SMALL BUSINESS LOANS REVIEWS
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Huntington National Bank Small Business Loans: 2024 Review

Written by
Sarah George
Edited by
Robert Thorpe

Updated Aug 27, 2024

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At a glance

Bankrate 2024 Awards Winner: Best small business loan for SBA loans

4.1
Bankrate Score
Caret Down Icon
Accessibility
Affordability
Customer experience
Transparency
Flexibility
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Overview

Founded in 1866, Huntington National Bank is a regional bank with branches in 11 states. It offers business loans, including term loans, lines of credit and commercial real estate financing. The chain is also a top national issuer of SBA loans.

Lender Details

  • Money Bag Icon

    Loan amount

    $1,000-$5 million

  • Rates Icon

    Interest rate

    Not stated

  • Clock Wait Icon

    Term lengths

    Up to 25 years

  • Dollar Icon

    Min. annual revenue

    Not stated

  • Briefcase Icon

    Min. time in business

    Not stated

Who Huntington National Bank is best for

Huntington National Bank is best for businesses needing SBA loans. In the past, it’s been the top SBA 7(a) loan lender both in the region of 11 states it primarily works in and the nation. It offers four SBA loans, including a program geared toward minority communities, which is more than the one or two options typically offered by other SBA lenders. 

Who Huntington Bank may not be best for

While it doesn’t state a minimum credit score, most traditional lenders like Huntington don’t work with bad credit borrowers. If you have poor credit, you probably need to find lenders specializing in bad credit business loans.

Outside of SBA loans, Huntington only offers business loans in 11 states. Businesses outside the following states will need to find another bank loan:

  • Colorado
  • Florida
  • Illinois
  • Indiana
  • Kentucky
  • Michigan
  • Minnesota
  • Ohio
  • Pennsylvania
  • West Virginia
  • Wisconsin

Huntington Bank: in the details

Loan amount
$1,000-$5 million
Interest rate
Not stated
Term lengths
Up to 25 years
Min. annual revenue
Not stated
Min. time in business
Not stated

Huntington Bank pros and cons

Pros

  • Checkmark Icon

    Top SBA lender in the U.S.

  • Checkmark Icon

    Almost 1,000 local branches

  • Checkmark Icon

    One-stop shop for business products

Cons

  • Non-SBA loans only available in 11 states

  • Not transparent about rates and terms

Business loan types offered

Loan quick facts

  • Amounts: Up to $5 million
  • Terms: Up to 25 years
  • APR: 11.50% to 16.50%

Huntington National Bank SBA loan overview

Huntington Bank offers the SBA 7(a), 504 and Express loans. This is more than many other SBA lenders that only focus on one or two options like the 7(a) option. Maximum interest rates are set by the SBA and are fairly competitive. You’ll need a down payment of at least 10 percent to qualify. Huntington Bank is also a preferred SBA lender with the resources to process SBA loans in any U.S. state, even outside its branch service area.

Details about its three SBA loan programs:

  • 7(a) loan: used for startup costs, working capital, equipment or refinancing
  • 504 loan: fixed-rate financing on commercial equipment
  • Express loan: similar uses as 7(a) loan with approvals within 36 hours

Loan quick facts

  • Amounts: $1,000 to $150,000
  • Terms: Not stated
  • Interest rate: Not stated

Huntington National Bank Lift Local Business loan overview

Starting in 2021, Huntington Bank launched a Strategic Community Plan to invest in disadvantaged communities over five years. The plan pledged $10 billion in loans to minority-owned businesses, including women, veterans and groups from underserved communities. 

If approved, businesses won’t pay an origination fee, and Huntington Bank takes care of SBA fees. The program includes free business courses through Operation Hope and a business checking account with overdraft protection and no monthly fees.

Loan quick facts

  • Amounts: Not stated
  • Terms: Not stated
  • Interest rates: Variable rate

Huntington National Bank business line of credit overview

You can manage day-to-day or unexpected business expenses with a business line of credit. Huntington Bank offers monthly payments for its line of credit, while some banks require more aggressive weekly payments. 

It also offers interest-only payments if you need to minimize debt obligations until a later date. Your exact credit limit depends on your credit history and financial statements. 

Loan quick facts

  • Amounts: Not stated
  • Terms: Not stated
  • Interest rates: Fixed or variable rate

Huntington National Bank asset-based financing overview

With asset-based financing, you get a loan customized to the project or equipment you’re funding, including equipment term loans or owner-occupied real estate loans. Loan terms are determined by the use of funds and the type of collateral backing the loan. You can use this type of loan to purchase, construct or refinance equipment or property. 

The bank provides multiple loan programs designed for dental and veterinary practices, helping both startups and growing practices. Practices can get loans for:

  • Acquiring a practice
  • Startup funding
  • Equipment
  • Real estate purchases or constructions
  • Debt consolidation

Practices will check in with a loan specialist weekly, and startups get financial mentoring through Huntington Bank’s Financial Pulse program. It also offers deferred and interest-only payments if you get in a tight spot and can’t make loan repayments.

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Bankrate Insight

In 2022 Huntington National Bank was one of the top three lenders in the country for SBA 7(a) loans. The lender approved over $997 million and was only outpaced by Live Oak Bank and Newtek Bank. In fiscal year 2023, Huntington sat in the number two spot and approved over $1.37 billion in funding for SBA 7(a) loans.

Do you qualify? 

