Citizens promises quick digital turnaround on small business loans
PROVIDENCE, RI – Citizens Bank announced today it will offer digital lending capabilities to small business customers through a collaboration with Fundation Group. The service is expected to be available in mid-2017.
The added capability will enable small businesses to apply for loans and lines of credit through a simple online application at citizensbank.com. In most cases approval is provided within minutes, and loans are funded in as little as three business days, the bank said in a statement.
“We know that time is valuable for our business banking customers. This simple digital application process will be quicker and more efficient for customers making smaller requests for credit, enabling them to get back to running their businesses sooner,” said Chris Ward, head of business banking for Citizens Bank. “We believe that our new, automated lending platform will complement the tailored, advice-based services available through relationship managers and bankers to our customers who need larger loans or have more complex needs such as cash management.”
Fundation will offer credit to some customers that do not meet Citizens’ credit guidelines. CEO Sam Graziano said, “At Fundation, our mission is to enable our strategic partners to serve their small business customers more efficiently and more broadly. This collaboration does exactly that. The combination of Citizens Bank’s powerful customer-facing brand and our digital lending platform will allow us to collectively serve more customers with best-in-class products and a best-in-class customer experience.”
The digital lending service is subject to the negotiation of a definitive agreement between Citizens Bank and Fundation.