Citizens Bank Small Business Loan Review
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When it comes to running a small business, everyone knows that you need capital to grow and expand. Sometimes you can’t generate that capital fast enough to grow at the pace you know you can, other times you might face a temporary setback or shortfall that you can overcome with a bit of help. This is why so many small business owners look for financing when it comes to growing their small business.
Citizens Bank is a well-known financial institution that offers a number of different financial products, from student and personal loans to small business lending products. We’ll take a look at some of the different small business products they offer.
Understanding Your Loan Options
Citizens Bank has a broad range of financing solutions and products to offer small businesses, which they divide into Business Lines of Credit, Business or Equipment Flex Loan, Business Term Loans and Business Mortgages. Their loan options include fixed rates, adjustable rates, commercial real estate, renovation and construction loans as well as lines of credit for short term expenses. Each has its own characteristics but they are all subject to evaluation in relation to your own business’ financial situation.
Speed of Implementation and Loan Duration
Citizens Bank offers several digital tools for their potential customers to use in calculating their likelihood of receiving finances and at what level of funding. These tools also give the qualities and conditions of lending based on things like annual income, assets and their value, credit scores and credit situation. Citizens bank is unwilling to make many predictions about the cost or the terms of their loans without first exploring the potential client’s financials
There are several types of lines of credit offered through Citizens Bank as well as business checking accounts that require no monthly balance and are charged no monthly fee. For lines of credit, businesses only pay interest on the funds that you use. Choose from interest only or principal plus interest payment options. The annual fee is $150 for lines of credit $50,000-$100,000 and 0.30% for lines of credit $100,001-$1,000,000.
Fine Print and Final Thoughts
Citizens Bank 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. They are also less than forthcoming about the fees and service charges associated with business loans so be sure to clarify what those are when considering a loan from Citizens Bank.
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.