Huntington Bank doesn’t outline specific requirements online for approving business loans, which is common for traditional banks. You’ll need to reach out to a loan specialist from your nearest local branch to see if you qualify.

If you’re applying for an SBA loan, you can talk with an SBA specialist, no matter where your business is located in the U.S. 

For non-SBA loans, your business must be in one of the 11 states it serves: Colorado, Florida, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, West Virginia and Wisconsin.

What we like and what we don’t like

Huntington National Bank provides several business loans including SBA-backed options and in-person support. But its conventional loans aren’t available to every business. Here's a look at Huntington Bank's advantages and disadvantages:

What we like

  • Top SBA lender in the U.S. Huntington National Bank has been the #1 SBA 7(a) lender nationwide for the past six years.
  • Nearly 1,000 local branches. The bank offers physical locations for personalized support in 11 states.
  • One-stop shop for business products. Startups and growing businesses can get banking, merchant, wealth management and treasury services all in one place.

What we don’t like

  • Non-SBA loans only available in 11 states. Despite its name, businesses can’t apply for conventional loans in every state. You must be in a state with local branches to get a business loan unless you’re getting an SBA loan. 
  • Not transparent about rates and terms. You won’t find many specifics about its business loans online. Local loan specialists can help you understand if your business qualifies.

How Huntington National Bank compares to other lenders

Huntington National Bank provides similar business loans to other banks, but with a heavy focus on SBA 7(a) loans. While it offers SBA loans nationwide, it offers conventional business loans in just 11 states. Other traditional banks have a wider reach of bank branches and states served.

4.1

Bankrate Score

  • Loan amount

    $1,000-$5 million

  • Interest rate

    Not stated

  • Term lengths

    Up to 25 years

  • Min. time in business

    Not stated

  • Min. business annual revenue

    Not stated

4.3

Bankrate Score

  • Loan amount

    Starts at $1,000

  • Interest rate

    6.25% APR

  • Term lengths

    6 months-25 years

  • Min. time in business

    6 months

  • Min. business annual revenue

    $50,000

Read our review Arrow Right Icon

on Bankrate

3.6

Bankrate Score

  • Loan amount

    $5,000-$500,000+

  • Interest rate

    Not stated

  • Term lengths

    Up to 25 years

  • Min. time in business

    Not stated

  • Min. business annual revenue

    Not stated

Read our review

on Bankrate

Huntington National Bank vs. Bank of America

Bank of America offers a wider variety of conventional business loans than Huntington National Bank. Huntington Bank focuses on SBA loans, lines of credit and commercial real estate financing. But Bank of America’s options include term loans, equipment loans and three different business lines of credit options. 

For lines of credit, it offers both secured and unsecured lines as well as a credit-building line for startup businesses with as little as $50,000 in annual revenue. 

Bank of America is also much more open on its website about its starting interest rates, terms and loan sizes than Huntington Bank. Both Huntington National Bank and Bank of America are SBA Preferred Lenders with 7(a), 504 and Express loans. But Huntington Bank also offers an SBA Lift Local Business program aimed at helping underserved communities. 

Huntington National Bank vs. Chase

Both banks offer similar types of business loans, including business lines of credit, SBA loans and real estate loans. Both are also SBA Preferred Lenders, providing efficient paths to government-backed business financing. 

Chase has a bigger footprint for its conventional loans than Huntington Bank, providing business loans in every state except Alaska and Hawaii versus Huntington Bank’s 11 states. Neither bank offers transparency about current loan interest rates or credit requirements, so you’ll have to talk to a loan officer for details.

How to apply for a loan with Huntington National Bank 

To apply for a business loan with Huntington Bank, you need to contact a branch location near you. General customer service won’t be able to answer loan questions or assist you with a loan application. 

Required application information

While the lender doesn’t provide a list of required documents, you generally need this information to apply:

  • Business plan
  • Financial statements: profit and loss figures, tax returns, bank statements, balance sheet
  • Personal credit score
  • Business credit score, if established

Huntington Bank frequently asked questions

How Bankrate rates Huntington National Bank

Overall Score 4.1
Accessibility 2.9 Huntington Bank does offer a wide range of loan amounts but does not provide much information on its website.
Affordability 4.5 Its interest rates aren’t disclosed. But Huntington Bank focuses on SBA loans, which have rate limits set by the SBA and are competitive.
Transparency 3.4 Huntington Bank doesn’t give much information online about its products.
Customer experience 5.0 It offers plenty of customer support through its phone service, online account and bank branches.
Flexibility 4.6 It offers unique loan options for specific businesses, including minority-owned businesses.

Methodology

Clock Wait Icon
47
years in business
Credit Card Search Icon
30+
lenders reviewed
Loan Icon
22
loan features weighed
Rates Icon
770+
data points collected

To select the top small business lenders, Bankrate considers more than 20 factors. These factors include loan amounts, approval and funding times, credit requirements, APR or factor rate ranges, fees, and easy-to-find rate and fee disclosures. Bankrate reviewed more than 30 lenders and gave each a rating, which consists of five categories:

  • Accessibility: Factors considered in this category include minimum loan amounts, approval and funding speed, minimum annual revenue and minimum credit score.
  • Affordability: This section measures interest or factor rates and fees.
  • Transparency: How easy it is to find important rates, fees and eligibility requirements are considered in this category.
  • Customer experience: Customer service hours, online applications and app availability are considered in this category.
  • Flexibility: This category considers factors like the number of loan products and ability to change payment due date.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

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