Citizens Financial Group Named 2006 Export Lender of the Year by U.S. Small Business Administration
Citizens receives award for second time in three yearsPROVIDENCE, RI (April 13, 2006) - The U.S. Small Business Administration has presented the Export Lender of the Year Award to Citizens Financial Group. Citizens also received this award from the U.S. SBA in 2003. SBA Administrator Hector V. Barreto presented the award at a ceremony last night during Small Business Week in Washington, D.C.
The Export Lender Award is presented annually to SBA lenders who have provided significant financing in the SBA Export Working Capital, Export Express and International Trade loan programs.
"Very often when people think of small business, they think it means just doing business locally," said Lawrence K. Fish, Chairman and CEO of Citizens Financial Group, Inc. "The export market plays an increasingly important role in growing the American economy and Citizens is proud to partner with the small business community to help it grow and succeed."
Citizens made 91 Export Express loans totaling more than $4.4 million dollars in New England, the Mid-Atlantic and Midwest states during Fiscal Year 2005 (ending 9/30/05). Citizens produced 47 percent of all Export Express loans made nationally.
"We at the SBA are proud to be partners with financial institutions such as Citizens Bank in providing American exporters with the financing and technical assistance they need to compete in the global marketplace," said SBA Administrator Hector V. Barreto. "By winning this award for the second time in three years, Citizens Bank has shown its steadfast commitment to helping American small businesses involved in international trade."
Citizens repeated its distinction in 2005 as the top SBA lender in New England and the Mid-Atlantic and reached No. 1 status in the Midwest in 2005, its first year of operation in that region as Charter One Bank. It has been the No. 2 SBA lender nationwide for the fourth consecutive year.
The SBA’s Export Working Capital Program supports export financing to small businesses when that financing is not otherwise available on reasonable terms. The program encourages lenders to offer export working capital loans by guaranteeing repayment of up to $2 million or 75 percent of a loan amount, whichever is less. A loan can support a single transaction or multiple sales on a revolving basis.
SBA Export Express combines the SBA’s small business lending assistance with its technical assistance programs to help small businesses that have traditionally had difficulty in obtaining adequate export financing. SBA Export Express helps small businesses that have exporting potential, but need funds to buy or produce goods, and/or to provide services, for export. The SBA’s Export Express guaranty is 85 percent for loans up to $150,000 and 75 percent for loans more than $150,000 up to a maximum loan amount of $250,000. The maximum loan amount under Export Express is $250,000.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is a $155 billion commercial bank holding company. It is headquartered in Providence, R.I., and has more than 1,600 branches, approximately 3,800 ATMs and more than 26,000 employees. It operates its 13-state branch network in Connecticut, Delaware, Illinois, Indiana, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Vermont, and has non-branch retail and commercial offices in about 40 states. Citizens is the eighth-largest commercial banking company in the United Statesranked by deposits. Citizens is owned by RBS (The Royal Bank of Scotland Group plc).
For more information about the Small Business Administration Export Working Capital, the Export Express or International Trade loan programs, visit the SBA Web site at www.sba.gov.
|