CLEVELAND (October 11, 2005) - Charter One Bank today announced it was named the No. 1 small business lender in Ohio and the Midwest by the U.S. Small Business Administration (SBA).
During the annual SBA fiscal year from October 1, 2004 to September 30, 2005, Charter One Bank awarded 1,649 loans, valued at $55.971 million, to small businesses in the northern Ohio district – giving the bank a commanding 1,356-loan lead over its nearest competitor. In addition, Charter One Bank was also named the No. 1 lender for minority owned businesses in SBA's northern Ohio district.
Fiscal year 2005 marks the first time Charter One Bank has been named the leader in SBA lending. Charter One enhanced its focus on small business lending to better serve the needs of its customers. Charter One was acquired last September by Citizens Financial Group, Inc., the No. 1 SBA lender in the New England and Mid-Atlantic regions and the No. 2 SBA lender in the country.
“We want Ohio to know that we care about the needs of small business,” said Ned Handy, President and CEO of Charter One Bank, Ohio. “We believe small business owners want to deal with a lender that provides personal service and understands their needs. We are committed, as indicated by SBA's top award, to making credit available to help small businesses grow and succeed.”
Cindy Barber, co-owner of the Beachland Ballroom music venue in Cleveland's North Collinwood neighborhood, was able to secure an SBA loan from Charter One.
“A Charter One business banker was willing to take the time to learn about my business needs. I moved our merchant services business to the bank and obtained a line of credit to help grow my music club grow,” said Barber.
As a thriving business and Cleveland's most eclectic music club, the Beachland Ballroom serves as an anchor for economic revitalization in the heart of the historic Waterloo Road business district, with new art galleries, music stores, and cafes now opening nearby.
“Charter One Bank has demonstrated its commitment and understanding of the smaller end of the market, those entrepreneurs needing $50,000 or less in capital,” said Gil Goldberg, District Director of the SBA's Cleveland district office. “This market has historically had difficulty obtaining access to capital. We applaud Charter One for helping small business owners realize their dreams over the past 12 months, and we look forward to their continued support of the small business community.”
Since September 2004, Charter One has established an aggressive small business initiative that includes:
- The addition of 38 new business bankers in Ohio, bringing the Ohio total to 50 bankers dedicated to the small business initiative
- A more streamlined process for small business loan applications with fewer forms and a simpler approval process
- A comprehensive marketing program to educate small business owners about the products available
- Extensive training for all business bankers, underwriters, and retail branch staff.
About Charter One Bank, N.A.
Charter One Bank, N.A., is a $41 billion bank operating in Illinois, Indiana, Michigan and Ohio. It has more than 490 branches and 812 ATMs. It has 177 branches and 186 ATMs in Ohio. Charter One is a subsidiary of Citizens Financial Group, Inc., a $148 billion commercial bank holding company headquartered in Providence, R.I. Citizens has more than 1,600 branches, approximately 3,100 ATMs and more than 27,000 employees in a 13-state retail branch network and non-branch offices in more than 30 states. Citizens is the eighth-largest commercial banking company in the United States ranked by deposits. Citizens is owned by RBS (The Royal Bank of Scotland Group plc).