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Banks (Finance)

Charter One Ranked First in Small Business Lending

Strategic Insights

— 2 min read

Charter One Bank, a $41 billion bank operating in the Midwest, has been named the No. 1 small business lender in Illinois and the Midwest Region by the U.S. Small Business Administration. In fiscal year 2005, Charter One awarded 1,120 loans valued at $42.3 million to small businesses in Illinois, giving it a commanding 844-loan lead over its nearest competitor. The bank also ranked first in minority, veteran, and women-owned business lending in the region. Charter One's commitment to small business lending has been enhanced since its acquisition by Citizens Financial Group, Inc. in September 2004.

Key Takeaways:

  • Charter One Bank was named the No. 1 small business lender in Illinois and the Midwest Region by the U.S. Small Business Administration in fiscal year 2005.
  • Charter One awarded 1,120 loans valued at $42.3 million to small businesses in Illinois, giving it a commanding 844-loan lead over its nearest competitor.
  • The bank ranked first in minority, veteran, and women-owned business lending in the region.
  • Charter One's established loan processes and extensive training program enable business banking officers to offer full-service relationship banking to small business customers.
  • John Ridding, owner of Barraco's in Orland Park, secured an SBA loan from Charter One in 2005, which enabled him to invest in technology and open a new restaurant.
  • Charter One's commitment to small business lending has been enhanced since its acquisition by Citizens Financial Group, Inc. in September 2004.
  • The bank has established an aggressive small business initiative, including enhanced loan processes and training programs for business banking officers.

Statistics:

  • 1,120 loans awarded by Charter One to small businesses in Illinois in fiscal year 2005.
  • $42.3 million in loan values awarded to small businesses in Illinois by Charter One in fiscal year 2005.
  • 844-loan lead over nearest competitor in Illinois and the Midwest Region.
  • 1,600 branches and 3,100 ATMs operated by Citizens Financial Group, Inc. (parent company of Charter One).
  • 27,000 employees working for Citizens Financial Group, Inc.
  • $148 billion in assets for Citizens Financial Group, Inc.

Sources:

  • "Charter One Bank Named Top SBA Lender in Midwest, Illinois" (PR Newswire, Oct. 17, 2005).
  • "Charter One Bank Press Release" (Charter One Bank, October 17, 2005).
  • "John Ridding - Barraco's in Orland Park" (no direct source).
  • "U.S. Small Business Administration - Illinois District" (no direct source).
  • "Charter One Bank, N.A. Fact Sheet" (Charter One Bank, no date).
  • "Citizens Financial Group, Inc. Fact Sheet" (Citizens Financial Group, Inc., no date).

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