Huntington Bank expanded its Small Business Administration (SBA) 7(a) lending in fiscal Q2/18, with a 27% increase in loan originations and a 32% increase in dollars lent compared to the same period in 2017. The bank noted that its loan originations reached more than 2,300 while it lent $447 million in the quarter.

“SBA loans continue to be a great source of capital for a wide range of businesses, from those looking to get a start, to those focused on gaining and keeping a competitive edge,” said Michael Wamsganz, Huntington Business Banking director.

During the SBA fiscal second quarter, Huntington experienced high overall demand for capital supporting business acquisitions, start-up financing and investments in equipment upgrades and infrastructure.

Huntington’s SBA program director, Maggie Ference, said Huntington is continuing to see a large number of businesses transition ownership from one generation to another as the baby boomers are heading into retirement.

“The SBA programs offer great tools for new business owners to support their small business growth and expansion needs,” Ference said.

The number of businesses Huntington helped through SBA lending in each state through the fiscal Q2/18 includes:

• Ohio: 1,036 loans totaling $212.2 million
• Michigan: 749 loans totaling $104.4 million
• Indiana: 167 loans totaling $24.5 million
• Illinois: 131 loans totaling $42.7 million
• Western Pennsylvania: 91 loans totaling $17.3 million
• Wisconsin: 59 loans totaling $16.8 million
• Kentucky: 51 loans totaling $11.4 million
• Florida: 32 loans totaling $13 million
• West Virginia: 22 loans totaling $1.4 million

The SBA 7(a) lending program provides government backing, enabling small business lenders to extend credit to business owners who are not yet able to access conventional bank financing with reduced lender risk.