Citi has launched a new digital lending platform to help small and medium-sized businesses in the US secure loan of up to $10m.
Dubbed Bridge built by Citi, the new platform aims to connect SMEs with regional, local and community banks online.
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The platform, according to the bank, is designed to remove the friction caused during the borrowing process due to the manual processes, lack of digital tools and access to nearby lenders only.
The platform leverages digital technology to modernise and automate the loan application process, which can be tracked in real-time.
In the pilot phase, the platform will initially include 18 banks and will be available to businesses across the Southeast and Rockies regions.
Citi US commercial bank head Richard Banziger said: “Citi believes in the power of local, small businesses and continues to find ways to support businesses that are the foundation of communities across the US. Citi funded loans totaling more than $5bn as part of the Small Business Administration’s Paycheck Protection Program during 2020 and 2021.”
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By GlobalDataOptus Bank president and CEO Dominik Mjartan said: “Bridge built by Citi will enable us to deploy the capital we’ve raised from Citi and others back to more entrepreneurs—jumpstarting the desperately needed revitalization after this pandemic ravaged many neighbourhoods, particularly those in underbanked communities.”
Optus Bank is one of the 18 banks which is available on the platform.
Before this, Citi’s Banking, Capital Markets and Advisory Division launched the Citi Rotation Program to help banks with their operations and business development.
