CIT Business Loans: 2023 Review
 | Starting rate: 5.49% Best for: Business owners looking for an SBA Preferred Lender with a wide range of loan amounts that offer fast funding. |
Pros and cons of CIT
| Pros | Cons |
|---|---|
Funds can be received in one business day Wide range of loan amounts for specific needs Lends to a variety of different industries | Rates can vary on product and term, but the website lacks details Very little information provided on eligibility requirements No details on how long a business needs to be running to qualify |
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CIT small business loans review
First Citizens Bank (NC) is a division of First Citizens Bank offering a variety of small business loan products including SBA 504 loans, working capital business loans, and business equipment financing. An SBA Preferred Lender, First Citizens Bank (NC) prides itself on delivering fast funding to businesses.
Who is CIT for?
- Small business owners looking for fast funding. Funds can be received within one business day upon approval.
- Borrowers interested in a variety of loan amount options. Loan amounts can range from $500,000 up to $13,500,000.
- Businesses that are not startups. Borrowers must show at least 6 months of bank statements to qualify.
CIT small business financing at a glance
| Product | Loan amounts | Repayment term | Estimated APR range | Fees |
|---|---|---|---|---|
| Equipment financing | Up to $500,000 | 6 to 72 months | 5.49% | Not disclosed |
| Working capital loans | Up to $150,000 | 6 to 15 months | Not disclosed | Not disclosed |
| SBA 504 loans | $250,000 to $13,500,000 | Up to 300 months | About 3.00% of the total debt* | Not disclosed |
*Terms and rates based on SBA guidelines
Equipment financing
Equipment financing is a type of business term loan that is specifically for purchasing heavy equipment, machinery or vehicles for business. First Citizens Bank (NC) offers equipment loans up to $500,000 and a repayment term between 6 and 72 months. The annual percentage rate (APR) for equipment financing starts at 5.49%, but rates may vary depending on your credit, borrowing history and the equipment you’re looking to buy.
Working capital loan
First Citizens Bank (NC) offers working capital loans of up to $150,000, which can be used for a range of short-term operating expenses, such as payroll or inventory. Repayment terms for working capital loans are much shorter, ranging from 6 to 15 months. First Citizens Bank (NC) does not publish an estimated interest rate range for its working capital loans, but your interest rate will likely be determined by your credit history. Any possible fees associated with this particular type of funding are also not disclosed online.
SBA 504/CDC loans
As an SBA Preferred Lender, First Citizens Bank (NC) also offers SBA 504 loans, which are loans backed by the U.S. Small Business Administration. They are primarily used to finance commercial real estate or equipment purchases. Loan amounts range from $250,000 and up to $5 million per project, up to $13,500,000 for a total of three projects. Repayment terms are generous, reaching up to 300 months with total interest approximately 3.00% of the total loan amount. First Citizens Bank (NC) doesn’t disclose specific fees it charges, but 504 loans typically come with packaging, closing and underwriting fees, among others. Since First Citizens Bank (NC) is tight-lipped about fees, it’s a good idea to ask the lender about possible fees prior to applying.
CIT also offers conventional commercial real estate loans up to $10 million, but as of January 9, 2023, these loans are only available for California transactions.
CIT borrower requirements
| Minimum annual revenue | Not disclosed |
| Minimum time in business | Not disclosed |
| Minimum credit score | Not disclosed |
Required documents
First Citizens Bank (NC)‘s website is not transparent with its eligibility requirements to qualify for one of its loan products. It offers very little to go by; however, it does state that a business must provide six months’ bank statements to get a business loan. It’s best to contact the lender directly to determine if there are any other required documents needed in the application process.
Alternatives to CIT
| CIT | Credibly | QuickBridge | |
|---|---|---|---|
| Minimum credit score | Not disclosed |
| 600 |
| Loan products offered |
|
|
|
| Time to funding | As soon as one business day | As soon as the same day | As soon as 24 hours |
| Starting rates | 5.49% for equipment financing |
| 4.99% interest for equipment financing |
| Maximum loan size |
|
| $500,000 |
| Minimum annual revenue | Not disclosed |
| $250,000 |
CIT vs. Credibly
Borrowers interested in applying for an SBA loan, equipment financing or a working capital loan may also want to consider Credibly. Credibly offers higher amounts for its working capital loans and equipment financing, up to $400,000 and $10,000,000, respectively. Business owners with poor credit can qualify for its loan products, making it a solid option for businesses still trying to build up their credit. While First Citizens Bank (NC) offers funding within one business day for its equipment loans, Credibly offers same-business-day funding options.
CIT vs. QuickBridge
QuickBridge is another alternative to First Citizens Bank (NC) that offers equipment financing and working capital loans. QuickBridge’s equipment financing has a 4.99% starting simple interest rate, meaning that the APR may be slightly higher when you account for fees. QuickBridge charges factor rates for its working capital loans, but it is hard to compare to First Citizens Bank (NC), since First Citizens Bank (NC) doesn’t make its interest rates on working capital loans public. Compared to First Citizens Bank (NC), QuickBridge offers higher working capital loan amounts — up to $500,000 versus First Citizens Bank (NC)’s maximum of $150,000. However, a business will need to have annual revenue of at least $250,000 to be eligible with QuickBridge, making this lender best suited for companies that have been operating for awhile with significant income to show.