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If you’re running a business in the Midwest, and you’re on the hunt for an SBA loan, odds are you’ve come across Huntington Bank. Huntington Bank was number 2 in the nation of the top SBA lenders of 2017 for the SBA 7(a) loan program, so they’re sure to come up for pretty much any Midwestern small business owner who’s looking for business funds. But did you know that Huntington Bank business loans can come in all shapes and sizes—not just in the form of a SBA 7(a) loan?
It’s true—Huntington Bank offers business funding far beyond their famed SBA 7(a) lending record. With solutions as diverse as commercial loans and small business credit cards, Huntington Bank business loans are far more versatile than you might initially expect.
Let’s take a look at the details on Huntington Bank commercial and business loans, so you can know whether or not any are the right fit for your business’s needs:
See Your Business Loan Options
Huntington Bank is a regional bank based in the same Columbus, Ohio, location it started in over 150 years ago. Over these past 150 years, Huntington Bank has expanded to provide almost 1,000 branches across eight other states. As their geographical footprint has expanded, so too have the services they offer. Huntington Bank now offers a long list of financing services, a list that just so happens to include full-service commercial and small business debt financing, the services they’re most known for.
Now that you’re familiar with some foundational info on Huntington Bank, let’s begin to zoom in on the details you came here for. We’ve compiled all the information available on each of the Huntington Bank business loans out there.
Unfortunately, as with many traditional business lenders, Huntington Bank doesn’t offer many public concrete details on their funding products. Small business owners can call in or visit a Huntington Bank branch to get more information on their options. But, to start, here are details on the kind of Huntington Bank business loans available:
As you might expect from a traditional bank lender, Huntington Bank offers traditional business term loans. This form of funding can be either secured or unsecured by collateral and offers a lump sum of working capital to business owners. Unfortunately, Huntington Bank doesn’t clarify loan amounts, repayment term lengths, or rates that they offer for term loans. Nevertheless, because we’re talking about a bank lender, it’s fair to assume that the terms attached to these Huntington Bank business loans are pretty solid.
Bank business term loans offer some of the largest loan amounts, the longest repayment terms, and the lowest rates on the market. That said, they will be pretty difficult to qualify for, so if you’re working with limited time in business or challenged credit, then these Huntington Bank business loans might not be an option.
On the other hand, if you want to access a Huntington Bank business loan specifically for purchasing real estate for your business, then they offer commercial real estate loans for that very purpose. With this form of funding, the real estate that you purchase with the proceeds of the loan will serve as collateral for the loan itself.
Because of this self-secured structure, commercial real estate loans tend to offer up large loan amounts, long repayment terms, and low rates. Again, by nature of being a bank loan, this funding option won’t be easy to score—even if it is a secured form of funding.
If you need more flexible funding than the previous two Huntington Bank business loans can offer, then look to Huntington business line of credit option. Through business lines of credit, business owners are able to withdraw funds as needed and repay their debt over a predetermined repayment term. For Huntington business lines of credit, the bank offers options like variable interest rates, interest-only payments, and monthly payments.
Huntington Bank participates in three SBA loan programs—the 7(a) loan program, SBA Express loan program, and the 504/CDC loan program. The SBA 7(a) loan program is the most popular of all three for its more general loan use-cases—and it’s where Huntington Bank excels. They’ve consistently earned a spot in the top 10 SBA 7(a) lenders nationally.
On the other hand, if you need funding quicker than you can access through the SBA 7(a) program, Huntington Bank also offers SBA Express loans. Through this program, SBA lenders can provide loans of up to $350,000, and the SBA can provide a credit decision within 36 hours.
Finally, if you want to access SBA funding for a big-ticket purchase, like real estate or large machinery, then SBA 504/CDC loans are also available through Huntington Bank. These SBA loans can be as large as $20 million and offers repayment terms as long as 25 years.
