Introduction to Huntington Bank

Huntington Bank, officially known as The Huntington National Bank, is a regional bank headquartered in Columbus, Ohio with a history dating back to 1866. As of 2023, it operates over 1,000 branches across 11 states and manages assets totaling approximately $189 billion. Huntington has established itself as a significant player in the small business lending sector, particularly recognized for its strong performance in Small Business Administration (SBA) loans.

Key Features and Unique Selling Points

Huntington Bank’s commitment to small businesses is evident in its position as the nation’s top lender by volume for SBA 7(a) loans for six consecutive years. In the fiscal year ending September 2023, Huntington issued over $1.3 billion in SBA 7(a) loans. This achievement underscores the bank’s expertise and dedication to supporting small business growth.

Key features of Huntington Bank include:

• Diverse Loan Products: Huntington offers a variety of loan options including SBA 7(a) loans, SBA Express loans, and 504 loans, catering to different business needs.

• Lift Local Business Program: This initiative supports minority-, woman-, and veteran-owned businesses by providing loans and business planning assistance. Since its inception in 2020, it has disbursed $77 million to over 1,100 small businesses.

• Accessibility: The bank’s extensive branch network and dedicated SBA specialists enhance accessibility for small business owners seeking funding.

Target Audience

Huntington Bank primarily targets small to mid-sized business owners across various industries, including retail, healthcare, construction, and technology. Its services are particularly beneficial for startups and businesses looking to expand or acquire new assets. The bank’s focus on minority-owned enterprises through its Lift Local Business program also positions it as a favorable option for underrepresented business owners.

Huntington Bank’s relevance in the small business landscape is clear from its market positioning and commitment to SBA lending. However, potential borrowers should be aware that while Huntington excels in certain areas, it may not be the best fit for all businesses. As always, “check the market” and understand all your options before committing to one lender.

Loan Products Offered by Huntington Bank

Huntington Bank provides a variety of loan products specifically designed for small businesses. Understanding these offerings is crucial for business owners considering their financing options.

Types of Loans Offered

1. SBA 7(a) Loans: As the bank’s flagship product, these loans are ideal for various business needs such as acquiring or expanding a business, purchasing equipment, or refinancing existing debt. The maximum loan amount for 7(a) loans is $5 million.

2. SBA Express Loans: Designed for smaller amounts, these loans feature an expedited review process, allowing quicker access to funds.

3. 504 Loans: These loans offer long-term fixed-rate financing specifically for purchasing equipment or real estate.

4. Traditional Business Loans: Huntington also provides term loans, equipment financing, lines of credit, and asset-based loans. However, traditional loan products are primarily available in the 11 states where the bank operates branches.

5. Lift Local Business Loans: This initiative focuses on underserved communities, offering funding between $1,000 and $150,000 to support minority-, woman-, and veteran-owned businesses.

Loan Amounts and Terms

Huntington Bank’s loan amounts vary significantly depending on the type of loan:

• SBA 7(a) Loans: Up to $5 million.

• SBA Express Loans: Typically lower amounts than 7(a) loans but specifics can vary based on individual circumstances.

• 504 Loans: Also up to $5 million, focused on fixed-rate financing.

• Traditional Business Loans: Amounts can vary widely but generally align with industry standards; specific limits are not always disclosed.

The terms for these loans can extend up to 25 years, particularly for SBA loans, which enhances cash flow management for borrowers.

Interest Rates and Fee Structure

While Huntington does not publicly disclose specific interest rates for its loan products, it is known that:

• SBA Loan** Rates**: Generally competitive and often lower than conventional loans due to the government backing.

• Traditional Loan Rates: Typically align with market averages but may be higher than SBA rates due to the lack of government guarantees.

Fees associated with these loans may include origination fees and other processing costs; however, specific details are often provided during the application process.

Repayment Schedules

Repayment schedules vary by loan type:

• SBA Loans: Feature flexible repayment options with terms that can extend up to 25 years. Payments are structured to be manageable based on the business’s cash flow.

• Traditional Business Loans: Repayment terms can vary widely depending on the product but generally offer monthly payment structures.

