Small Business Loans - Huntington (NASDAQ:HBAN) Gears Up To Help Small Businesses Benefit From New Act

Huntington Bancshares Incorporated (NASDAQ:HBAN), which is the fifth biggest Small Business Administration (SBA) lender in the United States and the biggest SBA lender in several of the states in which it operates, is preparing to help the numerous small businesses it counts as customers to take advantage of the benefits that will be afforded to them following the signing into law of the 2010 Small Business Jobs Act.

Mary Navarro, the Senior Executive Vice President and Director of Retail and Business Banking at Huntington, commented on the situation: “We’ve been working closely with our small business customers over the last few weeks, alerting them to the pending legislation. For one of our customers who is seeking a nearly $2 million loan, the fee waivers will result in a savings of more than $50,000. The fee waivers offer a huge advantage for businesses and will only be available through the end of 2010.”

The 2010 Small Business Jobs Act will provide small businesses across the United States with many benefits, including tax breaks and improved access to credit, with increased loan limits and decreased or waived fees being applied to the SBA 7(a) and 504 loan programs. The increased access to credit will allow small businesses to develop and expand their businesses through the acquisition of required equipment or real estate and also result in the creation of thousands of new jobs. “Real estate prices are low, interest rates are low, and fees are being waived. Especially with the higher loan limits available, this could be a great time for a business to purchase a building,” added Navarro.