PROVIDENCE – Citizens Bank continues to expand its digital capabilities with the announcement of a new online small business lending platform.
The Providence-based bank collaborated with Fundation, a digital lender and credit provider, to offer the new service that allows small business to apply for loans and lines of credit online.
The bank had a soft launch in September and expects to make it available to all small businesses across its 11-state footprint in the coming months.
“We understand that our small-business customers are busy running their businesses and serving customers, so there’s little time left for lengthy applications, documentation, meetings and waiting for answers,” said Jack Murphy, president of business banking at Citizens. “With our new digital lending technology, we have simplified the process.”
Citizens estimates customers are notified of approval or denial on the same business day. Loans are funded within three business days, according to the bank. Fundation will also offer credit to some customers that fail to meet Citizens underwriting requirements, according to a press release.
“We believe what Citizens Bank has created is the ideal model of how to leverage the collective strengths of a digitally minded bank with a digital solutions like Fundation,” said Sam Graziano, CEO of Fundation.
The collaboration with the fintech company is the latest in a series of digital offerings Citizens has made recently, providing more of its products and services online. Earlier this year, Citizens launched an online investment advisory service called SpeciFi.
For customers that may prefer brick-and-mortar services, the small-business lending services through Fundation will also be offered at retail branches, according to Citizens.
Citizens Bank, a subsidiary of Citizens Financial Group Inc., is the largest Rhode Island-based bank with $151.4 billion in assets.
Eli Sherman is a PBN staff writer. Email him at Sherman@PBN.com, or follow him on Twitter @Eli_Sherman.