Finally, if you’re looking to access business funding using your personal credit, then we suggest you consider the Huntington Bank business credit card—the Voice Business Credit Card—as a viable Huntington Bank business loan option. When you spend with this business credit card, you’ll earn 4% cash back on your chosen quarterly spending category. Huntington Bank caps your quarterly cash back earnings for this cash back rates—you’ll only be able to earn 4% cash back on $7,000 of purchases in your category every quarter.
That said, you’ll still earn 1% cash back on all other purchases. Plus, you’ll pay no annual fee for this card, so all of your cash back can go towards your business, rather than breaking even with fees.
See Your Business Credit Card Options
If you’re running a business with larger capital demands than one of these Huntington Bank business loans can address, then consider looking into Huntington Bank commercial loans, as well. Generally speaking, commercial loans and business loans tend to be referred to synonymously.
However, commercial loans typically address funding needs of larger business and corporations than business loans can. If you’re looking for funding solutions for larger-scale financing needs than Huntington Bank business loans can offer, then look into the following Huntington Bank commercial financing offerings:
Though bank funding like the suite of business and commercial loans that Huntington Bank offers is often super affordable, it’s also incredibly hard to nail down. Not only is bank funding typically difficult to qualify for, it will also likely take you a long time to get your hands on, even if you do qualify.
And with so little information available on the practicalities of Huntington Bank commercial and business loans, it’s hard to be convinced this funding source will be worth the trouble it could entail. But don’t be discouraged—many business owners have this same quandary, and many alternative lenders are aiming to solve this common problem.
Here are a few alternatives to Huntington Bank business loans that offer more accessible, quicker-to-fund business loans than banks can offer:
If you’re looking for a business term loan or a business line of credit through Huntington Bank, then we suggest you look into Fundation. Fundation offers term loans and lines of credit ranging from $20,000 to $350,000, with repayment terms of one-four years, and rates starting at 7.9%.
Pretty good, right? Well, there’s more good news—you’ll be eligible for Fundation term loans and lines of credit if you fulfill their minimum requirements of $100,000 in annual revenue, 660 FICO score, and a year in business. Even better, if you end up qualifying for Fundation funding, they can process and fulfill your application in as little as a day.
Alternatively, if you need to access working capital while you wait for your customers to fulfill their invoices, then Fundbox could be your answer. Fundbox invoice financing allows you to access secured business financing without offering up your personal or business assets as collateral, and their invoice financing can be as much as $100,000. Borrowers will typically have repayment terms of three to six months and factor fees of 0.5% to 0.7% of the original invoice value per week outstanding.
Plus, Fundbox invoice financing will be much more accessible than Huntington Bank business loans. As long as you invoice your customers, use accounting software, and have at least six months in business, you’ll be eligible for this product. And if you end up qualifying for funding from Fundbox, than can fund your business in a matter of mere hours.
Finally, if you’re interested in access business credit—and want to earn rewards for spending responsibly—then we suggest you consider the Business Gold Card from American Express. Every month, the Business Gold Card will reward you 4x points for the two categories that you spend the most on out of a list of six. Plus, you’ll earn 1x rewards on all other spending.
For all of this value, though, you will have to pay an annual fee—and a steep one at that. The Business Gold Card will set your business back $295 a year, so be sure that it will be worth the investment.
Apply for Huntington Bank Business Loan Alternatives
What are some final takeaways to consider as we wrap up our guide to Huntington Bank commercial and business loans? Well, for one, if you’re looking for an SBA loan—be it a 7(a) loan, an Express loan, or a 504/CDC loan—Huntington is likely a stellar an option for you. Especially if you’ve come to terms with how hard to qualify for these loans are and how long they tend to take to fund, it could be worth seeking SBA funding through Huntington Bank.
That said, SBA loans—although they offer some of the best terms on the market—aren’t best for everyone. If you’re slightly underqualified, you need funding fast, or both, you should seriously consider the alternatives to Huntington Bank business loans that we highlight in this article. Unfortunately, bank loans like those from Huntington Bank aren’t easy to get your hands on quickly—even if you are able to qualify.