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Increased lending: Huntington will lend $ 4 billion to small businesses over the next three years in Ohio, Michigan, West Virginia, Pennsylvania, Indiana and Kentucky.
Huntington Bank is 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.
'Small businesses are the engine for our economic recovery and future job growth in the Midwest,' said Steve Steinour, chairman, president and CEO of Huntington Bank. '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.
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