Huntington Bank has announced the launch of a new $ 25 million loan program. The program will focus on helping small businesses in the Midwest owned by minorities, women and veterans.

The Huntington Lift Local Business program will form a large part of the lender’s $ 20 billion community plan. The recently announced five-year plan aims to foster economic inclusion through access to capital, affordable housing and home ownership.

The program, dedicated to bringing relief, recovery and growth to small businesses owned by minorities, women and veterans, is good news. The National Bureau of Economic Research has reported distinct differences between the effects of Covid-19 on different minority communities. While the total number of active business owners fell 22% between February and April, black businesses fell 41%. Latinx business owners saw a 32% drop.

The $ 20 billion community plan joins Huntington’s other efforts to help small businesses during the pandemic. The bank processed more than 38,000 Paycheck Protection Program loans and announced a 24 hour grace for business program. The latter program provides overdraft fee relief to all of Huntington’s small business clients.

Huntington Bank Pandemic Loan Program

The Huntington Lift Local Business program means that small businesses can get SBA guaranteed loans of $ 1,000 to $ 150,000. As a member of $ 20 billion community plan, the new loan program has many features that are beneficial to small businesses.

These features include zero setup fees, lower credit score requirements, and flexible, longer repayment options. SBA fees will also be paid by Huntington, while checking accounts benefit from 24-hour overdraft fee relief.

Huntington Merchant Bank Director Steve Rhodes said:

“We know small businesses need help, and Huntington Lift Local Business is bringing a new solution to our customers when they need it most, whether it’s a start-up or an established business looking to expand. develop.

Free financial education classes will also be offered as part of Huntington’s partnership with Operation HOPE.

Huntington and Operation HOPE

Huntington’s new loan program will also give the bank’s clients access to business planning and education programs to support their businesses.

Free educational programming and financial literacy training will be offered through a partnership with Operation HOPE, a non-profit organization. The training will ensure that Huntington’s clients are fully prepared when obtaining loans to start or grow their business.

Operation HOPE Managing Director John Hope Bryant added:

“With a scale of additional programs – including our HOPE financial coaching and our online entrepreneurship program – it will make a difference for people chasing their business dreams. “

READ MORE:

Image: Depositphotos.com

---