For businesses considering long-term financing options, our detailed guide on term loans provides valuable insights into structuring repayments effectively.

Pros and Cons

Pros:

• Diverse Offerings: A wide range of loan products catering to different business needs.

• Strong SBA Expertise: As a top SBA lender, Huntington provides specialized knowledge and support throughout the application process.

• Community Focus: Programs like Lift Local Business demonstrate a commitment to supporting underserved communities.

Cons:

• Limited Availability for Traditional Loans: Many traditional lending products are only available in states where Huntington has branches, potentially limiting access for businesses outside these areas.

• Lack of Transparency in Eligibility Criteria: The bank does not disclose specific eligibility requirements or interest rates upfront, making it difficult for businesses to assess their fit before applying.

• No Microloans Available: Businesses seeking smaller funding amounts may find limited options compared to other lenders that offer microloans.

Eligibility Requirements for Huntington Bank Loans

Understanding the eligibility criteria for Huntington Bank loans is crucial for small business owners considering this lender. While specific requirements can vary based on the loan product, there are general guidelines that apply across most of Huntington’s offerings.

Minimum Credit Score

Huntington Bank has specific credit score requirements for its loan products, which vary depending on the type of loan. Generally, for SBA loans, a minimum credit score of around 650 is often recommended, although some products may allow for lower scores, particularly if the applicant has a strong business plan or collateral. For personal loans, applicants may qualify with a credit score as low as 540, but this can significantly impact interest rates and loan amounts.

Time in Business

To qualify for Huntington Bank’s small business loans, a business typically needs to have been operational for at least two years. This requirement helps the bank assess the stability and viability of the business. Startups may face more stringent scrutiny and may need to provide additional documentation to demonstrate their potential for success.

Annual Revenue Requirements

Huntington Bank generally requires businesses to demonstrate a minimum annual revenue, although specific figures can vary based on the loan type. For many SBA loans, businesses should ideally show revenues exceeding $100,000 annually. This criterion helps ensure that businesses can manage repayment obligations effectively.

Industry Restrictions

While Huntington Bank serves a wide range of industries, certain sectors may face restrictions or additional scrutiny during the application process. Industries such as gambling, adult entertainment, and speculative investments are often viewed as higher risk and may not qualify for financing. Businesses in more stable sectors like healthcare, retail, and manufacturing typically find more favorable lending conditions.

Geographic Limitations

Huntington Bank primarily operates in 11 states, including Ohio, Michigan, Pennsylvania, and Indiana. This geographic focus means that businesses located outside these areas may not be eligible for Huntington’s loan products. Additionally, within these states, certain local regulations or market conditions may affect eligibility.

If you’re exploring revenue-based financing as an alternative, geographic limitations may be less of a concern with some online lenders.

Pros and Cons

Pros:

• Clear Guidelines: Huntington Bank provides clear eligibility criteria that help potential borrowers understand what is required before applying.

• Support for Diverse Businesses: The bank has initiatives like the Lift Local Business program aimed at supporting minority-, woman-, and veteran-owned businesses.

• Flexibility in Credit Requirements: Some loan products allow for lower credit scores under specific circumstances, making financing accessible to a broader range of businesses.

Cons:

• Stringent Time in Business Requirement: Newer businesses may struggle to qualify due to the minimum two-year operational requirement.

• Limited Transparency on Revenue Needs: While there are general guidelines, specific revenue thresholds can vary widely and are not always disclosed upfront.

• Geographic Limitations: Businesses outside Huntington’s operational states will not have access to its loan products, potentially limiting options for many entrepreneurs.

Huntington Bank Application Process

The application process for obtaining a loan from Huntington Bank involves several clear steps designed to streamline the experience for small business owners. Understanding this process can help potential borrowers prepare effectively and increase their chances of approval.

Steps Involved

1. Pre-Application Preparation: Before applying, it is advisable for borrowers to gather necessary documentation, including financial statements, tax returns, and a detailed business plan.

2. Application Submission: Applicants can apply online through Huntington’s website or visit a local branch. The application form requires personal and business information, including the purpose of the loan.

