The big impact of small business: How Citizens is supporting local entrepreneurs to foster strong communities

Small businesses are the lifeblood of our local communities. They're often the first to introduce new products and services to the market, help foster job creation and growth of local industries and keep money and resources in the neighborhoods where they are located.

At Citizens, we believe small businesses have the power to uplift communities. To support the economic growth and revitalization of the neighborhoods we serve, we are committed to supporting small businesses by expanding access to capital, providing grants to accelerate promising business ideas and delivering financial guidance and resources to empower owners and entrepreneurs with the confidence to make decisions and reach their goals.

When small businesses thrive, we all thrive. Here is how we are helping and how small businesses in our communities can find the support they need.

Expanding access to capital

Access to capital is crucial for growing businesses. Companies need capital to support operational expenses, foster innovation, pursue expansion opportunities and manage unexpected emergencies.

However, many small businesses may face challenges obtaining loans because they are generally seen as riskier compared to larger, established companies because of their lack of collateral, limited credit history, higher risk perception and inconsistent cash flow.

At Citizens, we are committed to understanding our customers' business needs and providing financial solutions and services that increase accessibility and transparency for obtaining financing. As a Preferred Small Business Administration lender and leading participant in U.S. Small Business Administration loan programs, we support the growth and development of small businesses.

In 2024, we provided more than 16,000 loans totaling nearly $360 million to businesses with sales totaling $1 million or less and located in low- to moderate-income communities or majority-minority census tracts.

Partnering to boost opportunities

In addition to our loans and financing, Citizens partners with impactful community organizations to expand economic opportunity in low-income communities by providing access to financial products and services for local businesses.

Through Citizens Economic Opportunity Fund, we partner with community development financial institutions (CDFIs) — certified organizations that provide credit and financial services to underserved markets and populations — to provide training, grants or loans to entrepreneurs and small business owners.

Since its inception in 2020, the Citizens Economic Opportunity Fund has provided $75 million to support CDFIs, serving underserved communities across Citizens' footprint. In 2024, Citizens provided $10 million to support these initiatives.

In Providence, Rhode Island, Citizens' Small Business EOF supports Social Enterprise Greenhouse (SEG)'s Impact Accelerator program to stimulate innovation and help social entrepreneurs and enterprises develop strategies for growth and sustainability. Since 2010, 359 social ventures have completed the three-month virtual program, which includes a customized curriculum, peer learning resources, and access to social impact business experts.

And in Newark, New Jersey we partnered with Greater Newark Enterprises Corporation (GNEC) and their Main Street Pitch-Off Competition, providing up to $10,000 in funding to three local entrepreneurs. The dynamic event celebrating small business innovation in the Greater Newark area is designed to support underserved small business owners by providing funding, mentorship, and long-term technical assistance. The program ends with a pitch contest where the top three entrepreneurs are awarded up to $10,000 to help take their businesses to the next level.

In 2025 the GNEC Main Street Pitch Contest winners included:

bunkr. LLC – Newark's premier creative studio for DJs, offering a cutting-edge space for practice, content creation, education, and private events.

CrossCare – a trailblazing health technology company on a mission to transform the landscape of healthcare.

TechNovaTime – a healthcare technology company building voice-enabled automation tools to solve the most painful and costly parts of the revenue cycle.

Investing in our community champions

Small businesses are often pillars of local communities. They're almost always owned and operated by people who live in the area and have a strong interest in making it a great place to live and work.

To honor the contributions of small businesses, 25 honorees received $10,000 each through the Citizens Small Business Community Champion Award program this year. They also received a one-year membership to Luminary, a global education and networking platform for professionals and entrepreneurs. Upon winning this award, business owners shared how it will support their missions and local communities, including providing free programming for children, donations to nonprofits and schools, and increasing employee training and wages.

Citizens created the Small Business Community Champion Award program as part of its ongoing commitment to strengthen local communities and, including this year's recipients, the program has awarded nearly $2 million to 167 small businesses.  Winners were selected from across Citizens' footprint to celebrate their impact in their local communities while seeding their future growth.

