Small business loans to expand your company

Find the right loan to help you grow your business:

Business growth often goes hand-in-hand with new expenses. Getting a small business loan or line can provide you with the financing you need to manage cash flow, cover the cost of an expansion or new equipment. Citizens Bank provides small business mortgages with benefits like flexible terms and generous borrowing limits to help you further expand or refinance your current property; and term loans and SBA loans that can help you purchase assets, including inventory. Small business lending is available with short- or long-term financing options, and may be financed with different types of collateral. Explore the small business financing options below to find out how to get small business credit that is best suited to your business plan.

 

Any extension of credit shall be subject to the credit approval policy of Citizens Bank. Additional terms and conditions shall apply including but not limited to the completion and submission of the Citizens Bank credit application. Nothing in article shall be deemed an offer, approval or commitment of credit of any kind. All of the terms and conditions in this article are subject to change at any time at the discretion of Citizens Bank.

SBA loans for businesses with special circumstances or a less established credit history:

Getting a small business loan for a new business that has limited credit history is typically more difficult than getting a small business loan as a business with an established credit history. However, because SBA loans and lines are backed by the government, businesses with limited credit may qualify for SBA lending.

  • SBA Express loans are ideal for businesses that want to improve cash flow, refinance debt, or fund improvements, equipment or real estate. There are fixed or variable rate term loans or lines of credit with borrowing limits up to $350,000. They have the easiest SBA application process, quick approval times, flexible terms and low down payment requirements.
  • SBA 7(a) Loans are used for starting, expanding, improving, refinancing or acquiring a business. They feature longer terms and lower down payment requirements than conventional loans. There are fixed or variable rate term loans with borrowing limits up to $5,000,000.

Get an SBA 504 Loan to purchase real estate for a new location:

  • Whether you're buying land or a new building, or you’re doing construction on your current space, you may be able to use an SBA 504 development loan. An SBA 504 loan is backed by the government and provides the long-term financing needed to purchase a new space as well as needed machinery and equipment. There are fixed or variable rate terms loans with borrowing limits up to $12,000,000.

Use a business line of credit to grow your inventory

  • Revolving business lines of credit are designed to get you the short-term liquidity you need to manage working capital, with flexible payment options and consistent buying power. Citizens
  • Bank Flex Loans are another option to improve your purchasing power when acquiring assets such as computers, machinery, vehicles or business furnishings. Make multiple purchases during a six month revolving draw period with total loan terms of [48-60] months or multiple purchases during a twelve month revolving draw period with total loan terms of 72 months.

Get a business loan from Citizens Bank

There are many small business lending options available. Your established credit and the specifics of what you are financing will impact which small business loan options are best for your unique situation. Our team of Business Banking Professionals can help you find the best borrowing solution for your company. Call 1-800-4BUSINESS to speak to a qualified representative and learn how to get a small business loan or business line of credit.

 

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