Citibank Small Business Loan Review

Anne Miller

Anne Miller

Senior Author

Anne Miller

Senior Author

Find the Best Rates for Your Small Business Loan

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Citibank Small Business Loan ReviewCitibank is one of the best-known banks in the country. They offer a number of small business lending products, giving customers flexibility to fill the needs of their small business.

Understanding Your Loan Options

A Citibank Business Credit Account is a line of credit that can be used for expected and unexpected expenses. From managing account receivables to building inventory to taking advantage of that surprise opportunity, a short-term line of credit is a useful and prudent business tool. The Citibank offers loans for longer terms, with variable and fixed rates – for buying equipment, expanding operations, or other large investments like real estate.

Most established businesses located in their branch footprint can submit a worksheet about their financing needs, and a Citibank banker will get back to them shortly to discuss their business further. They provide a pre-qualification link to a broad questionnaire that rates the business as eligible or not for financing consideration.

Speed of Implementation and Loan Duration

The Citibank financial worksheet that a business fills out is somewhat generic and applies to several different products and services. This worksheet is intended to screen owners of businesses with at least two years in operation and whose primary business operations are in the following metropolitan areas near Citibank branches: Los Angeles (CA), Orange County (CA), Riverside (CA), San Diego (CA), San Francisco (CA), Miami (FL), Chicago (IL), Baltimore (MD), Las Vegas (NV), New York City (NY), and Washington, DC and are seeking to borrow from $5,000 to $1,000,000 for either a line of credit or a Business Installment Loan which is a fully amortizing loan with monthly principal and interest payments.

The duration of the loans is negotiable, based on their status as secured or unsecured and the applicable interest rate. Citibank is unwilling to make many predictions about the cost or the terms of their loans without first exploring the potential client’s financials. Their worksheet only asks to know the type of industry, annual yield and financial need, in 350 characters or less. The main purpose of the website is to get you to contact one of their financial advisors so they can tailor the loan to your business’ needs and means.

Fine Print and Final Thoughts

Citibank’s business credit card rates are competitive but not outstanding – 16.74% – 24.74% depending on creditworthiness. Needless to say, other banking services there will be easier to access if you already have a line of credit established in their company. The lack of upfront information about charges and fees means you might be paying more for your loan than you thought, so make sure you get clear fee and charge descriptions when you are considering applying with them. This should all help you get a business loan.

Anne Miller


Anne is a Senior Author for SBL. She began her career as an independent consultant for local businesses after graduating with a BA in Management. Since that time, she’s expanded to writing as well as consulting to spread helpful knowledge to small business owners across the country.

 

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