Huntington National Bank SBA Loans Explained

Huntington National Bank offers SBA loans with competitive interest rates, ranging from 6.5% to 9.5% APR.

SBA loans through Huntington National Bank can be used for a variety of business purposes, including purchasing equipment, expanding operations, and refinancing existing debt.

Huntington National Bank requires a minimum credit score of 660 for SBA loan approval, and the maximum loan amount is $5 million.

To qualify for an SBA loan through Huntington National Bank, businesses must meet specific eligibility requirements, including being a for-profit business with a valid tax ID number.

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Huntington National Bank is a top regional SBA lender that offers a variety of SBA loan products, including SBA 7(a) loans, 504 loans, SBA Express loans, and Lift Local Business loans.

They have a strong presence in the market, with over 1,000 branches in 11 states and $177 billion in assets. Huntington National Bank is also the largest originator of SBA 7(a) loans by volume.

Their SBA loan products offer flexible terms, with loan amounts ranging from $5 million to $648.2 million, and loan terms of up to 25 years for real estate, 10 years for equipment, and 10 years for working capital or inventory.

Here are the loan amounts and business size averages for Huntington Bank:

Huntington National Bank is a preferred lender, which means they have the authority to make final decisions on most SBA loans, making the process easier and more efficient for business owners.

Their loan application process is relatively easy, with a loan turnaround time that is competitive in the industry. Online reviews of Huntington National Bank's services are generally positive, with many customers praising their helpful and knowledgeable staff.

Huntington is proud to be an SBA Preferred Lender, giving us the authority to make final decisions on most SBA loans, making it easier and more efficient to get the financing you need.

We've been the #1 SBA lender in the region for the last 16 years and #1 in the nation for the last 7 years, demonstrating our proven track record of helping business owners like you get the capital they need to succeed.

Our dedicated team of SBA specialists, underwriting, and closing teams are here for you throughout the lending process, providing expert guidance and support every step of the way.

We offer a variety of SBA loan products, including SBA 7(a) loans, 504 loans, SBA Express loans, and a loan product called Lift Local Business loans geared toward women, veterans, and racial and ethnic minorities.

Our SBA specialists are ready to accommodate your needs, whether it's financing start-up costs, real estate purchases, funding working capital, and more.

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Huntington National Bank offers a range of SBA loan options to suit different business needs. Their SBA loans can be used for business acquisition, start-up financing, ground-up construction, and more.

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Huntington's SBA loans are backed by the Small Business Administration (SBA), a government agency that supports entrepreneurs and small businesses. This means SBA loans offer advantageous benefits compared to conventional business loans.

You can receive longer terms to increase cash flow, no balloon payments, down payments as low as 10%, and no loan covenants or monitoring requirements with an SBA loan from Huntington.

Huntington's SBA Express Loans are ideal for smaller loan amounts and use an expedited review process to access funds quicker. This option is perfect for businesses that need a faster loan process.

The SBA 7(a) loan program offers several advantages, including flexibility in underwriting, often lower interest rates, long loan terms, and flexible collateral requirements.

To be eligible for an SBA 7(a) loan, your business must meet the SBA's size standards, have fewer than 500 employees and less than $7.5 million in revenue each year for the previous three years, and be physically based in the U.S. and operate within the U.S. and its territories.

Here are the key eligibility requirements for an SBA 7(a) loan:

Huntington is proud to be an SBA Preferred Lender, which means they have the authority to make final decisions on most SBA loans. This helps ensure you get the financing you need, easily and efficiently.

SBA loans are designed to make it easier for small businesses to obtain financing. This is because the SBA guarantees part of the loan in the event the borrower defaults.

The SBA loan program offers several advantages, including flexibility in underwriting and often lower interest rates than other comparable financing options.

Lenders are prohibited from charging certain fees, including insurance service fees, add-on interest charges, legal service fees, and broker referral fees.

Suggestion: The Huntington National Bank Customer Service

If you're a small business owner, understanding the right lender for your needs can be a game-changer. Smaller businesses might find success with lenders like Huntington Bank, which lends $185.3 million across 304 loans, averaging $609,654 per loan at an interest rate of 10.5%.

For businesses with more than 25 employees, Huntington Bank remains a key player, making it a good option. On the other hand, larger businesses with more employees might benefit from approaching lenders like Live Oak, which excels in providing larger loans.

If you're looking for a lender that focuses on smaller enterprises, you might want to consider lenders like Huntington Bank and BayFirst National Bank. These lenders demonstrate a willingness to fund smaller businesses, making them a good fit.

If you're a larger business, you might want to look into lenders like Live Oak and Newtek Bank, which prefer and excel in providing larger loans. Live Oak takes a notable position with $395.5 million in total loans and the highest average loan amount of $2.16 million at a 9.6% rate.

Here are some key lenders to consider based on your business size:

By understanding these trends and lender preferences, you can make an informed decision and find the right SBA loan for your business.

A loan is a type of financing that allows you to borrow money from a lender with the promise of paying it back, usually with interest.

Loans can be tricky to understand, but essentially, they're a way to get the funds you need to cover expenses or invest in your business.

Applying for an SBA loan with Huntington National Bank can be a straightforward process, especially if you're prepared. You can receive longer terms to increase cash flow and no balloon payments with an SBA loan from Huntington.

To start, it's essential to have good bookkeeping, making sure your financial details are up to date and accurate. This will help you answer any questions the lender has and ensure a smooth application process.

Huntington's SBA loan programs offer various benefits, including down payments as low as 10% and no loan covenants or monitoring requirements. This can be a significant advantage for small business owners.

If you're applying for an SBA 7(a) loan, it's crucial to familiarize yourself with the paperwork and have a clear understanding of your credit status. You can generate a free credit report using one of the three main providers: Equifax, Transunion, or Experian.

To identify the best banks for SBA loans, consider the following criteria when evaluating prospective lenders:

The Huntington National Bank has a strong presence in the SBA loan market, with a total approved loan volume of $648.2 million at the end of June.

With over 1,000 branches in 11 states, the bank has a significant regional presence. Founded in 1866, it has a long history of serving its customers.

The bank offers a variety of SBA loan products, including SBA 7(a) loans, 504 loans, SBA Express loans, and Lift Local Business loans. These loan products cater to different needs and demographics.

In 2021, Huntington National Bank was the largest originator of SBA 7(a) loans by volume. This achievement speaks to the bank's expertise in SBA lending.

Huntington National Bank's SBA loan options are geared towards various groups, including women, veterans, and racial and ethnic minorities.