Citigroup Inc. recently launched a small business lending website to issue loans of up to $1 million, Reuters reported Jan. 27.
Biz2Credit, a New York-based startup, runs the website, according to the report.
Several other banks have made similar moves. JPMorgan Chase & Co. partnered with online lender On Deck Capital Inc. in December 2015, and Wells Fargo & Co. launched FastFlex, which allows small-business clients to take out one-year loans of $10,000 to $35,000, in May 2016.
Citigroup and Biz2Credit did not publicize because the effort is still in its very early stages, the report cited Biz2Credit CEO Rohit Arora as saying. A Citigroup spokesman declined to comment, according to Reuters.
Meanwhile, DCSmallBizLoans.com, a small-business lending website backed by Citigroup and the U.S. Treasury Department, will close, the news agency wrote.