Small Business Finance News
Small Business Lenders Topping The Charts
Written by Jenna Weiner
Small lenders are having a greater impact on small businesses' access to capital through small business loans.
Huntington was recently acknowledged by the Small Business Administration as the No. 3 lender in the nation for number of SBA 7(a) loans provided to small businesses.
Huntington made 2,785 SBA 7(a) loans for a total of $422.9 million in the fiscal year that ended September 30, a 112 percent increase in number of loans and a 98 percent increase in dollar amount compared to 2010. Huntington is leading small business lending in Ohio, Michigan, Indiana and West Viriginia.
In Ohio, Hunting has given out 1,606 loans for a total of $193.4 million, and in Michigan, the lender has doled out 612 loans in Michigan for a total of $128.7 million. Indiana and West Virginia small businesses have received fewer loans, obtaining 285 and 72, worth $50.9 million and $8.8 million, respectively.
Two Doylestown banks have also been recognized, leading the list of the region's most committed small business lenders. Compiled by MutliFunding LLC, the list ranks 38 greater Philadelphia banks on their ratio of loans of $1 million or less to small businesses, Philly Burbs reported.
According to the news source, the list was created to acknowledge banks that are supporting local businesses and have at least $100 million in deposits. The agency has noticed smaller banks are contributing more small business loans than larger lenders, proving they can be better at solving problems as the credit officer and loan officer collaborate together in the small office atmosphere.
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