First Citizens (CIT) Small Business Financing Review
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Pros and cons of First Citizens Bank
Pros
- Offers large loan amounts
- Provides various business lending products
- Lends to a wide range of industries
Cons
- Rates can vary on product and term, but the website lacks details
- Very little information provided on eligibility requirements
- No details on how long a business needs to be running to qualify
First Citizens Bank small business loans review
If you’re looking for information on CIT Bank or First Citizens Bank, you’re in the right place. In 2022, CIT became a division of First Citizens after a merger. Though the CIT website is still live, the only lending option listed is a home loan, i.e., a mortgage loan. If you’re looking for business loans that were previously offered by CIT Bank, you’ll need to visit the First Citizens website to fill out an application.
First Citizens Bank is a solid option for business owners looking for different types of business financing, as it offers several different small business loan products, including SBA 504 loans, working capital business loans and business equipment financing. First Citizens works with businesses across various industries, including agriculture, construction and manufacturing. The bank also offers business credit cards to help business owners manage their everyday business finances and build business credit.
If you want to apply for a First Citizens Bank business loan, you will need to visit a branch, as the bank doesn’t have an online application. For this reason, First Citizens Bank might be best for borrowers who prefer in-person banking. You can find First Citizens Bank branches in 22 states. Branches are available in Arizona, California, Colorado, Florida, Georgia, Kansas, Maryland, Massachusetts, Missouri, Nebraska, Nevada, New Mexico, North Carolina, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Virginia, Washington, West Virginia and Wisconsin.
- Small business owners who prefer to bank in person. First Citizens Bank doesn’t have an online application, so you’ll need to contact a local branch to apply.
- Borrowers interested in a variety of loan amounts. Loan maximums can range from $500,000 up to $13,500,000.
First Citizens Bank small business financing at a glance
| Product | Loan amounts | Repayment term | Estimated APR range | Fees |
|---|---|---|---|---|
| Equipment financing | Up to $500,000 | 12 to 72 months | Not disclosed | Not disclosed |
| Term loans | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
| Lines of credit | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
| SBA loans | Up to $13,500,000 | Up to 300 months | Varies based on loan type | Varies based on loan type |
Equipment financing
Equipment financing is a type of business term loan that is specifically for purchasing heavy equipment, machinery or vehicles for business use. First Citizens Bank offers equipment loans up to $500,000 and repayment terms between 12 and 72 months. First Citizens does not disclose its annual percentage rate (APR) for equipment financing, but rates may vary depending on your credit, borrowing history and the equipment you’re looking to buy.
Term loans
First Citizens Bank offers term loans, which can be used for a range of business purposes, such as working capital, debt restructuring, leasehold improvements and vehicle financing. It also offers term loans specifically for owner-occupied real estate.
First Citizens Bank does not publish an estimated interest rate range for its term loans, but your interest rate will likely be determined by your credit history. Any possible fees associated with this particular type of funding are also not disclosed online.
Line of credit
If you’re a business owner looking for an ongoing source of funds, you may want to consider a First Citizens business line of credit. Lines of credit function similarly to credit cards, allowing you to access a revolving credit line that resets as you make payments.
First Citizens Bank offers three different lines of credit: Capital Line, Capital Manager and Business EquityLine. You can use your First Citizen’s business line of credit to manage your everyday operating expenses and periodic borrowing needs.
SBA loans
As an SBA Preferred Lender, First Citizens Bank offers SBA 504 loans, which are loans backed by the U.S. Small Business Administration. They are primarily used to finance commercial real estate. Loan amounts can go up to $5 million per project, and up to $13,500,000 for a total of three projects. Certain energy projects have higher limits of $5.5 million per project, or $16.5 million total.
Repayment terms for 504 loans are generous, reaching up to 300 months with total interest being approximately 3.00% of the total loan amount, according to SBA guidelines. First Citizens Bank doesn’t disclose specific fees it charges, but 504 loans typically come with packaging, closing and underwriting fees, among others. Since First Citizens Bank is tight-lipped about fees, it’s a good idea to ask the lender about possible fees prior to applying.
First Citizens also offers SBA 7(a) loans, which can be used for a wide variety of business expenses, including partner buyouts (or buy-ins), startup, expansion and franchise financing. The loan amounts for SBA 7(a) loans range from $400,000 to $5,000,000.
First Citizens Bank borrower requirements
First Citizens Bank doesn’t disclose the minimum time in business, annual revenue or credit score you’ll need to apply. The only way to learn what qualifications you’ll need to meet is by contacting a local branch.
Required documents
First Citizens Bank‘s website is not transparent with its eligibility requirements to qualify for its loan products. It’s best to contact the lender directly to determine what documents you’ll need to apply.
Alternatives to First Citizens Bank
| First Citizens Bank | Credibly | QuickBridge | |
|---|---|---|---|
| Minimum credit score | Not disclosed |
| Not disclosed |
| Loan products offered |
|
| Working capital loans |
| Time to funding | Not disclosed | As soon as the same day | As soon as 1 business day |
| Starting rates | Not disclosed |
| Not disclosed |
| Maximum loan size |
|
| $500,000 |
| Minimum annual revenue | Not disclosed |
| $250,000 |
First Citizens Bank vs. Credibly
Borrowers interested in applying for a merchant cash advance or a working capital loan may also want to consider Credibly. Credibly also offers lines of credit and equipment financing through third-party lenders.
Business owners with poor credit may qualify for its loan products, making it a solid option for businesses still trying to build up their credit. While First Citizens Bank doesn’t disclose how quickly you can receive loan funds, Credibly offers same-business-day funding options.
First Citizens Bank vs. QuickBridge
QuickBridge is another alternative to First Citizens Bank that offers working capital loans. QuickBridge offers an early payment discount on certain loans, and you’ll be able to see details before accepting the loan terms and receiving the funds.
QuickBridge offers high working capital loan amounts — up to $500,000. However, a business will need to have annual revenue of at least $250,000 to be eligible with QuickBridge, making this lender best suited for companies that have been operating for a while with significant income to show.
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