Citadel Credit Union Becomes Official SBA Lender to Support Small Businesses in Philadelphia

Citadel Credit Union's New Role as an SBA Lender



Citadel Credit Union, known for its commitment to community banking, has made a significant leap forward by being authorized as an official lender under the Small Business Administration (SBA). This pivotal development will enable Citadel to provide tailored financial solutions designed to support small businesses in the Greater Philadelphia area. With a strong emphasis on local economies, this new capacity aligns perfectly with Citadel's mission to uplift entrepreneurs within the community.

The official SBA lender status for Citadel comes at a crucial time, especially given that over 90% of Philadelphia's businesses have fewer than 100 employees. This insight highlights the essential role small businesses play in driving economic vitality within the city. Challenges such as rising operational costs and limited access to traditional banking solutions have intensified the need for effective funding options. SBA loans can mitigate risks for small business owners while offering flexible financing solutions that cater to various credit situations. This financing can facilitate vital business operations, contributing to job creation and overall economic rejuvenation.

Citadel's proactive approach, showcasing its strengthened Commercial Banking team, allows the credit union to position itself as a responsive ally for local entrepreneurs. Unlike many traditional lenders, Citadel prides itself on its member-focused service, providing personalized guidance to every business it serves. This approach is particularly beneficial during uncertain economic conditions, as small business owners seek comprehensive support tailored to their unique needs.

Michael Desimone, Chief Lending Officer at Citadel Credit Union, expressed the alignment of SBA's mission with that of Citadel's: "The primary mission of the SBA—to create and maintain jobs and support local businesses—resonates with Citadel’s core values and historical commitment to community service. By nurturing the financial health of our local businesses, we can stimulate economic growth, reinforcing the very fabric of our communities."

Adding to this sentiment, Bill Brown, CEO of Citadel, emphasized the importance of positioning Citadel as a critical player in supporting the local economy. He stated, "By becoming an SBA lender, we not only deepen our commitment to the small business community but also equip them with the necessary resources to thrive. Our enhanced banking services create a holistic and accessible environment for business owners to explore growth opportunities, job creation, and community investment."

The signs of a robust small business ecosystem in Philadelphia are evident. The city has seen remarkable growth in this sector, with a 4.4% annual increase in new small businesses between 2012 and 2018, creating around 5,000 new ventures each year. Citadel is enthusiastic about its role in sustaining this momentum. The credit union's SBA offerings will empower local entrepreneurs to pursue expansion initiatives, invest in future prospects, and ultimately reinforce the city’s economy.

Looking ahead, Citadel plans to bolster its presence within Philadelphia by opening full-service branches in the area. This expansion will make their comprehensive financial services more available to entrepreneurs who drive local innovation and economic activity.

For Philadelphia business owners seeking to leverage the benefits of SBA loans, Citadel Credit Union offers consultations and support through its dedicated team of business banking experts. Interested parties can visit Citadel's business loans page or schedule a meeting to discuss how SBA loans can facilitate their business goals.

About Citadel Credit Union


Citadel Credit Union operates as a not-for-profit financial institution, prioritizing member needs with an array of banking, investment, and insurance services. Serving over 260,000 members with assets totaling $6 billion, Citadel is among the largest credit unions in the Greater Philadelphia area. Recent accolades, including recognitions from Newsweek and Forbes, underscore its commitment to excellence in member service. For further information, visit CitadelBanking.com.

Topics Financial Services & Investing)

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