3. Documentation Review: After submission, Huntington reviews the application and accompanying documents. This includes verifying credit history and assessing the business’s financial health.

4. Loan Decision: Once the review is complete, Huntington will communicate the decision. If approved, terms and conditions will be outlined.

5. Funding: Upon acceptance of the loan terms, funds are disbursed to the borrower’s account.

Required Documents

To facilitate a smooth application process, borrowers should prepare the following documents:

• Business Financial Statements: Including profit and loss statements, balance sheets, and cash flow statements for the past two years.

• Tax Returns: Personal and business tax returns for at least the last two years.

• Business Plan: A comprehensive plan outlining business goals, market analysis, and financial projections.

• Identification: Government-issued identification for all owners of the business.

• Legal Documents: Any necessary legal documents such as business licenses or partnership agreements.

Typical Timeline from Application to Funding

The timeline for processing a loan at Huntington Bank can vary based on several factors:

• Standard Processing Time: Typically ranges from 48 hours to several weeks, depending on the complexity of the loan and completeness of documentation.

• SBA Loans: These may take longer due to additional requirements and approvals from the Small Business Administration.

• Expedited Options: For certain products like SBA Express loans, faster processing times may be available.

Technology Used

Huntington Bank employs various technologies to enhance the application experience:

• Online Application Portal: Borrowers can submit applications digitally, making it convenient to apply from anywhere.

• Proprietary Scoring Systems: Huntington uses internal scoring systems to assess creditworthiness quickly without solely relying on traditional credit scores.

• Customer Relationship Management (CRM) Tools: These tools help track applications and streamline communication between loan officers and applicants.

For businesses exploring various financing options, our funding tools and resources can provide additional guidance on navigating the application process effectively.

Pros and Cons

Pros:

• Streamlined Process: The application process is relatively straightforward, with clear steps outlined for borrowers.

• Digital Convenience: Online applications allow for flexibility in submitting requests at any time.

• Dedicated Support: Customers have access to knowledgeable loan officers who guide them through each step.

Cons:

• Lengthy Processing Times for Some Loans: While some loans can be processed quickly, others may take longer due to additional requirements.

• Documentation Requirements: The need for extensive documentation can be daunting for some small business owners, particularly those who are new or less organized.

• Potential Lack of Transparency in Timeline: Applicants may not always receive clear communication regarding how long their application will take to process.

Advantages of Choosing Huntington Bank

Huntington Bank offers several notable advantages for small business owners seeking financing. Understanding these benefits can help potential borrowers determine if Huntington is the right choice for their needs.

Speed of Funding

Huntington Bank is recognized for its efficient funding processes, particularly in its SBA loan offerings. The bank has streamlined its application and approval procedures, allowing many small businesses to receive funding relatively quickly. For instance, SBA Express loans can be approved in as little as 36 hours, making it a viable option for businesses needing immediate capital. This speed is critical for small business owners who may face urgent financial needs or opportunities.

Flexibility in Credit Requirements

One of Huntington Bank’s notable strengths is its flexibility regarding credit requirements. While many lenders impose strict credit score thresholds, Huntington allows for lower scores in certain circumstances, especially for SBA loans. This flexibility can be particularly beneficial for small business owners who may not have an extensive credit history or who have encountered financial challenges in the past.

Unique Features or Benefits

Huntington Bank offers several unique features that enhance its appeal to small business owners:

• Lift Local Business Program: This initiative specifically supports minority-, woman-, and veteran-owned businesses by providing not just loans but also business planning support and free financial courses. Since its launch in 2020, the program has disbursed $77 million to over 1,100 small businesses.

• SBA Loan Expertise: As the nation’s top lender for SBA 7(a) loans by volume, Huntington has developed significant expertise in this area. The bank’s dedicated SBA specialists guide borrowers through the application process, helping them navigate the complexities of SBA lending.

• Generous Overdraft Policies: For business checking accounts, Huntington offers a favorable overdraft policy that allows customers to avoid fees if they deposit funds by the next business day, providing a safety net for cash flow management.

