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

Small businesses are essential to our local economy. 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 to 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 2023, we provided more than 6,700 loans totaling $388 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 $65 million to support 23 CDFIs, serving underserved communities across Citizens' footprint. In 2023, Citizens provided $12 million to support these initiatives.

In Detroit, Michigan we’ve partnered with the ProsperUS Detroit CDFI for the past three years to support its entrepreneurial training program that provides local entrepreneurs with the training, support and capital to build and scale their businesses.

And in Rochester, New York we've partnered with The Enterprise Center at PathStone since 2021, providing $1.5 million to support community development initiatives like their She Means Business training program which empowers and expands access to capital for female entrepreneurs. Through a virtual seven-week training program, women entrepreneurs go through the steps and processes needed to succeed in business, going from ideation to launch, from recession to expansion and job creation. The program ends with a pitch contest where the top three entrepreneurs are awarded a total of $10,000 to help take their businesses to the next level.

In 2024 the She Means Business winners included:

Papercraft Miracles — an eco-friendly handmade paper company that sells stationary, paper flowers and handbound books.

Clark Mediation — a business that provides mediation services to high-conflict feuding parties.

Native Pens — a children’s book publishing company that creates books, toys, and merchandise made in the image of and likeness of children and people with diverse identities.

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 — and especially diverse-owned businesses — to our local communities, each year through Citizens Small Business Community Champions program, we award 30 businesses $10,000 each.

Since it launched, the program has awarded more than $1.5 million to 142 minority, women and veteran-owned businesses (newly added in 2024) and other businesses across Citizens’ footprint to celebrate their impact in their local communities while seeding their future growth.

Winners have included Terrart NYC — a Brooklyn, New York based company started by Charly Uzcategui — that sells decorative and self-sustaining terrariums that energize living spaces and bring a touch of nature to the smallest of living spaces. Uzcategui started the business in 2019 using the art of terrarium design he learned from his parents in Caracas, Venezuela. For the terrarium containers, the company sources recycled materials such as jars, beakers, and liquor bottles to minimize the climate impact of his operations. Today, Uzcategui sells his terrariums both online and at pop-up markets in the New York metro area. With the Citizens Small Business Community Champion Award, he plans to increase Terrart NYC’s product offerings and introduce a terrarium kit that will be sold online and shipped anywhere in the country.

Another winner is Link the Valley — a dental care practice started by Lisa Tovcimak in Pittsburgh, PA — that aims to ensure everyone has access to high-quality dental care, even if they don't have dental insurance or transportation to get to a dental office. While she does provide care out of her offices, about 80% of Tovcimak’s work is done through her mobile unit which provides dental services at group homes, nursing homes, preschools, prisons and substance treatment facilities. All services are billed directly through insurance and patients are not charged out of pocket, regardless of what percentage of their care their insurance covers. With the award money, Tovcimak plans to purchase a new mobile van that will be able to store and transport the equipment needed to each visit.

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 trainings 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 through our Citizens Helping Citizens Manage Money Program.

These efforts are woven into Citizens many community initiatives. In addition to providing financial support to the She Means Business Program with The Enterprise Center at PathStone, Citizens colleagues teach financial education sessions during the seven-week training course, participate in the final pitch competition, and are also connected with winners to provide an ongoing network of support.

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.