Citadel Credit Union Named Official SBA Lender to Boost Small Business Growth in Philadelphia Region
Citadel Credit Union has recently achieved noteworthy recognition as an official lender for the Small Business Administration (SBA) in Greater Philadelphia, a significant development that positions them as an essential ally in nurturing small businesses within the region. This milestone is complemented by the credit union's strategic enhancement of its Commercial Banking team, allowing them to provide a comprehensive range of financial solutions tailored specifically for small business owners. Being one of the pioneering credit unions in the Philadelphia area to obtain this status, Citadel is dedicated to equipping local entrepreneurs with the necessary resources to expand their businesses, create jobs, and foster economic growth.
In a city where over 90% of businesses employ fewer than 100 individuals, the importance of small businesses to Philadelphia's economic landscape cannot be overstated. Recent economic challenges, such as the surge in operational costs and restricted access to traditional funding sources, have underscored the pressing need for funding solutions like SBA loans. These loans are designed to mitigate risks and provide flexible financing options for businesses with various credit profiles, equipping them with critical capital for expansion, purchasing equipment, hiring employees, and managing day-to-day operations. This influx of financial resources is instrumental in driving job creation and revitalizing the economy.
With Citadel’s newly established SBA lending capabilities, they aim to tackle these challenges directly and provide customized solutions that differentiate them from larger financial institutions. The recent expansion of Citadel's Commercial Banking team, now under new leadership, is in direct alignment with this mission, ensuring that small business owners receive both SBA-backed funding and personalized banking services that exceed standard offerings. Citadel's approach is rooted in being member-focused, ensuring each organization experiences tailored assistance that helps them successfully navigate the complexities of today’s economic environment.
Michael Desimone, the Chief Lending Officer at Citadel Credit Union, remarked, "The core mission of the SBA focuses on creating and sustaining jobs along with supporting local businesses within our communities, a vision that resonates strongly with Citadel's commitment to our roots of supporting employees from Lukens Steel. By promoting the financial health of local businesses, we foster a ripple effect that benefits our members and enriches their communities." Bill Brown, the CEO of Citadel, added, "Our dedication to bolstering communities by backing small businesses and their founders who drive our local economy is unwavering. Our long-standing presence in the Greater Philadelphia area equips us with the insight required to recognize unique challenges and opportunities faced by the small business sector. This newly acquired SBA lender status is a crucial step towards our mission, empowering us to provide essential resources to entrepreneurs who are driven to advance their businesses, create jobs, and invest in our region. Combined with our enhanced Commercial Banking team, we offer a truly comprehensive banking experience for business owners."
The small business community within Philadelphia has exhibited remarkable resilience and substantial growth, marking itself as a cornerstone of the city's economic vitality. With a robust ecosystem of entrepreneurs and innovators, Philadelphia has led the region with significant increases in small business establishments, recording an impressive annual growth rate of 4.4% between 2012 and 2018. This growth translates to the inception of around 5,000 small businesses annually, reflecting the determination and ingenuity inherent among the city’s entrepreneurs. By becoming an SBA lender, Citadel is excited to play a critical role in sustaining and accelerating this upward trend, offering flexible funding solutions that enable businesses to expand, secure their futures, and contribute to local economic advancement.
Looking ahead, Citadel has plans to deepen its community connections by expanding their presence with full-service branches in Philadelphia, further enhancing access to their extensive suite of financial services available to small businesses. Interested business owners can learn more about Citadel's SBA lending services by visiting their website or scheduling a consultation with their business banking experts to explore how SBA loans can act as a catalyst for their growth and success.
For more information, visit Citadel's business loans page. Citadel Credit Union is a not-for-profit, member-owned financial institution serving more than 260,000 members with comprehensive banking, investments, and insurance services. Recognized as one of Greater Philadelphia’s largest credit unions, they proudly serve residents across multiple counties, including Bucks, Chester, Delaware, Lancaster, Montgomery, and Philadelphia. Citadel Credit Union has received numerous accolades for its commitment to member service and community engagement, is consistently recognized as one of the best credit unions in the region, and boasts a history of being a certified great workplace.
In a city where over 90% of businesses employ fewer than 100 individuals, the importance of small businesses to Philadelphia's economic landscape cannot be overstated. Recent economic challenges, such as the surge in operational costs and restricted access to traditional funding sources, have underscored the pressing need for funding solutions like SBA loans. These loans are designed to mitigate risks and provide flexible financing options for businesses with various credit profiles, equipping them with critical capital for expansion, purchasing equipment, hiring employees, and managing day-to-day operations. This influx of financial resources is instrumental in driving job creation and revitalizing the economy.
With Citadel’s newly established SBA lending capabilities, they aim to tackle these challenges directly and provide customized solutions that differentiate them from larger financial institutions. The recent expansion of Citadel's Commercial Banking team, now under new leadership, is in direct alignment with this mission, ensuring that small business owners receive both SBA-backed funding and personalized banking services that exceed standard offerings. Citadel's approach is rooted in being member-focused, ensuring each organization experiences tailored assistance that helps them successfully navigate the complexities of today’s economic environment.
Michael Desimone, the Chief Lending Officer at Citadel Credit Union, remarked, "The core mission of the SBA focuses on creating and sustaining jobs along with supporting local businesses within our communities, a vision that resonates strongly with Citadel's commitment to our roots of supporting employees from Lukens Steel. By promoting the financial health of local businesses, we foster a ripple effect that benefits our members and enriches their communities." Bill Brown, the CEO of Citadel, added, "Our dedication to bolstering communities by backing small businesses and their founders who drive our local economy is unwavering. Our long-standing presence in the Greater Philadelphia area equips us with the insight required to recognize unique challenges and opportunities faced by the small business sector. This newly acquired SBA lender status is a crucial step towards our mission, empowering us to provide essential resources to entrepreneurs who are driven to advance their businesses, create jobs, and invest in our region. Combined with our enhanced Commercial Banking team, we offer a truly comprehensive banking experience for business owners."
The small business community within Philadelphia has exhibited remarkable resilience and substantial growth, marking itself as a cornerstone of the city's economic vitality. With a robust ecosystem of entrepreneurs and innovators, Philadelphia has led the region with significant increases in small business establishments, recording an impressive annual growth rate of 4.4% between 2012 and 2018. This growth translates to the inception of around 5,000 small businesses annually, reflecting the determination and ingenuity inherent among the city’s entrepreneurs. By becoming an SBA lender, Citadel is excited to play a critical role in sustaining and accelerating this upward trend, offering flexible funding solutions that enable businesses to expand, secure their futures, and contribute to local economic advancement.
Looking ahead, Citadel has plans to deepen its community connections by expanding their presence with full-service branches in Philadelphia, further enhancing access to their extensive suite of financial services available to small businesses. Interested business owners can learn more about Citadel's SBA lending services by visiting their website or scheduling a consultation with their business banking experts to explore how SBA loans can act as a catalyst for their growth and success.
For more information, visit Citadel's business loans page. Citadel Credit Union is a not-for-profit, member-owned financial institution serving more than 260,000 members with comprehensive banking, investments, and insurance services. Recognized as one of Greater Philadelphia’s largest credit unions, they proudly serve residents across multiple counties, including Bucks, Chester, Delaware, Lancaster, Montgomery, and Philadelphia. Citadel Credit Union has received numerous accolades for its commitment to member service and community engagement, is consistently recognized as one of the best credit unions in the region, and boasts a history of being a certified great workplace.
Topics Financial Services & Investing）
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