First Citizens (CIT) Small Business Financing Review
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Pros and cons of
Pros
- Offers large loan amounts
- Provides various business lending products
- Lends to a wide range of industries
Cons
- Rates can vary on product and term, but the website lacks details
- Very little information provided on eligibility requirements
- No details on how long a business needs to be running to qualify
small business loans review
If you’re looking for information on CIT Bank or branches in 22 states. Branches are available in Arizona, California, Colorado, Florida, Georgia, Kansas, Maryland, Massachusetts, Missouri, Nebraska, Nevada, New Mexico, North Carolina, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Virginia, Washington, West Virginia and Wisconsin.
- Small business owners who prefer to bank in person. up to .
small business financing at a glance
| Product | Loan amounts | Repayment term | Estimated APR range | Fees |
|---|---|---|---|---|
| Equipment financing | Up to | months | Not disclosed | Not disclosed |
| Term loans | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
| Lines of credit | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
| SBA loans | Up to | Up to months | Varies based on loan type | Varies based on loan type |
Equipment financing
Equipment financing is a type of business term loan that is specifically for purchasing heavy equipment, machinery or vehicles for business use.
Term loans
SBA loans
As an SBA Preferred Lender, offers SBA 504 loans, which are loans backed by the U.S. Small Business Administration. They are primarily used to finance commercial real estate. Loan amounts can go up to $5 million per project, and up to for a total of three projects. Certain energy projects have higher limits of $5.5 million per project, or $16.5 million total.
Repayment terms for 504 loans are generous, reaching up to of the total loan amount, according to SBA guidelines. doesn’t disclose specific fees it charges, but 504 loans typically come with packaging, closing and underwriting fees, among others. Since is tight-lipped about fees, it’s a good idea to ask the lender about possible fees prior to applying.
First Citizens also offers SBA 7(a) loans, which can be used for a wide variety of business expenses, including partner buyouts (or buy-ins), startup, expansion and franchise financing. The loan amounts for SBA 7(a) loans range from .
borrower requirements
doesn’t disclose the minimum time in business, annual revenue or credit score you’ll need to apply. The only way to learn what qualifications you’ll need to meet is by contacting a local branch.
Required documents
website is not transparent with its eligibility requirements to qualify for its loan products. It’s best to contact the lender directly to determine what documents you’ll need to apply.
Alternatives to
| Minimum credit score | Not disclosed |
| Not disclosed |
| Loan products offered |
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| Working capital loans |
| Time to funding | Not disclosed | As soon as the same day | As soon as 1 business day |
| Starting rates | Not disclosed |
| Not disclosed |
| Maximum loan size |
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| Minimum annual revenue | Not disclosed |
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vs.
Borrowers interested in applying for a merchant cash advance or a working capital loan may also want to consider also offers lines of credit and equipment financing through third-party lenders.
Business owners with poor credit may qualify for its loan products, making it a solid option for businesses still trying to build up their credit. While doesn’t disclose how quickly you can receive loan funds, offers same-business-day funding options.
vs.
is another alternative to that offers working capital loans. offers an early payment discount on certain loans, and you’ll be able to see details before accepting the loan terms and receiving the funds.
Compare business loan offers