At the end of the U.S. Small Business Administration's (SBA) fiscal year, the organization announced that Huntington National Bank was its largest lender of small business loans for the 2014 fiscal year.
Although reportedly not trying to be at the top of the small business lending list, Huntington completed 4,183 SBA loans throughout six different states during 2014, an increase of 37% from the loans which they had completed in 2013.
The most popular loan to help small businesses and start-ups is the 7 (a) loan, which is backed by the U.S. SBA by 75%. This type of loan helps to protect the bank even if the borrower defaults on the loan. However, all of the money from the loan comes specifically out of Huntington's loan program.
Huntington National Bank's SBA operations manager, Maggie Ference says, "Coming out of one of the worst economic recessions that any of us will see, we made the decision to keep on lending ... We are a small business lender [and] we pride ourselves in being so tightly aligned to the SBA."
SCORE is sponsored in part by the U.S. SBA and works to help small businesses and start-ups grow and develop their business potential.