Citi to Connect SMEs with Local Banks
(12 August 2021 – USA) Citi US has announced the launch of a digital lending platform designed to help small and medium-sized businesses connect with regional, local, and community banks.
Citi says that for many SMEs securing a loan involves manual processes that can be time consuming. Meanwhile, local and community banks have limited access to digital tools to reach potential borrowers. Initially, 18 United States (US) banks have agreed to pilot the programme to test its practicalities.
Its new platform, called Bridge built by Citi, is designed to change this, connecting SMEs looking for loans of up to $10 million with local lenders through a sleek, digital, efficient and standardised system . This new network of borrowers and lenders can empower US businesses with more convenience and better chances of raising capital to grow their businesses. In addition, lenders can expand their reach beyond their immediate local market and offer their clients a seamless, high-quality user experience.
Richard Banziger, head, US commercial bank, Citi, says: "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. 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 US Citi funded loans totalling more than US$5 billion as part of the Small Business Administration’s Paycheck Protection Program during 2020 and 2021” he also added.
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