The Ohio Huntington Business Loan program – a joint collaboration between the State of Ohio and Huntington Bank – has given out loans worth $465 million dollars in the first year of a three-year, $1 billion program.
Officials say the partnership has worked to give loans to more than 2,000 small- and medium-sized companies. The program also expands the states GrowNow deposit program, which helps reduce bank interest for small business loans.
"The success of this program in its first year demonstrates that we are making the right investment in Ohio businesses to help them lead Ohio’s economic recovery," Huntington Bank president and CEO Steve Steinour told the Business Journal.
Huntington Bank has also committed another $4 billion in loans to small businesses through 2012. To help entrepreneurs working to start a corporation, the company also plans to hire 150 additional business bankers.
The Columbus Dispatch says that recent employment figures showed that Ohio added 37,000 new jobs in April. This is the state’s biggest rise in employment in 22 years.
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