Potential for Building Business Credit

Securing a loan from Huntington Bank can also help small business owners build their business credit profiles. By making timely payments on loans, businesses can establish a positive credit history, which can facilitate access to larger loans or better terms in the future. This aspect is particularly crucial for startups and smaller enterprises looking to grow.

If you’re considering business equipment financing, Huntington’s expertise in SBA loans could be particularly advantageous for securing favorable terms.

Pros and Cons

Pros:

• Fast Access to Funds: Quick approval times for certain loan products make Huntington an attractive option for urgent financing needs.

• Support for Diverse Businesses: Programs like Lift Local Business highlight the bank’s commitment to supporting underrepresented entrepreneurs.

• Expert Guidance: Access to knowledgeable SBA specialists enhances the application experience and improves the likelihood of successful funding.

Cons:

• Limited National Presence: Huntington’s operations are confined to 11 states, which may restrict access for businesses located outside these areas.

• Potentially Higher Interest Rates: While flexible credit requirements are advantageous, they may come with higher interest rates compared to more traditional lenders.

• Complexity of Loan Products: The variety of loan options can be confusing for some borrowers, particularly those unfamiliar with SBA lending processes.

Potential Drawbacks of Huntington Bank

While Huntington Bank offers several advantages, it’s crucial for small business owners to also consider potential drawbacks before deciding to work with this lender. Understanding these limitations can help you make a more informed decision about whether Huntington is the right fit for your business needs.

Higher Interest Rates (If Applicable)

While Huntington Bank provides various loan products, some borrowers have reported that the interest rates on certain loans can be higher than those offered by other lenders. This is particularly true for traditional business loans, where rates may not be as competitive compared to online lenders or credit unions. For small businesses operating on tight margins, higher interest rates can significantly impact overall financing costs and profitability.

Short Repayment Terms

Huntington Bank’s loan products may also come with shorter repayment terms compared to some competitors. For instance, while SBA loans can extend up to 25 years, other loan types might require repayment within a much shorter timeframe. This can create pressure on cash flow, especially for businesses that rely on consistent revenue streams to meet their obligations.

Frequency of Payments

Depending on the loan structure, Huntington may require more frequent payment schedules, such as weekly or bi-weekly payments. This can be challenging for small business owners who prefer monthly payment cycles to better align with their cash flow patterns. Frequent payments can strain resources and complicate financial planning.

Personal Guarantee Requirements

For many of Huntington Bank’s loan products, especially for newer businesses or those without extensive credit histories, a personal guarantee may be required. This means that business owners are personally liable for the loan, putting their personal assets at risk if the business fails to repay. This requirement can deter some entrepreneurs from pursuing financing through Huntington.

Potential for Debt Cycles

The combination of higher interest rates and short repayment terms can increase the risk of entering a debt cycle for some borrowers. If a business struggles to meet its repayment obligations, it may resort to taking out additional loans to cover existing debts, leading to a cycle of borrowing that can be difficult to escape.

We offer support tailored to small and medium-sized businesses facing unique challenges, including guidance on avoiding debt cycles and managing repayments effectively.

Pros and Cons

Pros:

• Established Reputation: Huntington Bank has a long-standing history and is known for its commitment to supporting small businesses through various financing options.

• Flexible Loan Options: The bank offers a range of products tailored to different business needs, including SBA loans that provide longer repayment terms and lower interest rates.

• Community Support Initiatives: Programs like Lift Local Business demonstrate Huntington’s commitment to supporting underserved communities and fostering economic growth.

Cons:

• Higher Interest Rates: Some borrowers may find Huntington’s rates less competitive compared to other lenders, impacting overall financing costs.

• Shorter Repayment Terms: Loans with shorter repayment periods can create cash flow challenges for small business owners.

• Personal Guarantee Requirement: The need for personal guarantees can deter entrepreneurs from pursuing loans due to the associated risks.

• Risk of Debt Cycles: Higher costs and frequent payments can increase the likelihood of falling into a cycle of debt.

Comparison to Traditional Lenders

When evaluating Huntington Bank as a potential lender, it’s essential to understand how it compares to traditional lenders. This comparison can help small business owners make a more informed decision about their financing options.

