Press Release from yesterday:
HUNTington bank Invests $500K more in LOCAL SMALL BUSINESS LENDER ecdi
Columbus-based small business lender announces launch of Invest Local Ohio Fund
April 27, 2011
COLUMBUS, Ohio – Huntington Bank (NASDAQ: HBAN; http://www.huntington.com) today announced a new $500,000 investment with the Economic and Community Development Institute (ECDI), bringing total Huntington investment in ECDI to $775,000 to provide loans to small businesses in Central and Southwestern Ohio. Huntington joined ECDI today as the nonprofit lender announced the spring 2011 launch of its new Invest Local Ohio initiative, which provides an opportunity for individuals and other private sector investors to help fund local small businesses.
Huntington originated the Huntington Bank Revolving Loan Fund with ECDI in 2009 with a $275,000 investment and has invested an additional $500,000 in 2011. To date, ECDI has used $331,000 in Huntington funds leveraged with nearly $1 million from other sources to capitalize 35 small businesses in Central Ohio.
Following its successful history of private funding through Huntington, ECDI is introducing the Invest Local Ohio Fund to engage additional corporate and individual investment to capitalize local small businesses. Invest Local Ohio provides community members the opportunity to invest in local small businesses in by investing in ECDI. Every dollar invested will be loaned to small businesses and leveraged with capital from other ECDI loan funds. ECDI investors will receive a 2 percent return on their investment on a three-year note and a 3 percent return on a five-year note.
“Huntington partners with ECDI to reach fledgling small business owners in the community who are not yet able to qualify for a traditional bank loan,†said Jim Kunk, Huntington’s Central Ohio president. “By lending to ECDI, Huntington is able to help entrepreneurs in need of business financial support access loans as small as $500 to help fulfill their goals.â€Â
Inna Kinney, ECDI founder and CEO, said Invest Local Ohio will create a new loan fund and offer investment opportunities to corporations and individuals interested in supporting small business. Just like a bank, Invest Local Ohio Fund supporters can receive a return on their investments, Kinney said.
“Huntington has set the standard for private sector support of ECDI’s lending mission,†Kinney said. “We appreciate the example Huntington has provided for other area businesses and individuals to share their resources in support of a strong, diverse economy.â€Â
Huntington and ECDI celebrated the nonprofit’s plans for loan fund growth at Grandview Theatre, a historic independent movie theater owned by Columbus Independent Media Inc. Owners David Nedrow and Jennifer Stancel received a $35,000 loan from ECDI , including $10,000 from EDCI’s Huntington fund in April 2010.
“ECDI funding has helped us get our business up and running,†Nedrow said. “We’ve been able to make steady improvements to our equipment and facility that simply would not have been possible without these loans. While we look forward to the day Columbus Independent Media can sustain a traditional bank loan, we are grateful for the access we received to Huntington’s resources through ECDI.â€Â
In addition to funding the Huntington Bank Revolving Loan Fund, Huntington has supported ECDI with financing for its office and food business incubation facility and through donations and volunteers.
For more information about ECDI or Invest Local Ohio, please visit http://www.ecdi.org .
About Economic and Community Development Institute
ECDI is the only Small Business Administration (SBA) intermediary microlender in central Ohio, a U.S. Treasury-certified Community Development Institution, and a microlender for Franklin County and the City of Columbus. ECDI has made over $9.5 million in loans to 550 local small businesses. To support its mission of investing in people to create measurable and enduring social and economic change, ECDI also provides financial literacy and small business development training courses; business incubation services which provide clients access to jobs and markets; and Individual Development Account grants for microenterprise capitalization. Through its comprehensive business development programming, ECDI has assisted over 2000 business and help create over 4000 jobs since its inception in 2004.
About Huntington
Huntington Bancshares Incorporated is a $54 billion regional bank holding company headquartered in Columbus, Ohio. Founded in 1866, it provides full-service commercial, small business, and consumer banking services; mortgage banking services; treasury management and foreign exchange services; equipment leasing; wealth and investment management services; trust services; brokerage services; customized insurance brokerage and service programs; and other financial product and services. The principal markets for these services are Huntington’s six-state banking franchise: Ohio, Michigan, Pennsylvania, Indiana, West Virginia, and Kentucky. The primary distribution channels include a banking network of over 600 traditional branches and convenience branches located in grocery stores and retirement centers, and through an array of alternative distribution channels including internet and mobile banking, telephone banking, and over 1,300 ATMs. Through automotive dealership relationships within its six-state banking franchise area and selected New England states, Huntington also provides commercial banking services to the automotive dealers and retail automobile financing for dealer customers.
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