Officials announce $1B in Ohio business loans

COLUMBUS (AP) — Huntington Bank and the state of Ohio are joining to provide $1 billion in loans to Ohio businesses struggling amid the credit crunch.

Gov. Ted Strickland and Huntington CEO Stephen Steinour announced the partnership today to help small and medium-sized businesses in the manufacturing, industrial and distribution industries.

The Columbus-based Huntington will provide the $1 billion in loans over three years. The program also involves current state and federal business loan programs.

A medical plastics manufacturer based in Columbus is getting the first loan from the Ohio and Huntington Job Growth Partnership. Larson Medical Products Inc. will receive $100,000.

Strickland says he hopes other banks in Ohio will begin similar programs with the state.