First Citizens Bank Business Loans Review

(April 2024)

First Citizens Bank Business Loans Review

In This Article

Our Verdict

First Citizens Bank offers a variety of business loan options that can suit different types of businesses. If you’re a business owner who is looking for a personalized lending experience, then you may find that First Citizens Bank’s approach to customer service and support aligns well with your needs. Their team is dedicated to working closely with you to help you find the best loan product for your business.

That being said, it’s important to note that not all of First Citizens Bank’s loan products may be the best fit for every business. Before applying for a loan, it’s important to carefully consider your specific needs and qualifications to ensure that you’re choosing the right product. For example, if you’re a newer business or have a lower credit score, you may need to look for alternative lending options that can accommodate your unique circumstances.

Overall, if you’re in the market for a business loan and are looking for a bank that offers personalized service and support, First Citizens Bank may be a great option to consider. However, it’s always important to do your research and carefully evaluate your options before making a final decision.

Pros

  • Personalized service and support
  • Range of loan products, including term loans, lines of credit, and SBA loans
  • Competitive interest rates
  • Flexible repayment terms
  • Online application process

Cons

  • Limited availability in the Southeast and Mid-Atlantic regions of the United States
  • Strict qualification requirements for loan products
  • Longer processing times for loan applications
  • Limited transparency on loan terms
  • Limited types of collateral accepted

Who This Product Is Best For

First Citizens Bank

City National Bank’s loans are best suited for you if you:

  • Live in California, Nevada, New York, Georgia, Tennessee, or Washington DC
  • Have a strong credit history
  • Are looking for competitive interest rates and flexible repayment terms

Who This Product Isn't Right For

Explore a First Citizens Bank loan substitute if:

  • You’re running a startup or a business with a less established credit history
  • Your business needs funding quickly and cannot afford the luxury of waiting due to longer processing times
  • Your business is located outside the bank’s service area

What This Product Offers

If you’re looking for a lender that offers a variety of business loan products to fit your unique needs, then you might want to consider First Citizens Bank. First Citizens Bank offers a variety of business loan products to meet the needs of different types of businesses, including:

  • Term loans: Get the financing you need for your business projects or purchases with a term loan from First Citizens Bank, offering fixed terms, competitive interest rates, and personalized loan specialists, or opt for a flexible line of credit up to a predetermined credit limit.
  • Commercial real estate loans: First Citizens Bank’s commercial real estate loans offer flexible financing options with competitive interest rates and tailored loan options for your specific business needs, allowing you to expand with confidence.
  • SBA loans: Consider SBA loans as a flexible financing option for your business, with longer repayment terms, lower down payments, and the added benefit of an SBA guarantee to potentially increase your chances of approval even with less-than-perfect credit.

Check out the range of other awesome services and resources that First Citizens Bank offers to help your business thrive! With cash management solutions, merchant services, and online banking tools, you can stay on top of your finances and make transactions with ease. And don’t forget, First Citizens Bank business loan products and services can give you the financing and support you need to achieve your goals and take your business to the next level.

Product Details

Term loans

With a fixed term, you’ll know exactly how long it will take to repay the loan, and you can plan your budget accordingly. Plus, competitive interest rates can help you save money on interest expenses over the life of the loan. When you apply for a term loan with First Citizens Bank, you’ll work with a loan specialist who can help you choose the right loan amount and repayment term for your business’s needs. So, if you need financing for a specific project or purchase, a term loan from First Citizens Bank could be a great option. Lines of credit: Flexible financing options that allow businesses to borrow funds as needed, up to a predetermined credit limit.

Loan amount

$10,000 to $1,000,000

APR

4.25% to 11.75%

Terms

12 to 84 months

Repayment Term

Monthly

Fees

An origination fee of up to 3%

Availability

Nationwide

Funding speed

1-2 weeks

Commercial real estate loans

If you’re looking to expand your business and need to purchase or renovate a commercial property, a commercial real estate loan from First Citizens Bank may be a good fit. The bank offers a variety of loan options that can be tailored to meet your specific needs and goals. With competitive interest rates and flexible repayment terms, you can finance your commercial real estate project with confidence.

Loan amount

Up to $5,000,000

APR

Varies depending on the loan product and borrower qualifications

Terms

Up to 20 years

Repayment Term

Monthly payments

Fees

Varies depending on the loan product and borrower qualifications

Availability

Nationwide

Funding speed

Varies depending on the loan product and borrower qualifications

SBA loans

If you’re looking for a loan with longer repayment terms and lower down payments, then SBA loans might be a good option for your business. These loans are guaranteed by the Small Business Administration, and they can be used for a variety of purposes, including working capital, equipment purchases, and commercial real estate. With SBA loans, you can.

