New Huntington business finances tools for manufacturers

Huntington Bank has launched a new business unit focused on financing equipment and tools for closely held, small- and medium-sized manufacturing businesses, it announced August 17. The launching of the Machine Tool Finance Group reflects Huntington's ongoing efforts to meet the financial needs of business owners in order to help their companies grow.

"We understand the need of small- and medium-sized manufacturers to have access to financing so that they can buy equipment, replace equipment and remain competitive," said Robert Allanson, president, Huntington Equipment Finance. "Huntington's new unit has brought together tool financing specialists from throughout the industry who have the expertise and knowledge to advise business owners on the type of financing that is the best fit for their business strategy."

Machine tool sales have continued to grow over the past two years. The most active customer markets for machine tool builders are likely to be in aerospace, appliance, automotive, heavy equipment and job shop industries. Many of these businesses are retooling with investments in high technology equipment.

Huntington's new business is part of its Equipment Finance group, which continues to be ranked on the Monitor 100, a ranking of the 100 largest and fastest-growing equipment equipment/leasing financing companies in the United States.