Speed of Funding

Huntington Bank is recognized for its expedient funding, particularly in its SBA loan offerings. As the top SBA 7(a) lender in the U.S., Huntington has streamlined processes that allow for quick approvals. For instance, SBA Express loans can be processed in as little as 36 hours, making it an attractive option for businesses needing immediate capital. In contrast, traditional lenders may have longer processing times due to more extensive underwriting requirements.

Eligibility Criteria

Huntington Bank’s eligibility criteria for loans can be less transparent compared to traditional lenders. While Huntington does not publicly disclose specific requirements regarding minimum credit scores or annual revenue, it is known that they generally favor businesses with a solid operational history, often requiring at least two years in business. Traditional lenders, like Bank of America or Wells Fargo, tend to have clearer eligibility guidelines, including explicit credit score requirements (often around 680) and minimum revenue thresholds.

Interest Rates and Fees

Huntington Bank’s interest rates are generally competitive, especially for SBA loans, which can have lower rates due to government backing. However, specific rates are not disclosed upfront, making it challenging for potential borrowers to compare costs directly with traditional lenders. For example, Bank of America offers rates starting at 7% to 10% APR for similar products. This lack of transparency can be a drawback for borrowers looking to make informed comparisons.

Loan Amounts

Huntington Bank offers loans ranging from $1,000 to $5 million, which is comparable to traditional lenders like Bank of America and Wells Fargo. However, these larger institutions may provide higher loan amounts—up to $10 million—for established businesses. This difference could be significant for businesses seeking substantial financing.

Flexibility in Use of Funds

Huntington Bank provides flexibility in how loan funds can be used, particularly with its SBA loans that cover various needs such as working capital, equipment purchases, and real estate acquisition. Traditional lenders also offer similar flexibility but may impose stricter conditions on how funds can be allocated.

Pros and Cons

Pros:

• Quick Access to Funds: Huntington’s streamlined application process allows for rapid funding, particularly beneficial for urgent financial needs.

• Strong SBA Expertise: As the leading SBA lender, Huntington has extensive experience and resources dedicated to assisting small businesses through the application process.

• Community-Focused Initiatives: Programs like Lift Local Business demonstrate Huntington’s commitment to supporting diverse entrepreneurs and fostering economic growth within underserved communities.

Cons:

• Lack of Transparency: The absence of clear eligibility criteria and interest rates can make it difficult for potential borrowers to assess their fit before applying.

• Limited Availability: Many of Huntington’s traditional loan products are only available in the 11 states where it operates branches, which may restrict access for businesses outside these areas.

• Higher Rates for Non-SBA Loans: While SBA loans may be competitively priced, traditional loans could carry higher interest rates compared to other lenders specializing in small business financing.

As always, “check the market” and understand all your options before committing to one lender. This comparison highlights that while Huntington Bank excels in certain areas, particularly SBA lending, it may not be the best fit for all businesses depending on their specific needs and circumstances.

Competing Lenders and Alternative Products

When evaluating Huntington Bank for small business loans, it’s essential to consider other lenders that may offer competitive products and services. Understanding the landscape of competing lenders and alternative financial products can help you make a more informed decision about your financing options.

Competing Lenders You Should Also Consider

1. TD Bank: Known for its strong customer service, TD Bank offers SBA loans, traditional business loans, and lines of credit. They are recognized for their flexible repayment terms and a wide range of loan products tailored to small businesses.

2. JPMorgan Chase: As one of the largest banks in the U.S., JPMorgan Chase provides a comprehensive suite of financing options, including SBA 7(a) loans and Express loans. Their extensive branch network and online services make them a convenient choice for many borrowers.

3. Live Oak Bank: This bank specializes in SBA loans and offers a streamlined online application process. Live Oak is particularly known for its competitive rates and terms, making it an attractive option for small businesses seeking financing.

4. Wells Fargo: With a broad array of business loan products, including lines of credit and term loans, Wells Fargo is a significant player in the small business lending space. They also provide specialized financing options for specific industries.

