Huntington Bank reaches goal for small business loans - WBOY.com: Clarksburg, Morgantown: News, Sports, Weather

Huntington Bank reaches goal for small business loans

Posted: Updated:
  • BusinessBusinessMore>>

  • West Virginia University Children's Hospital Breaks Ground on New Expansion

    West Virginia University Children's Hospital Breaks Ground on New Expansion

    Tuesday, September 16 2014 10:48 AM EDT2014-09-16 14:48:24 GMT
    Monday marked the new beginning for the West Virginia University Children's Hospital. The hospital is expanding its walls to meet the growing needs of the community.
    Monday marked the new beginning for the West Virginia University Children's Hospital. The hospital is expanding its walls to meet the growing needs of the community.
  • Wayne Lumber sawmill faces $85K penalty for OSHA safety and health violations

    Wayne Lumber sawmill faces $85K penalty for OSHA safety and health violations

    Monday, September 15 2014 11:07 AM EDT2014-09-15 15:07:16 GMT
    Wayne Lumber and Mulch Inc. faces $85,080 in proposed penalties for safety and health hazards at its sawmill in Wayne, West Virginia following two investigations by the U.S. Department of Labor's Occupational Safety and Health Administration.
    Wayne Lumber and Mulch Inc. faces $85,080 in proposed penalties for safety and health hazards at its sawmill in Wayne, West Virginia following two investigations by the U.S. Department of Labor's Occupational Safety and Health Administration.
  • ASBDC to honor small business coach

    ASBDC to honor small business coach

    Sunday, September 14 2014 4:00 PM EDT2014-09-14 20:00:15 GMT
    America's Small Business Development Centers recently announced James Epling has been selected as the West Virginia 2014 State Star. The ASBDC State Star honors outstanding employees from Small Business Development Centers.
    America's Small Business Development Centers recently announced James Epling has been selected as the West Virginia 2014 State Star. The ASBDC State Star honors outstanding employees from Small Business Development Centers.

Huntington Bank said early today that it had exceeded its 2010 commitment to lend $4 billion to small businesses in six sates.

More than 24,000 small businesses, including 800 in West Virginia, obtained loans over the three-year period, helping to jump start hiring in Huntington's markets, which stretch from West Virginia to Michigan.

 "Huntington was one of the first banks during the economic downtown to commit to increased small business lending," said Huntington's President, Chairman and CEO Steve Steinour in a news release. "We made the commitment after listening to business owners who needed loans to navigate the weak economy, while investing in their businesses' future growth. We also hired more than 150 additional business bankers to work with businesses and take a second-look at loan applications to make certain nothing was missed in determining their qualifications for a loan."

The bank also offered turnaround lending for small businesses. With this portion of the program, a business that had a long history of success, but suffered losses during the recession, could obtain a turnaround loan if they had several quarters of profitability and reasonable projections for future growth.

One West Virginia company that received help from Huntington's goal to lend to small businesses was Charleston Brewing Company, a microbrewery that is expected to open in downtown Charleston next month.

"I developed a business plan for the brew pub. Everywhere I went, all the banks thought my business plan was great and they wished they could finance it," said Ann Saville, owner of the new microbrewery at the corner of Quarrier and Summers streets.

"I thought, well, Huntington took a risk on me. Huntington decided I had a good track record with Taylor Books. They did a little research, too, and decided they could do it through a Small Business Administration loan, which is a bit tedious."

Saville said she borrowed $600,000 from Huntington and invested some of her own retirement money to get Charleston Brewing off the ground.

"It's almost ready," she said Monday. "We brewed the first one today. It will be three weeks before it's drinkable. That's when we'll open."