The Importance of Small Businesses in the U.S. Economy
Small businesses are the backbone of the American economy, accounting for more than half of all private-sector jobs and economic activity. However, many small businesses operate on tight budgets and struggle to compete with larger corporations, which have more resources and established brand recognition.
How Citizens Business Bank is Supporting Small Businesses
Citizens Business Bank understands the challenges that small businesses face and is committed to helping them succeed. With 56 branches across California and a reputation for personalized service and customized financial solutions, the bank is uniquely positioned to meet the needs of small business owners.
One of the key ways in which Citizens Business Bank supports small businesses is through its small business lending program. The bank offers a range of lending products, from SBA loans to lines of credit, to help business owners access the funding they need to grow and expand their operations. Additionally, Citizens Business Bank provides expert guidance and support throughout the lending process, helping business owners navigate the often-complex world of commercial lending and secure the right financing for their unique needs.
Case Study: How Citizens Business Bank Helped a Local Business Thrive
To understand the impact that Citizens Business Bank can have on small businesses, consider the case of John and Jane, the owners of a successful clothing boutique in downtown Los Angeles. With strong sales and a loyal customer base, John and Jane knew they were ready to expand their business, opening a second location in a nearby shopping mall.
However, securing the financing they needed proved challenging. They had already maxed out their credit line with their existing bank and didn’t have the collateral to qualify for a traditional business loan. That’s when they turned to Citizens Business Bank.
With the help of their Citizens Business Bank loan officer, John and Jane were able to secure an SBA loan that covered the cost of their new store’s inventory, fixtures, and other necessary expenses. Thanks to the personalized support and guidance they received from the bank, they were able to open their new location on time and within budget.
Today, John and Jane’s boutique is thriving, with two locations and a growing online presence. They credit much of their success to the partnership they developed with Citizens Business Bank and the bank’s commitment to supporting small businesses like theirs.
The Bottom Line
As the American economy continues to recover from the COVID-19 pandemic, small businesses will play a critical role in driving growth and job creation. By providing tailored financial solutions and personalized support, Citizens Business Bank is helping small businesses across California thrive and succeed. Whether you’re a new entrepreneur just starting out or an established business owner looking to take your operation to the next level, Citizens Business Bank has the expertise and resources you need to achieve your goals.
