Daily News: November 3, 2017

Citizens, Fundation Partner to Offer Digital Business Loans

Citizens Bank launched a new digital lending capability through a collaboration with Fundation that will make it easier for small business customers to apply and receive approvals for loans.

The new service will enable small businesses to apply for loans and lines of credit through a simple online application. In most cases customers are notified of approval decisions the same business day, and loans are funded within three business days. Fundation will also offer credit to some customers that do not meet Citizens’ credit guidelines, helping the bank serve more of its small business customers’ credit needs.

The service will also be offered in other channels including retail branches.

“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 Bank. “With our new digital lending technology, we have simplified the process of applying for smaller credit requests and are making it possible for more businesses to access the credit they need online, with rapid decision making and funding.”

Sam Graziano, CEO of Fundation, added, “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 company like Fundation. The results are already showing that the bank will be able to reward a broad array of small businesses with the type of borrowing experience they are coming to expect from best-in-class financial services companies.”

The service offers an all-digital experience, including electronic closing, an online portal to manage the loan and funds deposited directly into a Citizens Bank business checking account. Customers can also speak with a relationship manager to guide them through the entire process, if desired.

Citizens Bank made this new digital lending capability available to select small business customers in September. The bank expects to make it widely available to all small businesses across its franchise over the next several months.