It didn’t seem like anyone was listening when Washington asked banks to ramp up their lending to small businesses — until this lending institution stepped up.
Huntington National Bank has committed to doling out $4 billion in new small business loans over the next three years.
The loans are expected to affect 27,000 customers – with an average loan of around $150,000.
So how do you find out if you qualify?
The good news is that Huntington is willing to lend – even if your firm hasn’t been consistently profitable. Just don’t expect the process to be a snap.
Huntington plans to take enough time to understand the innerworkings of an applicant’s business to make its decision – instead of relying just on credit scores, industry/geographical trends, etc., like most loan programs.
The many hard-hit firms looking to capitalize on these “turnaround loans,” will need to provide detailed answers to the following questions:
1. What factors caused your problem?
2. How did your company respond?
3. What is your firm’s current outlook?
If you’re unable to cash in on loans from any of Huntington’s 600 mid-western branches, it’s still a good a idea to keep an eye on the program. If it’s successful, other banks are likely to offer similar opportunities.
In addition, recommending this option to your hard-hit customers is a great way to bolster loyalty and good will.
