First Niagara Financial Group, Inc. (NASDAQ: FNFG) today introduced “redesigned” small-business lending services.
The banking company is offering a “ready access” line of credit, which is an unsecured line of credit.
Qualified small businesses can access up to $50,000 on an unsecured basis, with no need to re-apply once approved, First Niagara said.
The banking company has also increased the term length on business loans up to seven years and has shortened the average loan-approval cycle time for a business loan.
The changes follow First Niagara’s introduction of new small-business checking accounts in 2013, the banking company said.
“Small business is big business for First Niagara,” John Golding, the company’s small-business director, said in the news release. “We recognize the important role that small businesses play in the revitalization of our local economies and we are committed to helping small-business owners thrive and grow.”
First Niagara, through its wholly owned subsidiary, First Niagara Bank, N.A., operates about 420 branches and has $37 billion in assets, $27 billion in deposits, and 6,000 employees across New York, Pennsylvania, Connecticut, and Massachusetts.
First Niagara Financial Group will release its 2013 fourth-quarter earnings before the market opens on Friday.
Contact Reinhardt at ereinhardt@cnybj.com