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First Citizens Bank Small Business Loans Review: Lots of Options and Great Customer Service

Published June 7, 2024
Matt Frankel, CFP®
By: Matt Frankel, CFP®
Matt Frankel, CFP®
Matt Frankel, CFP®
Writer, Analyst

Matt is a Certified Financial Planner™ and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for The Ascent and its parent company The Motley Fool, with more than 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes a weekly investment column ("Ask a Fool") that is syndicated in USA Today, and his work has been regularly featured on CNBC, Fox Business, MSN Money, and many other major outlets. He’s a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate certificate in financial planning from Florida State University.

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Our Loans Expert

Ashley Maready
Check IconFact Checked Ashley Maready
Ashley Maready
Ashley Maready
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Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.

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First Citizens Bank business loans come in several different varieties, including working capital loans, business term loans, and business lines of credit, as well as SBA loans. In this in-depth review, we'll take a closer look at First Citizens Bank's small business loans, how you can qualify for one, and whether this lender might be the right choice for you.

Ratings Methodology

First Citizens Bank

Apply Now for First Citizens Bank
Logo for First Citizens Bank
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Minimum Credit Score
Normal credit approval applies
Loan Amounts
$0 to millions
APR Range
Depends on loan type and term
Term Length
Up to 25 years

First Citizens Bank is an excellent small business lender with a wide variety of loan types, including all of the major SBA loans as well as some proprietary small business loan products. It has excellent customer service through its vast branch network, and could be a great fit for businesses located within the states where the bank operates.

  • Variety of loan products
  • Large branch network
  • Highly rated customer service
  • Application isn't fully online
  • Branches are available in fewer than half of U.S. states

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Get the best rates and terms to fit your needs. Here are a few loans we'd like to highlight, including our award winners.

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Full First Citizens Bank small business loans review

This business loan is a good fit for: Small business owners who want plenty of choices in business lending.

Top perks

There is a lot to like about First Citizens Bank's business loans. Here are some of the key highlights to know.

Many different loan products: First Citizens Bank is a Small Business Administration lender, offering the three major types of SBA loans -- 7(a), 504, and Express. However, it also offers some proprietary and specialized loan products, including short-term loans for working capital, business credit lines, and loans designed for businesses to own their real estate.

Extensive branch network: First Citizens Bank has more than 500 branches, with a particularly large presence in the Southeastern United States, especially in the Carolinas. It has over 400 branches in North and South Carolina alone.

What could be improved

Of course, there's no such thing as a perfect lender for every small business. So, here are some key drawbacks you need to know before applying.

Can't apply online: Unlike with some of our other top small business lenders, you can't apply for a First Citizens Bank business loan entirely online. You'll either need to speak with a loan specialist or visit a First Citizens Bank branch to get the process started.

Not in all states: First Citizens Bank is a large regional bank, but it doesn't have a presence everywhere. It only has branches in 21 states, and since its application process isn't fully online, it might not be desirable to use First Citizens Bank if you don't live where the bank operates. To be clear, you don't necessarily need to live near a branch to apply for a loan (you can do it over the phone in most cases), but one of the biggest reasons to use a bank like First Citizens Bank is for its customer service and branch convenience.

Types of business loans offered by First Citizens Bank

First Citizens Bank offers a variety of business loan products. Some are rather standard throughout the business lending industry (like SBA loans), while others are unique to the bank.

  • Working Capital Loans: Available to U.S. businesses that have been in operation for more than one year, have annual revenue over $200,000, and with loan applicants whose FICO® Score is over 600. Working capital loans are designed for relatively short-term capital needs, and have terms ranging from six to 24 months, with loan amounts up to $250,000. This loan has a quick review process and funds are typically available within 24 hours.
  • SBA Term Loans: First Citizens Bank offers all of the major term loans guaranteed by the Small Business Administration (SBA), including the SBA 7(a), 504, and Express Loan options. These all have their own loan maximums, application procedures, and other rules and regulations, and are standardized loan products.
  • Small Business Line of Credit: First Citizens Bank has several small business credit line products, including its Capital Line, Capital Manager, or EquityLine products. These all allow business owners to write checks on their credit lines to cover expenses, and are generally designed for short-term financing needs.
  • Commercial Adjustable-Rate Loans: Loans designed for purchasing commercial real estate that is occupied by your business. Loans come in 15- and 20-year terms with adjustable rates, and can be made in any amount of $250,000 or greater (no maximum). First Citizens Bank also has special programs for medical and dental practices that want to own their office buildings.

How to qualify for a First Citizens Bank small business loan

The exact procedure for applying for, and getting approved for a First Citizens Bank business loan depends on the loan product you choose. For example, SBA loans have specific procedures that are different from, say, applying for a business credit line directly from First Citizens Bank. But with that in mind, here are the general procedures.

Application process and required documentation

  1. Speak with a loan specialist. You can submit the "contact us" form on First Citizens Bank's website, and a loan specialist will call you shortly. Or, you can simply go to (or call) your local First Citizens Bank branch to speak with a representative.
  2. Complete your application and submit it along with all required documentation (your loan specialist will help you with this). For example, the Working Capital Loan will require the most recent three months' of your bank statements.
  3. Get a loan decision. If approved, you'll receive your funds soon -- but the exact timetable depends on the type of loan you choose. With the Working Capital loan, First Citizens Bank says the application process is typically completed within four to six business hours of your completed application, and funding is typically made available within 24 hours.

This business loan is right for you if:

First Citizens Bank offers several types of business loans, which means that it might be a good fit for people with all sorts of business borrowing needs. First Citizens Bank might be a good fit for you if:

  • You're looking for an SBA loan and want application help from experienced professionals.
  • You need working capital for your business to cover short-term financial needs.
  • You want to establish a small business line of credit.
  • You live in the Southeastern U.S., or near a First Citizens Bank branch outside of that region.

FAQs

  • First Citizens Bank offers small business lending, including SBA loans. It also offers business bank accounts, small business credit cards, and more. It has more than 500 branches, and many are staffed with business banking experts.

  • In many cases, your personal credit will be taken into consideration when applying for a business loan. Lenders often look at both your business' credit history and your personal credit history, and your personal credit history can be more of a factor if your business is relatively new. But many business lenders have personal credit score requirements for borrowers.

  • A line of credit is similar to a loan, except you only borrow money as you need it. For example, if you obtain a $100,000 business line of credit, you are under no obligation to actually borrow any money. You can draw as much or as little as you need, up to the limit, and you'll only pay interest on the money you've actually borrowed.