EXTON, PA — Citadel Credit Union has achieved authorization as an official Small Business Administration (SBA) lender, marking a pivotal milestone in its efforts to support Philadelphia’s small business community. This designation strengthens Citadel’s role as a key partner for local entrepreneurs, especially in a market where over 90% of businesses employ fewer than 100 people.
This new capability allows Citadel to offer SBA-backed loans, a vital resource for small businesses navigating rising costs and restricted access to traditional funding. These loans provide flexible financing options for purposes like working capital, hiring, equipment purchases, and expansion, ultimately driving job creation and economic growth across the region.
“SBA’s primary mission, which I believe at its core is creating and maintaining jobs and local businesses in our communities, aligns with Citadel’s mission and our earliest roots in supporting Lukens Steel employees,” said Michael Desimone, Chief Lending Officer at Citadel Credit Union. “By supporting the financial well-being of local businesses, we create a ripple effect that strengthens our members and their communities. Partnering with the SBA gives us another avenue to expand our impact on financial wellness.”
Citadel’s recent expansion of its Commercial Banking team further bolsters its ability to deliver tailored financial solutions. The credit union’s approach combines SBA-backed funding with high-touch, personalized banking services designed to help businesses achieve long-term success.
“At Citadel, we are committed to strengthening communities by supporting the small businesses and their founders that drive our local economy,” said Bill Brown, CEO of Citadel Credit Union. “Becoming an SBA lender is a pivotal step in our mission, enabling us to provide resources to entrepreneurs and business owners who are working to grow their businesses, create jobs, and invest in the region. When combined with our enhanced Commercial Banking team, it allows us to offer business owners a truly holistic banking experience.”
Small businesses are at the heart of Philadelphia’s economic resilience, with the city’s entrepreneurial ecosystem boasting an annual growth rate of 4.4% between 2012 and 2018. This momentum has brought 5,000 new businesses each year, a trend Citadel is eager to sustain with its SBA lending and community-focused approach.
Looking ahead, Citadel plans to deepen its footprint in the Greater Philadelphia region by opening new full-service branches and further expanding its comprehensive suite of financial services. By partnering with the SBA and enhancing its Commercial Banking offerings, Citadel aims to empower local businesses to grow, innovate, and contribute to the region’s economic vitality.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.