Citizens Bank expands digital lending to small businesses

PROVIDENCE – Citizens Bank last week expanded its digital-lending capabilities to small-business customers.
“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 small requests for credit, enabling them to get back to running their businesses sooner,” said Chris Ward, head of business banking at Citizens Bank.
The Providence-based bank partnered with Fundation Group LLC, a digital lender for regional and community banks. The new platform allows small-business customers to apply for a loan online and receive an answer within minutes. Approved loans are funded in as few as three days, according to a press release.
Fundation is also expected to offer credit to some customers that don’t qualify through the Citizens credit guideline, according to the release.
“We believe that our new, automated lending platform will complement the tailored, advice-based service available through relationship managers and bankers to our customers who need larger loans or have more complex needs such as cash management,” Ward added.
This announcement follows Citizens’ recent partnership with digital wealth management provider SigFig, which will offer customers digital investment services starting in 2017.

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