New Castle News
NEW CASTLE —
Huntington Bank announced it has exceeded its $4 billion lending commitment pledged in 2010 for six states.
Pennsylvania is included in this group.
According to Huntington, its lending commitment aided more than 24,000 small businesses in Pennsylvania, Ohio, West Virginia, Michigan, Indiana and Kentucky. The businesses obtained loans over the three-year period, helping to jump start hiring in Huntington’s markets.
The bank noted small businesses create more than 66 percent of all new jobs.
“Huntington was one of the first banks during the economic downtown to commit to increased small business lending,” said Steve Steinour, president, chairman and chief executive officer.
“We made the commitment after listening to business owners who needed loans to navigate the weak economy, while investing in their businesses’ future growth. 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.”
In addition, the program offered turnaround lending for small businesses. With this portion of the program, a business that had a long history of success, but suffered losses during the recession, could obtain a turnaround loan if it had several quarters of profitability and reasonable projections for future growth.
Huntington is the largest Small Business Administration lender in its markets and third-largest SBA lender in the nation in number of loans. In November, J.D. Power and Associates ranked Huntington “Highest in Customer Satisfaction with Small Business Banking.”