Alternative Financial Products

In addition to traditional bank loans, small business owners may consider alternative financial products that can meet their unique needs:

1. Merchant Cash Advances** (MCAs)**: MCAs provide businesses with upfront cash in exchange for a percentage of future sales. While they offer quick access to funds, they often come with high fees and interest rates, making them a more expensive option.

2. Crowdfunding: Platforms like Kickstarter or Indiegogo allow businesses to raise funds from the public in exchange for rewards or equity. This method can be beneficial for startups looking to validate their ideas without incurring debt.

3. Peer-to-Peer Lending: Websites like LendingClub connect borrowers directly with investors. This model can provide competitive rates and flexible terms but may require a solid credit history.

4. Invoice Financing: This option allows businesses to borrow against their outstanding invoices. It can improve cash flow without taking on long-term debt but often comes with fees that can add up quickly.

For businesses considering long-term financing options, our detailed guide on term loans provides valuable insights into structuring repayments effectively.

Pros and Cons

Pros:

• Diverse Options: The variety of competing lenders and alternative products provides small business owners with numerous options tailored to their specific needs.

• Flexibility: Many alternative financing options offer quick access to funds without the stringent requirements often associated with traditional bank loans.

• Specialized Products: Some lenders focus on specific industries or types of businesses, providing tailored solutions that may better meet unique operational needs.

Cons:

• Higher Costs: Alternative financing options like MCAs often come with significantly higher interest rates compared to traditional bank loans.

• Complexity in Comparison: The wide range of products available can make it challenging for borrowers to compare terms effectively, leading to potential confusion.

• Potential Scams: The rise of alternative lending has also led to an increase in predatory lending practices; borrowers must conduct thorough research to avoid scams.

Tips for Maximizing Your Loan with Huntington Bank

If you decide to proceed with a loan from Huntington Bank, it’s crucial to maximize the benefits of your financing. Here are some strategies to help you make the most of your loan and build a positive relationship with the lender.

Strategies for Effective Use of Funds

1. Create a Detailed Business Plan: Before applying for a loan, develop a comprehensive business plan that clearly outlines how the funds will be used. This plan should include financial projections, marketing strategies, and operational plans. A well-structured business plan not only helps in securing the loan but also serves as a guide for effective fund utilization.

2. Prioritize High-Impact Investments: Focus on using the loan for high-impact areas such as expanding product lines, upgrading equipment, or improving operational efficiencies. These investments can lead to increased revenue and profitability, ensuring that the loan contributes positively to your business growth.

3. Maintain Flexibility: While it’s essential to have a plan for how to use the funds, remain flexible to adapt to changing market conditions or unexpected opportunities. This adaptability can help maximize the return on investment from the loan.

Tips for Managing Repayments

1. Establish a Repayment Schedule: Create a detailed repayment schedule that aligns with your cash flow cycles. Understanding when payments are due will help you manage your finances more effectively and avoid late fees or penalties.

2. Set Aside Funds Regularly: Consider setting aside a portion of your revenue each month specifically for loan repayments. This practice ensures that you have the necessary funds available when payments are due, reducing financial stress.

3. Monitor Cash Flow Closely: Regularly review your cash flow statements to ensure that your business can meet its repayment obligations. Use accounting software or hire an accountant to help track income and expenses accurately.

4. Communicate with Huntington: If you encounter financial difficulties, communicate proactively with Huntington Bank. They may offer solutions such as restructuring the loan or providing temporary relief options.

Advice on Building a Positive Relationship with the Lender

1. Engage with Your Relationship Manager: Build a rapport with your assigned relationship manager at Huntington Bank. Regular communication can lead to better support and assistance when needed, as well as potential access to additional resources or products.

2. Provide Updates on Business Performance: Keep Huntington informed about your business’s progress and any significant changes in operations or strategy. Sharing successes can strengthen your relationship and may lead to more favorable terms in future financing needs.

3. Participate in Bank Programs: Take advantage of any educational programs or workshops offered by Huntington, such as those under the Lift Local Business program. These resources can provide valuable insights into managing your business effectively and demonstrate your commitment to growth.

4. Seek Feedback: After completing your loan application process, ask for feedback on your experience. This not only shows that you value their input but also helps improve future interactions for both parties.

