Citizens Financial Group in Providence, R.I., said Tuesday that it expects to start offering digital small-business loans in mid-2017.
Under a partnership with Fundation Group LLC, small businesses will be able to apply for loans and lines of credit on the Citizens Bank website, according to a press release. Some applicants that do not meet Citizens' lending criteria are expected to receive an offer of credit from Fundation, a New York-based online lender.
Since late 2015, Fundation has had a similar arrangement with Regions Financial in Birmingham, Ala.
Citizens is seeking to join the growing ranks of banks that allow business owners to apply for loans digitally. Wells Fargo and JPMorgan Chase both launched online small-business loan products in 2016.
The banks that offer these loans are selling speed, just as many startup online lenders do.
Citizens said that in most cases, business owners will be able to get approved in minutes, and the loans will be funded in as few as three business days.
Citizens and Fundation said that the service is still subject to the negotiation of a definitive agreement between the two firms.