Loan amount

Up to $5,000,000

APR

Varies

Terms

Up to 25 years

Repayment Term

Monthly payments

Fees

SBA fees + lender fees

Availability

Nationwide

Funding speed

Varies, and can take several weeks

Where This Product Stands Out

Personalized service and support

First Citizens Bank offers more than just loan products and services – it’s their personalized support that sets them apart from the competition. When you work with First Citizens Bank, you have access to a dedicated loan specialist who can help you navigate the application process and select the right loan product for your business’s needs. They take the time to understand your unique situation and goals and work with you to find the financing solution that best fits your needs.

Competitive interest rates

First Citizens Bank propound competitive interest rates on their loan products, which can help businesses save money on interest expenses over the life of the loan. This can be especially beneficial for businesses that are looking to manage their cash flow and keep their costs down. Plus, with a range of loan options available, including term loans, lines of credit, and SBA loans, businesses can find the financing that’s best suited for their specific needs.

Where This Product Falls Short

Limited Geographic Footprint

While First Citizens Bank has a great reputation and strong offerings, its services are only available in select areas. This can make it difficult for you if your business is located outside of those areas to access its loan products and services. Be sure to check if your location is within their service area before applying.

Strict Qualification Requirements

First Citizens Bank has specific qualification requirements for its loan products, you may find it more difficult to qualify for financing, which could be a disadvantage if your business falls outside of their requirements. However, keep in mind that having strict requirements can help ensure that the bank only lends to businesses with a high likelihood of repayment.

Longer Processing Times

First Citizens Bank may take longer to process loan applications compared to other lenders. If you need funding quickly, you may want to consider other lenders with faster processing times.

How to Qualify for This Product

Contact First Citizens Bank for more information on their business loan eligibility criteria, as the bank may have specific requirements that are not publicly disclosed on their website.

Whether you apply for a business loan with First Citizens Bank or another loan provider, these eligibility criteria are standard requirements that businesses typically need to meet.

A strong credit history

Lenders like to see that you have a good track record of paying your bills on time and managing credit responsibly. A strong credit history can help you qualify for better interest rates and loan terms.

Established revenue and cash flow

Credit providers want to know that your business has a consistent income and is capable of generating enough cash flow to make loan payments. They may require you to provide financial statements and tax returns to demonstrate your revenue and cash flow.

Collateral or a personal guarantee to secure the loan

Financing companies may require you to provide collateral or a personal guarantee to secure the loan. Collateral is an asset that you pledge to the lender as security for the loan, such as inventory, equipment, or real estate. A personal guarantee is a promise to repay the loan personally if your business is unable to do so.

A business plan and financial statements

Financial institutions want to see that you have a clear plan for how you will use the loan funds and how you plan to repay the loan. A well-written business plan can demonstrate to the lender that you have a solid understanding of your business and its financials. Financial statements, such as balance sheets, income statements, and cash flow statements, can help the lender evaluate your business’s financial health.

The specific requirements for each loan product may vary depending on the amount and type of financing requested

How to Apply for This Product

You can apply for a loan from First Citizens Bank by visiting one of its branches or by submitting an online application. The application process typically involves submitting financial statements and other documentation to support the loan request. After applying, expect to receive a decision within a few weeks.

To boost your chances of getting approved for a First Citizens Bank business loan, be sure to include the following key elements in your application:

  • Recent bank statements
  • Date of business establishment
  • Financial statements
  • Recent personal and business tax return
  • Type of ownership and tax identification number

Alternatives to This Product

Online lenders:

Reckon with online lenders such as OnDeck and Kabbage as they may offer faster processing times and more flexible qualification requirements than traditional banks.

Local community banks:

Consider local community banks as they have the potential to offer more personalized service and support than larger banks, while still providing competitive interest rates and loan products.

Credit unions:

Keep in mind Credit unions as they are capable of offering lower interest rates and more flexible qualification requirements than traditional banks, while still providing a range of loan products

Customer Reviews

Customer reviews of First Citizens Bank’s business loan products are generally positive, with many customers citing the bank’s personalized service and competitive interest rates as key strengths. However, some customers have reported longer processing times and strict qualification requirements as potential drawbacks

Methodology

We reviewed First Citizens Bank business loans based on 35 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience, and the application process. We rated Chase business loans based on the weighting assigned to each category:

  • Loan cost: 35%
  • Loan details: 25%
  • Customer experience: 20%
  • Eligibility and accessibility: 10%
  • Application process: 10%

Within each major category, we also considered several characteristics, including available loan amounts, repayment terms, and applicable fees. We also looked at minimum credit scores and time in business requirements and the geographic availability of the lender.

Finally, we evaluated Chase business loans, customer support tools, borrower perks, and features that simplify the borrowing process—like online applications, prequalification options, and mobile apps.

Become a

S'witty Kiwi Credit Insider!

Get the latest credit tips and hacks in your inbox!