Winners have included Dance Happy Designs— a Wilmington, DE based company co-founded by Emily Scott and Julia Tyler. Scott had first hired Julia Tyler, a 17-year-old with Down syndrome, as an intern in 2012 to help at a boutique she owned. When Tyler turned 21, she was struggling to find a full-time job. Scott wanted to help her. "I knew she was capable, and I wanted to help her find an opportunity that leveraged her strengths," says Scott.

To make this happen, Scott turned the basement of her boutique into a silk-screening studio, and Dance Happy Designs was born. "Julia has a real knack for screen printing," Scott says. "It's a very physical art, but Julia is a natural." In 2016, Tyler's designs landed the business its first large wholesale contract, and Scott closed her boutique to focus full time on Dancy Happy Designs. Today, the studio sells screen-printed bags and other accessories direct to consumers online and to the wholesale market.

Scott's ultimate vision is to grow the business to create more opportunities for marginalized artists. "We want to show the world what's possible for people like Julia," she says. "People with different abilities can be very creative and capable, you just have to home in on their strengths."

Another winner is Valor Men's Grooming— a barbershop founded by Chuck Ondo in Pittsburgh, PA. As a former U.S. Marine and state trooper who overcame PTSD and addiction, Chuck Ondo now offers haircuts and support to struggling veterans. Ondo is also the founder of the nonprofit Semper Fi Mission, which addresses veterans' physical, mental, and spiritual needs. "I live about 40 minutes from the shop, and when I'm driving to work, I often see veterans who are struggling," says Ondo. "I tell them that if they want to get better, come in for a free haircut and let me connect them with folks who can help. I'm relatable, because I've been there." With the award money, Ondo has been able to acquire a mobile barbershop truck and provide over 460 free haircuts in addition to supporting his work with the Semper Fi Mission. Chuck continues to expand his mission of serving and impacting not only Pittsburgh, but the entire region of Western Pennsylvania and beyond.

Nurturing growth and empowerment

As demonstrated by the winners of the Small Business Community Champions, when talented, dedicated entrepreneurs receive the support to grow and nurture their ideas, the impact of their work can be felt throughout the community. But nurturing talent takes more than funding.

At Citizens, we strive to empower small business owners and entrepreneurs to achieve their goals by delivering financial education training and resources that give them the tools and confidence to position them for long-term success.

Core to this effort are our Citizens colleagues who proudly share their business insights and expertise to support our community partnerships and local small businesses.

Our ongoing partnership with Luminary also underscores our commitment to supporting small businesses and fostering entrepreneurial growth. As part of this partnership, we proudly offer 1-year free fellowship memberships to the winners of the Small Business Community Champion and NJ Devils Jersey Shops programs. The membership offer is also available to our business customers, providing them with access to Luminary's extensive virtual and in-person education and programming. This includes a range of resources designed to help businesses thrive in today's competitive landscape.

These efforts are woven into Citizens many community initiatives. In addition to providing financial support to the Greater Newark Enterprises Corporation (GNEC) Main Street Pitch-Off Competition, Citizens colleagues volunteers served as business coaches, working one-on-one with participants to sharpen their business models and presentation skills through at least two 30-minute sessions. Citizens colleagues also served as judges at the live pitch competition, helping select the winners.

In New York City, as the presenting sponsor of the Queens Night Market, Citizens promotes participation of local diverse entrepreneurs representing over 100 different countries by helping offset the cost of vendor fees. Working with the NYC Department of Small Business Services and other local agencies, our Business Banking and Marketing colleagues helped deliver free small business seminars for individuals and families interested in becoming vendors at the event or starting a business. The seminars covered topics such as branding and marketing, creating a viable business plan and industry and competitor analysis.

We also work to provide tools and resources to help small businesses succeed. Through our partnership with Mastercard, our small business clients have access to Mastercard Digital Doors, an online platform that provides a suite of innovative tools, resources and benefits to help small businesses digitally enhance their operations and to attract and create meaningful touchpoints with customers.

Fostering strong communities

Local businesses are the heartbeat of our communities. They offer personalized services, promote neighborhood relationships and interactions, and contribute to the distinctiveness that makes each community special. Citizens is committed to supporting small businesses and fostering their ability to build wealth and revitalize and uplift communities. We understand the challenges entrepreneurs face and are dedicated to helping expand access to the resources and tools needed to help them achieve success.

Through our continued efforts and investments, we strive to create a future where all entrepreneurs can succeed and all communities can thrive.