Huntington Bank Reports Record Loan Production In SBA Fiscal Q1 2018

COLUMBUS, Ohio, Feb. 12, 2018 /PRNewswire/ -- Huntington Bank is the nation's second largest originator of Small Business Administration (SBA) 7(a) loans at the close of SBA fiscal first quarter 2018. In total, Huntington's expanded SBA program achieved record quarterly production, accounting for a 44 percent increase in loan originations to more than 1,200, and a 78 percent increase in dollars lent to $291 million compared to SBA fiscal first quarter 2017.

Huntington now leads loan originations in Illinois and Wisconsin for the first time, while maintaining its second place national ranking for total 7(a) loans and its ranking as the top 7(a) lender for total loans and dollars lent throughout its eight-state core footprint.

"SBA loans continue to be a smart strategic advantage for a wide range of businesses, from those looking to get a start, to those focused on gaining and keeping a competitive edge," said Huntington Business Banking Director, Michael Wamsganz.

During the SBA fiscal first quarter, Huntington saw high overall demand for capital supporting business acquisitions, start-up financing and investments in equipment upgrades and infrastructure.

Huntington's SBA program director, Maggie Ference, reports business owners confirm they are feeling more grounded as a result of the drop in the tax rates, which bodes well for local and regional economies.

"Not only are small business owners encouraged by the drop in the tax rates for both businesses and individuals, but they're telling us their overall feeling is that of a much more stable environment," says Ference. "As they look to expand and grow, we're prepared to help business owners explore innovative ways to use excess funds in 2018 that are no longer earmarked for tax payments in 2019."  

The number of businesses Huntington helped through SBA lending in each state during the first quarter of fiscal year 2018 includes:

• Ohio: 547 loans totaling $146 million
• Michigan: 353 loans totaling $60.9 million
• Indiana: 99 loans totaling $17.6 million
• Illinois: 77 loans totaling $29.3 million
• Western Pennsylvania: 50 loans totaling $10.8 million
• Wisconsin: 31 loans totaling $11.1 million
• Kentucky: 23 loans totaling $6.5 million
• Florida: 18 loans totaling $6.8 million
• West Virginia: 9 loans totaling $254,000

Huntington ended SBA fiscal year 2017 as the nation's second largest originator of Small Business Administration SBA 7(a) loans and has ranked as a top-three national SBA 7(a) lender since 2011 and the premier 7(a) lender in its core Midwest footprint since 2008.

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. For more information, visit www.huntington.com/SmallBusiness/loans/sba-guarantee-business-loans.

About Huntington
Huntington Bancshares Incorporated 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 huntington.com for more information.

SOURCE Huntington Bank

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