FAIRMONT —
The U.S. Small Business Administration has recognized Huntington Bank for going “above and beyond” in SBA lending.
Judy K. McCauley, district director of the SBA’s West Virginia District Office in Clarksburg, said all SBA offices provide information on a regular basis on the number and dollar amount of SBA guaranteed loans that are given out by banks. This data is published monthly, and many financial institutions want to know if other banks are running close to their figures.
The SBA recently published this year’s lending statistics, with the fiscal year ending Sept. 30, 2012, for its 7(a) and 504 loan programs.
“7(a) is a guarantee from the federal government,” McCauley said.
Although the customer and the business may be sound, the loan may be a little bit too risky for the bank’s board, she said. But if an SBA guarantee is put on the loan, the bank is able to get part of that money back from the federal government if the borrower defaults. The SBA provides a 50 to 85 percent guarantee on these loans.
McCauley said it takes a special initiative for a bank to look at a company that’s innovative and has unique ideas, which is different from funding a piece of property, to determine if that business can be profitable and if lending money to it is plausible. That federal guarantee takes some extra work, such as reading the regulations and understanding how to secure those loans.
Huntington Bank has knowledgeable people on its staff and does an excellent job of making loans to businesses that are considered high-risk, she said.
Business
‘Above and beyond’
Huntington Bank recognized for its work in SBA lending
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Backbone Security part of state record-breaking export effort
A Marion County business continues to be honored year after year for its success in exporting to new markets.
Backbone Security in Fairmont was among the 52 West Virginia companies that Gov. Earl Ray Tomblin, the West Virginia Export Council and the West Virginia Development Office recently acknowledged for expanding their business to new parts of the world. -
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On May 9, Debbie and Alan Croston opened their new store on East Main Street in the building that formerly housed Dairy Queen. -
Grant Town Power Plant marks 20 years
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The facility recently celebrated two decades of commercial operation. American Bituminous Power Partners, L.P., or AmBit, owns the plant, which officially opened on May 28, 1993. -
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The U.S. Small Business Administration and Pierpont Community & Technical College’s government contracting program is impacting the region and state in a positive way.
The Federal Acquisition Management Certification Program, in its sixth year, will start July 17 at Pierpont’s Center for Workforce Education, located at 320 Adams St. in downtown Fairmont. -
Marion County Chamber of Commerce’s Women’s Expo set Friday
The Marion County Chamber of Commerce’s Women’s Expo is bringing women of all backgrounds together to support each other.
The event, which is in its second year, is scheduled for this Friday at the Robert H. Mollohan Research Center in Fairmont’s I-79 Technology Park and is open to the public. -
Custard Stand for ‘people of all ages’
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The business had a soft opening on May 20 and will celebrate its grand opening this Saturday. It is located on the right side of the Rainbow Plaza in a stand-alone building across the parking lot from Shop ’n Save. -
Teaming to Win: Developing business relationships
“The Teaming to Win conference is all about developing business relationships,” said Morris Morrison, a Fairmont native, motivational speaker and entrepreneur.
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FBI’s Next Generation Identification system boosts safety
The technologies of the FBI’s Next Generation Identification system are making communities safer.
On May 5, Increment 3 went live for the NGI program, which is the FBI’s new biometrics system that is an upgrade of the Integrated Automated Fingerprint Identification System (IAFIS). -
Executive Café features ‘best of everything’
The Executive Café is providing healthier breakfast and lunch options with fresh ingredients.
This new restaurant, located inside the Alan B. Mollohan Innovation Center in Fairmont’s I-79 Technology Park, had a soft opening earlier this month and celebrated its grand opening on May 17. -
Report shows ‘true drivers’ affecting coal industry
A new report examines the major factors causing the significant decline in coal production in the region and the continuing trend into the future.
On May 14, Morgantown-based Downstream Strategies LLC released a report titled “The Continuing Decline in Demand for Central Appalachian Coal: Market and Regulatory Influences.” - More Business Headlines
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Backbone Security part of state record-breaking export effort
