Citibank Business Loans Review

Pros Explained

• Good for businesses in need of larger loans: Unlike some business lenders that cap loans or lines of credit to a couple hundred thousand dollars, Citi can accommodate businesses needing up to $5 million.
• Short and long terms with competitive rates: As a traditional lender, Citi boasts competitive rates and a range of terms for business customers.
• Top ranked bank for business customers: In the latest J.D. Power 2023 U.S. Small Business Banking Satisfaction Study, Citi ranked fifth.

Cons Explained

• Branches not available in all states: Citi has branch locations in six urban areas of the United States. If you live outside of those zones, Citi’s business loans probably won’t work for you since you have to apply in person. 
• Very few details disclosed online: Business owners trying to research their loan options will be disappointed that Citi offers very little info online about credit requirements, rates, or fees.
• Meeting qualifications might be a challenge for some businesses: Because it’s a traditional bank lender with competitive rate offers, you’ll likely need a strong credit score and ample business revenue to qualify. This might make it tough for business owners who don’t have strong credit or those just starting out and seeking startup business loans.

Types of Business Loans Offered by Citibank

Business Installment Loans

If you’re seeking a traditional term loan with fixed rates, Citi’s business installment loans may be a good fit, with terms up to seven years. With a very wide borrowing range of $5,000 to $5 million, it can accommodate all sorts of business financing needs such as purchasing equipment, renovations, expansions, vehicles, and more.

Business Line of Credit

For businesses needing to increase working capital, get through seasonal ups and downs, or maintain inventory levels, a Citi business line of credit can help with cash flow. Citi offers a generous range from $10,000 to $250,000, and up to $5 million for larger businesses. Rates are variable.

Commercial Mortgages

Citi offers commercial loans for businesses that need to purchase or refinance a business facility. Loans range from $250,000 to $5,000,000, with both variable and fixed rate options. Terms range from five to 20 years.

SBA Loans

Citi is a Small Business Administration (SBA) preferred lender, which means loan applications process quicker. Citi offers SBA loans up to $5 million. As with other business loans from Citi, you’ll need to contact the bank by phone, or visit your local branch, to learn more. 

Time to Receive Funds

Citi does not disclose how long the application process or getting funded takes. However, because it’s an in-person application rather than an online experience, and Citi is a traditional bank, you can expect the paperwork and underwriting to take a few days, at minimum. 

Borrower Requirements

• Citi does not disclose any credit requirements, but traditional lenders usually require scores at least 600 or more.
• You must have a Citi Business Checking account in order to apply for a lending product.
• All owners with 51% or more stake must sign a personal guarantee.

Citibank Business Loan Features

• CitiBusiness Online: You can use Citi’s online banking portal for not only checking and savings, but also to manage your loan or line of credit.
• Strong suite of business services: You have to be a business banking customer to apply for financing, but Citi has a nice selection of business checking and savings products as well as business credit cards and business services.

Customer Service

Citi offers a dedicated customer service phone line seven days per week, but no live chat. You can also contact Citi's help account on X (formerly Twitter): @AskCiti.

Customer Satisfaction

Citi’s customer reviews are quite poor on average. However, when it comes to how it's rated by just its business banking customers, Citi fares much better. In fact, it ranks the highest nationally in J.D. Power’s most recent small business banking satisfaction survey.

If you’re someone who prefers an in-branch relationship to more of a digital experience, you will likely prefer working with a traditional bank like Citi.

Applying for a Citibank Business Loan

To apply for a Citi small business loan or line of credit, you’ll need to head to a branch. There is no pre-qualification available online, and little is disclosed as far as what you might need to qualify.

If you decide to apply, Citi advises that you bring the following information and documentation to your branch appointment:

• Government-issued photo ID
• Business name, Taxpayer Identification Number, transaction activity, number of employees
• Information is required for all people associated with the business including account signers, authorized signers, owners (10% or more), and controlling persons

Alternative Business Loan Lenders

Final Verdict

Citi offers businesses that are seeking an in-person customer experience two solid financing options—a term loan and a line of credit—with lower borrowing costs and higher limits than some nontraditional lenders. Despite questionable customer reviews online and very little transparency online regarding business loan rates, terms, and fees, Citi holds the top ranking in J.D. Power’s business customer satisfaction survey. Because the application process must be done at a branch, however, your business will need to be located in one of the large metro areas where Citi operates. 

Does Citibank Do a Hard Credit Check for Business Loans?

Citi does not disclose its underwriting process, but most traditional banks rely heavily on credit score when considering applications. There is also no pre-qualification with soft credit pull offered online.

How Long Does a Citibank Business Loan Approval Take?

You must apply for Citi’s business loans in person at a branch. Depending on the documentation that is needed and the details of your loan, there could be some back and forth that may take a few business days to process. 

Does Citibank Approve Business Loans With Low Credit Scores?

Citi is a traditional business lender with favorable terms and large loan limits. Though it does not disclose its minimum credit score, it is highly likely that business applicants will have to have solid credit and meet other requirements to qualify. 

Does Citibank Offer SBA Loans?

Citi is an SBA Preferred Lender. This means that it offers small business loans that are backed by the federal government. To find out more about Citi’s SBA loans, you have to request a call.