Citizens Bank is an established financial institution with over 1,100 branches and locations in the eastern half of the United States. Citizens Bank opened their doors for business in 1947, and in 1988 they were acquired by the Royal Bank of Scotland to become RBS Citizens Bank. Citizens Bank split off from RBS in 2014 and continues to provide personal and business financing to U.S. consumers through phone or in-person applications. Consumers that choose Citizens Bank should remember that they must have a credit score of 550 or higher.
With Citizens Bank, borrowers may be able to obtain a number of varying loan types. These include:
Their SBA resources also include helpful tips for applying for SBA loans, FAQs, a glossary of SBA terms, choosing the right SBA loan, and other pertinent information about the SBA loan process. For all lending types, the interest rates will vary based on the prime rate and on the loan amount, the term length, and more. Citizens Bank does not offer any unsecured loans or lines of credit. All of their standard borrowing options must be secured by general business assets or, in some instances, real estate. There are three general types of funding options:
While Citizens Bank does not reveal a limit for a company's annual revenue, both business and personal tax documents are required for loan applications. Financial statements and proof of ongoing revenue may be required as well. A credit score is also necessary, though there is not a cutoff number for that, either. There is a one-time documentation fee of $250 for all loan types, and a $150 minimum annual fee for all lines of credit.
Other pieces of information Citizens Bank does not provide include the following:
There are only 18 states with physical Citizens Bank locations which greatly limits who can use their services.
Applicants do not have to be previously established customers, but do need to have or set up a Citizens Bank business checking account for automatic payments on their borrowed amounts. Once all the documentation has been received, applicants can generally expect to hear back within five business days, with an additional two weeks to close on a loan.
Nk Eie Sunnyside, NY
1 year ago