Citadel Credit Union commits to supporting small businesses in Philadelphia.
Citadel Credit Union is a prominent financial institution based in the Greater Philadelphia area, serving over 260,000 members with total assets of approximately $6 billion. Established with a mission to support local communities, Citadel has consistently expanded its services, including recently becoming an official Small Business Administration (SBA) lender. This strategic move enhances its ability to provide tailored financial solutions aimed at small business growth, job creation, and economic revitalization. The credit union has made significant investments in strengthening its commercial banking team and expanding access through new branches, ensuring personalized service and support for entrepreneurs and small business owners in Philadelphia. Recognized nationally as one of America’s Best Regional Banks and Credit Unions for 2024, Citadel remains committed to fostering economic development and supporting the local business ecosystem.
Citadel Credit Union has been authorized as an official Small Business Administration lender, positioning itself as a key partner for Philadelphia’s small businesses facing funding challenges. This move aims to provide tailored financial solutions for growth and job creation in a city where over 90% of businesses employ fewer than 100 people. Citadel’s enhanced Commercial Banking team will support local entrepreneurs as they navigate the financial landscape, ensuring access to essential SBA loans for various business needs.
Philadelphia has welcomed a new financial partner, as Citadel Credit Union has recently been authorized as an official Small Business Administration (SBA) lender. This significant development positions Citadel as a crucial ally for the region’s myriad small businesses seeking tailored financial solutions to foster growth and job creation.
With over 90% of Philadelphia’s businesses employing fewer than 100 people, small enterprises are the backbone of the city’s economy. The authorization for Citadel Credit Union comes at a time when many small business owners are facing challenges such as rising operational costs and restricted access to traditional funding sources. In this context, SBA loans provide a vital solution, offering risk mitigation and flexible financing options for startups and established businesses alike.
The new SBA lender status follows recent enhancements made to Citadel’s Commercial Banking team, which has been strategically developed to better serve local entrepreneurs. Citadel is one of the first credit unions in Philadelphia to achieve this status, augmenting its capacity to provide financial resources that align with the needs of the local business community.
SBA loans can assist businesses with various financial needs, including expansion, equipment purchases, hiring, and working capital. As businesses utilize these funds to enhance their operations, they contribute to the overall job creation and economic revitalization of the Philadelphia area. Citadel’s SBA lending features personalized service, offering expert assistance to small business owners navigating today’s challenging economic landscape.
Representatives from Citadel highlighted that their mission aligns closely with the SBA’s primary goal: supporting job creation and strengthening local businesses. Citadel aims to be a vital resource for entrepreneurs and business owners in the area, particularly as Philadelphia’s small business establishment growth rate reached 4.4% between 2012 and 2018, resulting in the creation of about 5,000 small businesses annually.
As part of its commitment to bolstering the local economy, Citadel Credit Union plans to expand its footprint across Philadelphia by establishing full-service branches. This enhancement aims to improve access to Citadel’s financial services for business owners and members of the community. Currently, Citadel serves over 260,000 members, with total assets amounting to $6 billion, making it one of the largest credit unions in the Greater Philadelphia area.
Citadel has also earned national recognition, being named one of America’s Best Regional Banks and Credit Unions for 2024 by Newsweek and Plant-A Insights Group. This acknowledgment reflects Citadel’s dedication to delivering exceptional financial services and support.
Business owners seeking more information about Citadel’s SBA lending services can explore the credit union’s offerings through their website. Additionally, they can schedule consultations with Citadel’s business banking experts to better understand how these financial solutions can benefit their enterprises.
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