The Huntington Bank Small Business Loan Review
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Founded in 1866 as The Huntington National Bank, today Huntington Bancshares Incorporated still operates from the same Columbus, Ohio founding location in the heart of the Midwest. As of July 21, 2017, Huntington Bancshares Incorporated is a $101 billion asset regional bank holding company. They lend to individuals, small businesses and commercial entities. They divide their business loans into commercial business term loans, commercial lines of credit and government backed loans.
Understanding Your Loan Options
he two major SBA partnership loans are available at Huntington Bank and include the 7(a) program which requires security but offers the same business expense loans for equipment, office furniture, former business debts or real estate loans with variable rates for up to 25-year terms.
The 504-unsecured loan program that focuses on real estate and machinery funding. The 504 loans include job creation requirements. An example of this is for manufacturing firms, which must create or retain one new job for each $100,000 of the loan, while all other industries must create or retain one new job for each $65,000 of the CDC 504 loan
Finally, Huntington offers the SBA Express Loan, a program that allows a small business to obtain a line of credit that will be termed out at a rate that best allows for a balance between short term and long-term needs while serving as a vehicle to assist a business in short and long-term goals.
Speed of Application and Duration of Loan
The duration of SBA loans varies in and among types of loans. Most of the programs have maximum terms but few dictate the term uniformly. The SBA 7(a) can be anywhere from three years to twenty-five years, depending on the type of business expense the loan is intended to purchase. Since the 504 is designed to property or equipment, it can range all the way up to twenty-five years as well.
Of course, the main feature of the Express loan is the speed with which it can be applied for and approved. The point of the loan is to provide small businesses with capital that can be paid back over a longer term but applied for in less time than the average 7(a) loan program.
Final Thoughts and Fine Print
The fact that Huntington Bank offers the SBA Express loan means that they are a good option for businesses that want an SBA loan, but don’t want to or can’t afford to wait for the standard SBA loan application process to be completed.
Anne is a Senior Author for SBL. She began her career as an independent consultant for local businesses after graduating with a BA in Management. Since that time, she’s expanded to writing as well as consulting to spread helpful knowledge to small business owners across the country.