March 29, 2013 in Finance and Accounting
Huntington Bank, a Columbus, Ohio-based firm, announced on March 18 that it had surpassed its goal of providing $4 billion in loans to small businesses.?
The bank, with a footprint across six states, provided 24,000 loan applicants with small business funding since the goal was set in 2010. Ohio businesses saw the highest number of successful loans, with 15,400. Loans for businesses in Michigan totaled 5,200, while both Indiana and Pennsylvania companies were awarded over 1,000 loans.?
?Huntington was one of the first banks during the economic downturn to commit to increased small business lending,? said Huntington?s President and CEO Steve Steinour. ?We also hired more than 150 additional business bankers to work with businesses and take a second-look at loan applications to make certain nothing was missed in determining their qualifications for a loan.?
Steinour?s?bank isn?t the only one that has been active in supplying small businesses with loans. The Baltimore Business Journal recently reported that SNL?Financial released a report that lists which large banks provided small businesses with the most loans last year. Coming in first was Wells Fargo, which contributed $32.8 billion to small business finance.?
Bank of America was number two on the list, with $26.2 billion in loans.
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