Announcing Citadel Credit Union as an Official SBA Lender to Empower Small Businesses in Greater Philadelphia

EXTON, Pa., May 13, 2025 /PRNewswire/ -- Citadel Credit Union proudly announces its authorization as an official Small Business Administration (SBA) lender, a significant milestone that positions the credit union as a vital partner for small businesses in the Philadelphia region. This achievement comes on the heels of Citadel's recent enhancement of its Commercial Banking team, further strengthening the credit union's ability to provide small business owners with a comprehensive suite of financial solutions tailored to their needs. As one of the first credit unions in Philadelphia to achieve this status, Citadel is committed to providing local entrepreneurs with the tools they need to grow, create jobs, and drive economic activity.

With over 90% of Philadelphia's businesses employing fewer than 100 people, small businesses play a vital role in the city's economy. Recent challenges such as rising costs and limited access to traditional funding have highlighted the critical need for solutions like SBA loans, which offer risk mitigation and flexible financing options for businesses with varied creditworthiness. These loans provide essential capital for business expansion, equipment purchases, hiring, and working capital, all of which contribute directly to job creation and economic revitalization.

Citadel's SBA lending capabilities are designed to address these challenges head-on, offering tailored solutions that set the credit union apart from larger institutions. The expansion of Citadel's Commercial Banking team under new leadership aligns with this mission, ensuring that small business owners have access to both SBA-backed funding solutions and high-touch, personalized banking services that go beyond traditional offerings. Unlike traditional lenders, Citadel's member-focused approach ensures that each business receives personalized service and support, helping entrepreneurs navigate today's economic landscape and position themselves for long-term success.

"SBA's primary mission, which I believe at its core is creating and maintaining jobs and local businesses in our communities, aligns with Citadel's mission and our earliest roots in supporting Lukens Steel employees," said Michael Desimone, Chief Lending Officer at Citadel Credit Union. "By supporting the financial well-being of local businesses, we create a ripple effect that strengthens our members and their communities. Partnering with the SBA gives us another avenue to expand our impact on financial wellness."

"At Citadel, we are committed to strengthening communities by supporting the small businesses and their founders that drive our local economy. Our deep roots and longstanding history in the Greater Philadelphia region position us to understand the unique challenges and opportunities facing Philadelphia's small businesses," said Bill Brown, CEO of Citadel Credit Union. "Becoming an SBA lender is a pivotal step in our mission, enabling us to provide resources to entrepreneurs and business owners who are working to grow their businesses, create jobs, and invest in the region. When combined with our enhanced Commercial Banking team, it allows us to offer business owners a truly holistic banking experience."

Philadelphia's small business community has demonstrated remarkable resilience and growth, emerging as a cornerstone of the city's economic vitality. With a dynamic ecosystem of entrepreneurs and innovators, the city has led the region in small business establishment increases, achieving an impressive annual growth rate of 4.4% between 2012 and 2018. This growth translated to the creation of approximately 5,000 small businesses each year, showcasing the determination and creativity of Philadelphia's business owners. As an SBA lender, Citadel is proud to play a key role in sustaining and accelerating this momentum by providing flexible funding options that empower businesses to expand, invest in their futures, and drive local economic progress. Looking to the future, Citadel is committed to deepening its ties to the region by expanding its footprint with full-service branches in Philadelphia, further enhancing access to its comprehensive suite of financial services.

For more information about Citadel's SBA lending services, visit https://www.citadelbanking.com/business-loans or schedule a consultation with our business banking experts today to explore how SBA loans can help your business grow and succeed.

About Citadel Credit Union
Citadel Credit Union is a not-for-profit, member-owned financial institution that provides banking, investments, and insurance services to more than 260,000 members. At $6 billion in assets, it is one of the Greater Philadelphia area's largest credit unions, proudly serving residents of Bucks, Chester, Delaware, Lancaster, Montgomery, and Philadelphia counties. Citadel is recognized as a Newsweek and Plant-A Insights Group 2024 America's Best Regional Banks and Credit Unions, 2023 Fortune Recommends Best Credit Union, Forbes 2022 Best-in-State Credit Union, and a certified 2024 Great Place to Work. For more information, visit CitadelBanking.com.

SOURCE Citadel Credit Union