Citizens Bank on Tuesday announced that it will offer digital-lending capabilities to small-business customers through a partnership with Fundation Group LLC, an online lending company and credit-services provider to regional and community banks.
The service is expected to be available in mid-2017, subject to the negotiation of a definitive agreement between Citizens Bank and Fundation, according to a Citizens Bank news release.
Small businesses will be able to apply for loans and lines of credit through a “simple” online application on Citizens Bank’s website. Approval is usually provided within minutes, and loans are funded in as few as three business days, the banking company said.
(Sponsored)
The Pay Transparency Laws Become Effective On September 17th. Are You Ready?
Later this month New York will join a handful of States in the US which require greater transparency in wages. In December 2022, the Governor signed into law new wage
How To Seamlessly & Responsibly Integrate AI Into the Workplace
Artificial intelligence (AI) is one of the hottest topics in today’s tech and office technology thought leadership. Everyone seems to be aware of the capabilities of AI, but some might
Under the partnership, Fundation, which has offices in New York City and Northern Virginia, will offer credit to some customers who don’t meet Citizens’ credit guidelines, the bank added.
“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,” Chris Ward, head of business banking at Citizens Bank, said in the release. “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.”
Citizens Bank also recently announced a partnership with digital wealth-management service SigFig, to offer customers “integrated banking and digital investment services” starting early next year.
Citizens Bank has 8 branch offices and $260 million in deposits in the Syracuse metro area, ranking it 12th in deposit market share in the region, according to June 30, 2016 FDIC statistics, the latest available. Citizens Bank has about 1,200 branches in 11 states in the New England, Mid-Atlantic, and Midwest regions. The bank’s holding company is Citizens Financial Group, Inc. (NYSE: CFG), which is based in Providence, Rhode Island and has $147 billion in total assets.
Contact Rombel at arombel@cnybj.com
