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Huntington National Bank Continues to Support Small Businesses, Injecting Over $1.3 Billion into the Economy

COLUMBUS, Ohio, Oct. 6, 2023 /PRNewswire/ — Huntington National Bank, the nation’s largest originator of Small Business Administration (SBA) 7(a) loans, has achieved a remarkable milestone as it surpassed $1.3 billion in SBA 7(a) loans, benefiting more than 7,300 small businesses. For the sixth consecutive year, Huntington has been recognized as the top lender, solidifying its commitment to small businesses and the communities in which they operate.

“We firmly believe that small business is big business, and we take immense pride in the number of small businesses we’ve been able to support,” said Brant Standridge, President of Consumer and Regional Banking at Huntington. “This achievement is a testament to our dedicated colleagues who prioritize people and keep our customers at the forefront of everything we do. By offering comprehensive banking services to our small business customers, we equip them with the knowledge and resources needed for success both now and in the future.”

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Significance of Huntington’s SBA Program Expansion

Huntington’s achievement as a top lender follows its decision in 2022 to expand its SBA 7(a) lending program nationwide. This strategic move aims to maximize the bank’s impact on communities and local economies, recognizing the substantial role that small businesses play in driving growth.

Maggie Ference, Huntington’s SBA Director, highlighted the significance of supporting small businesses, saying, “We fully understand the tremendous impact that small businesses have on communities and local economies, and we recognize our role in supporting these business owners. We are committed to investing in our SBA program to help more small businesses thrive within our footprint and beyond.”

The Impact of Huntington’s SBA Lending Across States

Huntington’s commitment is evident in the number of small businesses it has supported within its footprint states and nationally. Ohio, leading the pack with 2,341 loans, received a loan volume of $327,153,600, significantly surpassing the numbers of its top competitor. Other states such as Michigan, Indiana, Pennsylvania, and West Virginia also benefited greatly from Huntington’s SBA lending program.

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Huntington’s Commitment to Small Businesses

Apart from its impressive lending record, Huntington also invests in its communities through its Lift Local Business program. This program specifically targets women-, minority-, and veteran-owned businesses, providing them with loans, business planning support, free financial courses, and other resources to support them at every stage of their business journey.

Since its launch in 2020, the Lift Local Business program has positively impacted over 1,100 small businesses, providing them with a total of $77 million in funding. This program aligns with Huntington’s $40 billion Strategic Community Plan, which focuses on lending to minority-owned businesses and businesses operating in predominantly minority communities.

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For further information about Huntington’s SBA program and small business loan services, visit https://www.huntington.com/SmallBusiness/loans/sba-guarantee-business-loans.

About Huntington

Huntington Bancshares Incorporated (Nasdaq: HBAN) is a regional bank holding company with assets totaling $189 billion. Established in 1866, The Huntington National Bank and its subsidiaries offer a comprehensive range of banking, payments, wealth management, and risk management products and services to consumers, small and medium-sized businesses, corporations, municipalities, and other organizations. With over 1,000 branches across 11 states, Huntington aims to empower its customers and provide unparalleled support.

┬╣SBA loans are subject to SBA eligibility. Huntington has been ranked as the nation’s largest originator of SBA 7(a) loans, in terms of volume, from Oct. 1, 2022, to Sept. 30, 2023. Source: U.S. Small Business Administration (SBA)

SOURCE Huntington National Bank

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