Tuesday, July 6, 2010

Huntington Bank Commits to Small Business Lending

(And they are already the 7th largest SBA lender in the country!)

Chamber member Huntington Bank is committing to small business lending over the next three years - in a big way. They have committed to increasing the number of loans to small businesses through new lending guidelines and the hiring of 150 additional business bankers who will help small businesses navigate the lending process. Huntington estimates that approximately 27,000 loans will be made to small businesses over the next three years as a result of the bank’s new initiatives, leading to job creation throughout the Midwest.

Steve Steinour, president and CEO, says: “Small businesses are the engine for our economic recovery and future job growth in the Midwest. We know that small businesses generate 65 percent of new jobs, and we want to help our area recover by jump starting small business hiring. It’s clear that healthy small businesses foster growth and vitality in the communities they serve. We view this commitment as a significant opportunity at this stage of the overall economic recovery.”

While it is the 24th largest bank in the country, Huntington ended 2009 as the 7th largest SBA lender in the country. The bank also was the No. 1 SBA lender in four of the five markets it serves including Michigan, Ohio, West Virginia and Indiana in fiscal year 2009. Also in 2009, Huntington entered into a unique three-year partnership with the state of Ohio to provide $1 billion to small businesses to retain and attract businesses as well as generate jobs.

Huntington’s new small business initiatives are an outgrowth of Huntington’s strategic plan completed last year with elements that include increased lending, turnaround loans,  increasing the number of experts, CEO Roundtables, and exploring government loans.

Congratulations to Huntington for their accomplishments, and thanks and encouragement for what they are doing! Read more about this story here.

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