• City-built bridgeSMS It is a bank-led, digital meeting place that connects up to $ 10 million in loans to regional, local and community banks.

  • Pilots will initially launch in 18 banks in the southeast and Rocky region, including six small deposits.

New York, August 11, 2021– (Business Wire) -City has announced that it has started today City-built bridgeSMS, A new loan platform that helps small and medium enterprises connect with various regional, local and community banks online for up to $ 10 million in loans. City’s bridge development and launch is part of City’s long-term commitment to support for capital access and innovation, digital start-up solutions or financial services.

The CT platform, originally built with 18 banks, is available for business throughout the pilot program, including Alabama, Colorado, Georgia, Louisiana, North Carolina, South Carolina and Tennessee.

For many small and medium-sized businesses in the United States, securing loans involves time-consuming process. They are usually limited to nearby banks. In addition, local and community banks have limited access to digital devices to reach potential borrowers, making it difficult to expand their customer base.

The bridge, built by City, connects its businesses with local lenders, allowing borrowers to connect with lenders in their immediate vicinity through a single, quick and easy online request. By connecting borrowers to lenders, the platform can enable businesses to grow their businesses through access, choice and convenience, as well as capital. Lenders can expand their reach beyond their nearest marketplace and provide their customers with flawless and high-quality user experience.

“City relies on local, small business power and continues to look for ways to support community-based businesses with more than $ 5 billion in U.S. City-sponsored loans under the 2020 and 2021 Small Business Administration Payment Check Guidelines. , ”Shared Richard Banziger, head of Commercial Bank of America in the city. “As lenders and community stakeholders, we have a deep understanding of the challenges businesses face when trying to explore the credit process. We are committed to finding digital solutions that can make the process easier, more flawless and more equitable.”

The purpose of the bridge built by City Forum –

  1. Create fluidity and access to capital Borrowers provide their information to all lenders through a single, standardized form. Lenders will be given access points to deploy capital.

  2. Modernize Hope – The platform uses technology to allow smart and efficient thinking, which works best for lenders and borrowers.

  3. Add digitalization, transparency and ranking in the loan process: Borrowers and lenders have the ability to monitor the loan process in real time.

  4. Continue to create and digitalize small and medium business lenders: The City-built bridge modernizes the lender process by supporting businesses and regional, local and community lenders.

  5. Democracy for both Lenders and Borrowers – Enable capital access for small and medium-sized businesses affected by COVID-19 and people with limited resources in their history, as well as breaking down existing barriers to regional, local, and community banks for many communities.

City has a long-term commitment to include and grow access to financial services for incomplete market segments, including local business owners and entrepreneurs. City Bank, Capital Markets and Advisory Division recently launched the City Rotation Program, a high-level event involving City executives with black-owned banks. The rotation program is designed to assist the banks in operation and business development, with the first rotation being made by Houston Unity National Bank.

CT’s commitment to racial equality aims to close the race gap and boost economic activity within the US-built Citadel Bridge, creating opportunities for small businesses to engage with other local banks to run the new business. Revenue for local institutions through the platform.

Dominica Mjhartan, president and CEO of Optis Bank, said: The bridge built by City allows us to return the capital we have raised from City and others to more entrepreneurs – to begin the much-needed revitalization that has plagued many neighborhoods, especially in non-banking communities.

Recognizing the importance of local businesses and banks to American communities, the City team, led by Rohit Maturte and Harte Thompson, saw the opportunity to build a digital meeting space that would easily increase access to and grow business capital. The platform was developed with the Citi D10X® program, an internal melting process, that helped to test the whole, explore the market and develop solutions.

City is proud to encourage entrepreneurship among employees to address financial access issues and improve digital offerings for our customers and community partners, ”explained Vanessa Kolala, City’s Chief Creative Officer. The development and launch of the bridge built by the City Forum is a great example of our innovation and the ability to build a business that can transform future business loans, such as City.

The following regional, local and community banks are currently in the forum.

5 Star Bank, Colorado Springs, Co

Atlantic Capital Bank, Atlanta, Ga

Bankcope South Bank, Tupelo, MS

Bank OZK, Little Rock, R

Carver State Bank, Savannah, Ga

Citizens Trust Bank, Atlanta, Ga

Colonial Bank, Fitzgerald, GA

FirstBank, Nashville, T

Bank of First Farmers and Merchants, Columbia, TN

First Horizons Bank, Memphis, T .;

First Omaha National Bank (FNB); Omaha, NE

Independent financial, McKinney, TX

JD Bank, Jennings, La

Liberty Bank and Trust Company; New Orleans, La

Mechanics and Farmers Bank, Durham, NC

Optus Bank, Columbia, S.C.

Houston Unity National Bank Houston, TX

Vantage Bank, San Antonio, Texas

About CT

City, the World Bank, has an estimated 200 million customer accounts and operates in more than 160 countries and territories. City provides a wide range of financial products and services to consumers, corporations, governments and institutions, including consumer banking and credit, corporate and investment banking, security brokers, marketing services and asset management.

More information at www.citigroup.com | Available on Twitter @Citi | YouTube www.youtube.com/citi | Blog http://blog.citigroup.com | Facebook www.facebook.com/citi | Link: www.linkedin.com/company/citi

See source version on businesswire.com: https://www.businesswire.com/news/home/20210811005501/en/

Contacts

City Media
Patricia Tuma
Patricia.tuma@citi.com