06/30/2015
Citizens Bank Provides Million-Dollar Line of Credit to Economic and Community Development Institute
Nonprofit provides small business financing to owners, entrepreneurs across Ohio
CLEVELAND – Citizens Bank announced today that its Community Development Lending Group has provided a $1 million line of credit to the Economic and Community Development Institute (ECDI) to provide small business financing ranging from $500 to $350,000 to growing business owners and entrepreneurs throughout the State of Ohio. The Citizens Bank line of credit will be used by ECDI to capitalize a Citizens Bank Loan Fund that will be used throughout the State of Ohio to finance business loans to new and expanding businesses.
ECDI is a nonprofit, statewide Small Business Administration lender, which started in Columbus in 2004 before expanding to Cleveland, Akron and Toledo in recent years. It is now the fourth largest SBA microlender in the United States and a U.S. Treasury-designated Community Development Financial Institution (CDFI).
Since inception in 2004, ECDI has benefited local communities throughout the State of Ohio, assisted over 5,000 entrepreneurs, loaned over $25 million to over 1,200 businesses, and created and retained over 4,500 jobs. Their small business financing programs bridge the gap for businesses and individuals that might not be able to receive traditional loans.
“The Economic and Community Development Institute highly values its partnership with Citizens Bank,” said Inna Kinney, CEO of ECDI. “Both ECDI and Citizens are working to promote entrepreneurship and financial literacy as well as create sustainable jobs and businesses for Ohio residents.”
“ECDI is an excellent client and partner,” said Joseph DiRocco, President of Citizens Bank in Ohio. “At Citizens Bank, we understand that small businesses are driving more than 65 percent of new jobs created in the United States. By partnering with ECDI, we hope to help even more entrepreneurs and small business owners launch in Ohio.”
Funds drawn under Citizens Bank’s line of credit will be used by ECDI to lend money to qualified borrowers of ECDI’s small business financing programs. In 2013, Citizens announced a five-year, $1 billion commitment to fund affordable housing and community development projects. Citizens is already more than halfway toward that goal.
Citizens also partners with ECDI to provide financial literacy training and technical assistance to small businesses in Greater Cleveland and Akron. Small businesses work with ECDI and Citizens Bank volunteers to increase productivity and improve financials, budgeting and expense tracking. Program participants have access to ECDI’s lending programs for small business start-up and expansion.
For more information on small business financing products, helpful business articles and community programs, please visit the Citizens Bank website and Citizens Bank Facebook page.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. (NYSE: CFG) is one of the nation’s oldest and largest financial institutions, with $136.5 billion in assets as of March 31, 2015. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. In Consumer Banking, Citizens helps its retail customers “bank better” with mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,200 ATMs and approximately 1,200 Citizens Bank branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Citizens also provides mortgage lending, auto lending, student lending and commercial banking services in select markets nationwide. In Commercial Banking, Citizens offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services including lending and deposits, capital markets, treasury services, foreign exchange and interest hedging, leasing and asset finance, specialty finance and trade finance.
Citizens operates through its subsidiaries Citizens Bank, N.A., and Citizens Bank of Pennsylvania. Additional information about Citizens and its full line of products and services can be found at www.citizensbank.com.
