Citi has launched a digital lending platform designed to help small and medium-sized businesses connect with regional, local and community banks.
Citi says that for many SMEs securing a loan involves manual processes that can be time consuming. Meanwhile, local and community banks have limited access to digital tools to reach potential borrowers.
Its new platform, called Bridge built by Citi, is designed to change this, connecting SMEs looking for loans of up to $10 million with local lenders through a slick, digital, efficient and standardised system.
Initially, 18 banks across the Southeast and Rockies regions are taking part in a pilot programme.
Richard Banziger, head, US commercial bank, Citi, says: "As both a lender and a community stakeholder, we have a deep understanding of the problems businesses face when trying to navigate the borrowing process.
"We are committed to finding digital solutions that can make the process easier, more seamless and more equitable."