Citibank Small Business Loans Overview
Whether you want to start your own small business or need some capital to facilitate running it that very moment or want to expand a bit or seize that really golden opportunity that.
As it always happens, comes fast and only once, you need a business loan.
You need the loan from a reliable lender, the one that would meet all your requirements and accomplish any objective specified, like that from Citibank an equal opportunity lender working within the Citigroup family and fully covering the US loan market.
Citibank Loan Types
Basically, Citibank offers four small business loan options, which fall into two categories: financing for a short term (lines of credit and business credit cards ) and long term (installment loans and commercial mortgages):
- Line of Credit. As usual, this revolving type of loan is perfect for both unexpected and expected expenses. It features sufficient financial flexibility, which implies easy and direct access to the cash sum you may require for fueling your business the moment you require it.
- Business Credit Cards. The most flexible of all options are business CCs. With these everyday expenses will be easily managed and fully tracked, which won t take much of your time. Overall monitoring and credit limit placing are only a few of useful and convenient features.
- Business Installment Loan. Basically, this term loan option is offered as the most appropriate solution for financing the biggest business consumption. The bank provides it with competitive interest rates and a fixed, which means predictable, principal schedule.
- Commercial Mortgage. This loan type is the secured one in the group of Citibank small business loans. At the same time it is the most individualized loan offer; the rates charged are variable and terms flexible. The better you negotiate, the more favorable those will be.
What Type to Choose of Citibank Small Business Loans
Here, as usual, everything will depend on the objective set.
Thus, business credit cards are perfect for managing everyday expenses, while lines of credit will do for financing unexpected moderate in cash demand opportunities or regular expanding, like building inventory.
Business installment loan is usually required when large capital expenditures lie ahead, while commercial mortgage is the primary option for more drastic changes like refinancing commercial facilities or renovating your commercial property.
However, if your idea of capitalizing upcoming expenditures remains somewhat vague, extensive consultation given by Citibank s representative on loan options in general and the most appropriate for your small business in particular will not just help to determine but choose the most suitable, relevant and on the whole correct option.