First Citizens Bank Small Business Loans Review: Lots of Options and Great Customer Service
Review
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First Citizens Bank business loans come in several different varieties, including working capital loans, business term loans, and business lines of credit, as well as SBA loans. In this in-depth review, we'll take a closer look at First Citizens Bank's small business loans, how you can qualify for one, and whether this lender might be the right choice for you.
Best for: SBA loans and in-person assistance
First Citizens Bank is an excellent small business lender with a wide variety of loan types, including all of the major SBA loans as well as some proprietary small business loan products. It has excellent customer service through its vast branch network, and could be a great fit for businesses located within the states where the bank operates.
Below are some of our current favorite options for small business loans and financing that combine perks with customer service and competitive terms.
This business loan is a good fit for: Small business owners who want plenty of choices in business lending.
There is a lot to like about First Citizens Bank's business loans. Here are some of the key highlights to know.
Many different loan products: First Citizens Bank is a Small Business Administration lender, offering the three major types of SBA loans -- 7(a), 504, and Express. However, it also offers some proprietary and specialized loan products, including short-term loans for working capital, business credit lines, and loans designed for businesses to own their real estate.
Extensive branch network: First Citizens Bank has more than 500 branches, with a particularly large presence in the Southeastern United States, especially in the Carolinas. It has over 400 branches in North and South Carolina alone.
Of course, there's no such thing as a perfect lender for every small business. So, here are some key drawbacks you need to know before applying.
Can't apply online: Unlike with some of our other top small business lenders, you can't apply for a First Citizens Bank business loan entirely online. You'll either need to speak with a loan specialist or visit a First Citizens Bank branch to get the process started.
Not in all states: First Citizens Bank is a large regional bank, but it doesn't have a presence everywhere. It only has branches in 21 states, and since its application process isn't fully online, it might not be desirable to use First Citizens Bank if you don't live where the bank operates. To be clear, you don't necessarily need to live near a branch to apply for a loan (you can do it over the phone in most cases), but one of the biggest reasons to use a bank like First Citizens Bank is for its customer service and branch convenience.
First Citizens Bank offers a variety of business loan products. Some are rather standard throughout the business lending industry (like SBA loans), while others are unique to the bank.
The exact procedure for applying for, and getting approved for a First Citizens Bank business loan depends on the loan product you choose. For example, SBA loans have specific procedures that are different from, say, applying for a business credit line directly from First Citizens Bank. But with that in mind, here are the general procedures.
First Citizens Bank offers several types of business loans, which means that it might be a good fit for people with all sorts of business borrowing needs. First Citizens Bank might be a good fit for you if:
First Citizens Bank offers small business lending, including SBA loans. It also offers business bank accounts, small business credit cards, and more. It has more than 500 branches, and many are staffed with business banking experts.
In many cases, your personal credit will be taken into consideration when applying for a business loan. Lenders often look at both your business' credit history and your personal credit history, and your personal credit history can be more of a factor if your business is relatively new. But many business lenders have personal credit score requirements for borrowers.
A line of credit is similar to a loan, except you only borrow money as you need it. For example, if you obtain a $100,000 business line of credit, you are under no obligation to actually borrow any money. You can draw as much or as little as you need, up to the limit, and you'll only pay interest on the money you've actually borrowed.
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We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page.
