Citi announced on Wednesday (August 11) that it is introducing the launch of Bridge built by Citi, a new lending platform intended to assist small and medium-sized businesses (SMBs) meet up with local lenders for loans up to $10 million.
The Bridge built by Citi platform is working with 18 financial institutions to launch its pilot program — including Alabama, Colorado, Georgia, Louisiana, North Carolina, South Carolina and Tennessee — and others across the Southeast and Rockies regions.
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“Citi believes in the power of local, small businesses and continues to find ways to support businesses that are the foundation of communities across the U.S. Citi funded loans totaling more than $5 billion as part of the Small Business Administration’s Paycheck Protection Program during 2020 and 2021,” said Richard Banziger, head of Citi’s U.S. Commercial Bank.
“As both a lender and a community stakeholder, we have a deep understanding of the problems businesses face when trying to navigate the borrowing process. We are committed to finding digital solutions that can make the process easier, more seamless and more equitable,” Banziger added.
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SMBs often hit roadblocks when faced with securing loans, which, aside from involving multiple manual processes, is overall a time-consuming process. Moreover, local community banks don’t have the tools to widen their customer reach. It’s a lose-lose situation for both sides of the equation.
Bridge built by Citi is working to unify that disconnect and bring businesses and lenders together in their local communities and beyond via an easy online request. Connecting borrowers and lenders will power Citi’s platform with “access, choice and convenience” — and capital.
Citi’s dedication to inclusive growth moves beyond underserved markets to include local shop owners and entrepreneurs. The company’s Citi Rotation Program, for example, aims to assist banks with developing their business and operations.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
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