Citizens steps up small-biz lending

PROVIDENCE – As part of an industry-wide commitment, Citizens Financial Group Inc. says it will continue to increase its lending to small businesses over the next three years.
Vice President Joe Biden made the announcement Sept. 20 at the Ohio headquarters of a CFG customer that banks with Charter One, one of the bank holding company’s two banking brands.
The announcement took place at the Solon, Ohio, headquarters of Wrap Tite, a provider of commercial packaging solutions that has secured U.S. Small Business Administration financing through Charter One.
“It’s clear from our experience working with customers like Wrap Tite that businesses with good strategic plans are finding opportunities to grow, even in this challenging economy,” said Ellen Alemany, Chairman
and CEO of Citizens Financial Group.
“This is very exciting, because smaller companies like Wrap Tite are so critical to job creation and to the overall prosperity of our local communities,” she said. “We are pleased to participate in this SBA
initiative, which we see as an important opportunity to highlight the lending activity that we and other banks are undertaking as smaller companies seek to grow their businesses and create jobs.”
So far this year, CFG has more than doubled its lending to businesses with annual revenue of $25 million or less over last year. For companies with revenue of less than $5 million, CFG delivered more
commitments in June than it had in any single month dating back to 2007. The bank said that it has been making significant investments in technology and staffing to respond to this increased demand.