Navigating the complexities of business financing? Explore our funding tools and resources for additional guidance on maximizing your loan and managing your business finances effectively.

Pros and Cons

Pros:

• Structured Guidance: Huntington Bank provides resources and support to help borrowers effectively utilize their loans.

• Focus on Growth: The emphasis on strategic investments encourages businesses to use funds in ways that promote long-term success.

• Open Communication Channels: Maintaining a positive relationship with lenders can lead to better support and potential future financing opportunities.

Cons:

• Pressure of Repayment: Managing repayments can be challenging for some businesses, especially if cash flow is inconsistent.

• Potential Overextension: There may be a temptation to take on more debt than necessary, leading to financial strain.

• Dependence on Lender Support: Relying heavily on lender guidance may limit entrepreneurial independence in decision-making.

Frequently Asked Questions about Huntington Bank

To help potential borrowers make informed decisions, here are answers to some of the most common questions about Huntington Bank and its loan products.

Common Queries About Huntington Bank

1. What types of loans does Huntington Bank offer for small businesses?
   Huntington Bank provides a variety of loan products tailored for small businesses, including:

   • SBA Loans: Primarily the 7(a) loan program, which is ideal for various business needs such as purchasing equipment or refinancing debt.

   • SBA Express Loans: Faster processing with smaller amounts available.

   • 504 Loans: Long-term financing for real estate and equipment purchases.

   • Traditional Business Loans: Including term loans and lines of credit.

2. What are the eligibility requirements for Huntington Bank loans?
   Eligibility requirements vary by loan type but generally include:

   • A minimum credit score (often around 650 for SBA loans).

   • At least two years in business for most products.

   • Demonstration of sufficient annual revenue, typically exceeding $100,000.

   • Compliance with industry restrictions and geographic limitations.

3. How long does it take to get funded after applying with Huntington Bank?
   The funding timeline can vary based on the loan type:

   • SBA Express Loans may be approved within 36 hours.

   • Other SBA loans or traditional loans might take several days to weeks, depending on documentation completeness and underwriting processes.

4. What technology does Huntington Bank use for its application process?
   Huntington Bank employs an online application portal that allows borrowers to submit applications digitally. The bank also uses proprietary scoring systems to assess creditworthiness quickly and efficiently.

5. Does Huntington Bank require a personal guarantee for business loans?
   Yes, many of Huntington’s loan products require a personal guarantee, especially for newer businesses or those without extensive credit histories. This means that business owners may be personally liable for the loan if the business fails to repay.

Detailed Answers to Help with Decision-Making

1. How does Huntington Bank support small businesses beyond lending?
   Huntington Bank is committed to supporting small businesses through initiatives like the Lift Local Business program, which provides resources such as financial education courses and business planning support specifically aimed at minority-, woman-, and veteran-owned businesses. Since its launch in 2020, this program has disbursed over $77 million to more than 1,100 small businesses.

2. What are the advantages of choosing an SBA loan through Huntington Bank?
   Some advantages include:

   • Lower down payments (as low as 10%).

   • Longer repayment terms (up to 25 years).

   • No balloon payments or monitoring requirements.

   • Competitive interest rates due to government backing.

3. Are there any drawbacks to borrowing from Huntington Bank?
   Potential drawbacks include:

   • Higher interest rates on traditional loans compared to some online lenders.

   • The requirement for extensive documentation can be daunting for some borrowers.

   • Limited availability of certain products outside of the bank’s 11-state footprint.

4. How can I build a positive relationship with Huntington Bank as a borrower?
   Building a positive relationship involves:

   • Regular communication with your relationship manager.

   • Providing updates on your business performance and milestones.

   • Participating in bank-sponsored educational programs or workshops.

5. What should I do if I encounter difficulties in making loan repayments?
   If you face challenges in meeting repayment obligations, it’s crucial to communicate proactively with Huntington Bank. They may offer options such as restructuring the loan or providing temporary relief solutions.

For businesses considering long-term financing options, our detailed guide on term loans provides additional insights that may help in understanding Huntington Bank’s offerings in context.