8 percent increase in annual loan originations nationally. Huntington also achieved 14.1 percent increase in annual loan production within its footprint.
"We believe small businesses are the life blood of our communities. It's important to note that Huntington first gained this SBA loan origination leadership position within our footprint in October of 2008—at the very beginning of recession—when small businesses needed access to capital. These latest SBA results represent our decade-long commitment to strengthening the communities we serve," said Michael Wamsganz, Huntington Business Banking Director.

"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 expanding their business, to those looking to transition their business to new owners," said Maggie Ference, Huntington's SBA program director. "SBA programs offer great tools for new business owners to support their small business growth and expansion needs."

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.

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