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Huntington Bank vs. Wells Fargo: Small Business Loans

Huntington Bank vs. Wells Fargo: Small Business Loans

Key takeaways

  • Huntington National Bank and Wells Fargo both offer diverse business loan options
  • Choose Huntington National Bank for SBA loans
  • Choose Wells Fargo for established businesses

Huntington National Bank and Wells Fargo are known as two top business lenders, especially when it comes to SBA loans.

In addition to traditional business lending products, Huntington National Bank offers 7(a), 504 and Express SBA loans. Wells Fargo specializes in business lines of credit and SBA loans, offering 7(a) loans.

We’ll take a look at both lenders and compare the two to help you determine which is the better fit for your small business needs.

Huntington National Bank vs. Wells Fargo at a glance

Huntington National Bank and Wells Fargo offer generous funding, but their business financing options cater to different business profiles.

Huntington National Bank offers limited information regarding its lending criteria, rates and terms, but as of September 2023, it is currently the nation’s top 7(a) SBA lender. While Wells Fargo also offers 7(a) SBA loans, it also provides established businesses with lines of credit more suitable for addressing issues with cash flow and covering short-term expenses.

Huntington National Bank Wells Fargo
Bankrate Score 4.1 4.2
Best for SBA loans Established businesses
Number of loan products 5 4
Loan amounts $1,000 to $5 million $5,000 to $10 million
Interest rates Not disclosed 8.75% to 18.25% APR
Term lengths Up to 25 years Up to 25 years
Personal credit score Not disclosed 680
Minimum time in business Not disclosed Less than two years
Minimum business revenue Not disclosed Not disclosed

Huntington National Bank business loans

Huntington National Bank offers a variety of traditional business financing options, including term loans, equipment loans,  lines of credit and asset-based loans. The lender specializes in SBA loans and has been recognized as the top SBA 7(a) lender for the past five years, but it also offers 504 and Express loans.

Microloans and Community Advantage loans are not available, but similar to these two loans, its Lift Local Business Loan provides between $1,000 and $150,000 in funding to businesses in underserved communities.

Although Huntington National Bank offers SBA loans to businesses nationwide, its other business lending products are limited to 12 states, with physical branches in 11 of those states.

Businesses cannot confirm eligibility before applying for a loan since the lender doesn’t disclose its lending criteria or rates, so it’s unclear what types of businesses its loan products cater to. However, its asset-based loan is an option for startups and established businesses since it’s secured by collateral.


  • Preferred SBA Lender
  • Relationship bankers provide businesses with a personalized lending experience
  • Over 1,000 branches in 11 states


  • Full lending criteria, rates and terms not disclosed
  • Limited availability for non-SBA loans
  • Online loan applications are not available to commercial banking or non-Huntington customers

Wells Fargo business loans

Wells Fargo small business loan options cater to well-established businesses that have been in operation for a minimum of two years and with a minimum personal credit score of 680. Its business loan products include secured and unsecured lines of credit up to $1 million and SBA loans up to $10 million.

Depending on the line of credit, businesses will be automatically enrolled in the lender’s rewards program, which allows businesses to redeem points earned on purchases. A personal guarantee is required for certain lines, and an annual fee and origination fee may be assessed.


  • Variety of lines of credit
  • Rewards program
  • Competitive rates


  • Personal guarantee may be required
  • Only lines of credit and SBA loans are available
  • Annual fee and origination fee, depending on the line of credit

How to choose between Huntington National Bank and Wells Fargo

Huntington National Bank and Wells Fargo cater to differing business needs.

Wells Fargo prioritizes lending to established businesses, but Huntington National Bank’s products, specifically its SBA loans, are suitable for businesses at various stages.

Since Huntington National Bank specializes in SBA loans, including 7(a), 504 and Express loans, it can benefit businesses seeking financing for various needs. Wells Fargo also offers SBA loans; however, its business lines of credit provide flexible funding with access to a rewards program.

Choose Huntington National Bank for SBA loans

Huntington National Bank is a great option for businesses seeking SBA loans. As the nation’s top SBA 7(a) lender, Huntington National Banks has approved 6,597 7(a) loans as of September 11, 2023, according to the SBA Weekly Lending Report. But it also offers 504 and Express loans up to $5 million, with terms of up to 25 years and capped maximum rates set by the Small Business Administration.

Although the lender’s traditional business financing options are only available to 12 states, Huntington National Bank is able to make its SBA loans available nationwide as a Preferred SBA lender.

Choose Wells Fargo for established businesses

Wells Fargo small business loan options are best for established business owners with fair credit who have been in business for at least two years.

In addition to being a top SBA lender, Wells Fargo also stands out as a viable option for businesses interested in lines of credit. Its three lines of credit cater to businesses needing flexible, ongoing funding rather than a lump sum to help manage fluctuations in cash flow with competitive rates and low fees.

Bankrate insight

Like Huntington National Bank, Wells Fargo is a leading originator of SBA loans, approving 1,969 7(a) loans as of September 12, 2023.


Huntington National Bank is a great choice for businesses seeking SBA loans, and Wells Fargo stands out for its business lines of credit, but businesses with certain needs and qualifications may want to explore other options beyond these two traditional banks to find a better fit.

Startups or established businesses that struggle to get approved for financing from a traditional bank can consider lenders with more flexible requirements. Credibly, for example, only requires at least six months and a minimum personal credit score of 550. If your business is at least two years old, another option is Fora Financial, which has a minimum personal credit score requirement of 500.

If a business line of credit or SBA loan isn’t ideal, a business credit card could be the right choice. These are still technically a type of business loan you can get from a bank, but they are often easy to qualify for, and you’ll get quick access to cash without a long waiting period. Additionally, you won’t be charged interest if you pay your balance in full every month.

Bottom line

Huntington National Bank and Wells Fargo cater to businesses with specific needs. Huntington National Bank is a top 7(a) lender, which can benefit businesses seeking funding for things like working capital, the purchase of equipment or real estate. However, Wells Fargo provides lines of credit perfect for businesses addressing short-term cash flow issues.

Ultimately, if neither lender’s business lending offerings align with the needs of your business, explore other lenders to find the perfect fit.

Frequently asked questions

  • Yes, Huntington National Bank is an SBA-approved bank. As of September 12, 2023, it is the top lender in the nation for SBA 7(a) loans.

  • Like all banks, Wells Fargo requires borrowers to meet certain criteria to qualify for a loan. If a business has a minimum credit score of 680 and a minimum time in business of two years, it has a better chance of approval for a Wells Fargo business loan.

  • The lending criteria for banks differ, but many require good to excellent credit, at least two years in business and stable income to qualify for a business loan.