First Citizens Bank SBA 7(a) Lending Program

First Citizens Bank ranked #34 nationally among SBA 7(a) lenders in 2025, approving $217.2M across 307 SBA loans. While not the largest SBA lender by volume, First Citizens Bank’s SBA program supported 3,265 jobs and serves borrowers looking for a mid-market SBA lender well-suited for business acquisitions.

With an average SBA 7(a) rate of 10.22%, First Citizens Bank prices slightly below the national average of 10.32%. This 0.1% advantage may not seem dramatic, but over a 10-year SBA loan on a $500K deal, it translates to roughly $5,000 in interest savings.

Their SBA lending is concentrated in Texas, California, Florida, with notable SBA loan volume in industries like Fitness and Recreational Sports Centers, Snack and Nonalcoholic Beverage Bars, Full-Service Restaurants. The data below is sourced entirely from official SBA FOIA records and covers First Citizens Bank’s SBA 7(a) lending activity for calendar year 2025 — not their conventional lending or other banking products.

First Citizens Bank SBA Loan Reviews

Citizens Bank is a major Northeast SBA lender with branches across 14 states. Their SBA Preferred Lender status enables faster processing, but most reviews reflect general banking rather than SBA-specific experiences.

Reviews sourced from Trustpilot, BBB, and other public review platforms. Individual experiences may vary. GoSBA Loans is not affiliated with First Citizens Bank.

First Citizens Bank SBA Loans by Business Type

Not all SBA lenders fund the same types of deals. Some focus their SBA programs on established businesses with years of cash flow history, while others actively seek out startup financing or business acquisition deals. Understanding First Citizens Bank’s SBA loan mix helps you assess whether their program aligns with your specific situation. Here’s how their $217.2M in 2025 SBA 7(a) approvals breaks down:

First Citizens Bank stands out as one of the more startup-friendly SBA lenders, with 47% of their SBA portfolio going to brand-new businesses (170 startup loans totaling $101.4M). Most SBA lenders allocate less than 15% of their volume to startups, so First Citizens Bank’s appetite for new ventures is notably above average. If you’re launching a business and need SBA financing, First Citizens Bank should be on your shortlist.

Change-of-ownership deals (business acquisitions) make up 17% of First Citizens Bank’s SBA volume (45 loans totaling $37.7M). While not their primary focus, First Citizens Bank’s SBA team can handle business acquisition financing — especially in industries where they have lending experience.

Existing business SBA loans represent the largest category at 20% of First Citizens Bank’s SBA portfolio ($43.5M across 46 loans). These are businesses with 2+ years of operating history, and they typically receive the fastest SBA approvals and most competitive rates because lenders can evaluate actual financial performance rather than projections. New businesses (under 2 years old) account for 16% ($34.6M, 46 SBA loans).

First Citizens Bank vs. National Average

How does First Citizens Bank compare to the average SBA 7(a) lender in 2025? The SBA 7(a) program funded 78078 loans totaling $478K in average loan size at a 10.32% average rate. Here’s how First Citizens Bank stacks up:

Understanding how First Citizens Bank compares to national benchmarks helps you evaluate whether their terms are competitive. A rate lower than the national average of 10.32% can translate to significant savings over the life of a 10-25 year SBA loan. However, individual rates depend on your credit profile, deal structure, and the specific lender relationship — which is why comparing multiple offers is critical.

Variable vs. Fixed Rate Breakdown

SBA 7(a) loans can carry either variable or fixed interest rates. Variable rates are tied to the Prime Rate and adjust quarterly, while fixed rates remain constant for the life of the loan. Here’s how First Citizens Bank’s portfolio breaks down:

Variable rate loans made up 99.3% of First Citizens Bank’s SBA portfolio at an average rate of 10.23%. Fixed rate loans accounted for 0.7% at 8.62%. The SBA caps variable rates at Prime + 2.75% for most loans, so your actual rate depends on the spread each lender charges. Fixed rate loans offer rate certainty but are less common in the SBA 7(a) program.

Loan Term Breakdown

SBA 7(a) loan terms typically range from 7 to 25 years depending on the use of proceeds. Loans for commercial real estate qualify for 25-year terms, while working capital and business acquisition loans typically max out at 10 years. Here’s how First Citizens Bank’s portfolio splits:

Long-term loans (typically for commercial real estate purchases) carry significantly lower rates averaging 10.17% compared to 10.29% for shorter-term working capital and business acquisition loans. The average long-term loan is also larger at $818K vs $533K for short-term loans. If your deal involves real estate, you’ll generally qualify for longer terms and lower rates.

Top States for First Citizens Bank SBA Loans

Geographic presence matters in SBA lending. Lenders who are active in your state often have relationships with local SBA district offices, understand regional real estate markets, and may have branch locations that can facilitate closings. The table below shows every state where First Citizens Bank funded SBA 7(a) loans in 2025, ranked by total dollar volume:

First Citizens Bank funded SBA loans across 15 states in 2025, with the heaviest concentration in Texas, California, Florida. If your business is located in one of these high-volume states, First Citizens Bank likely has loan officers who understand your local market conditions — commercial real estate values, industry mix, and economic dynamics. This familiarity can translate to faster underwriting and more competitive terms.

That said, many borrowers benefit from working with lenders outside their immediate geography. National SBA lenders may offer better rates or more experience with your specific industry. An SBA loan broker can identify the best match regardless of location.

Top Industries Funded by First Citizens Bank

Industry specialization is one of the most underrated factors in SBA lending. A lender who has funded 50 dental practices understands the economics of that business model far better than one processing their first dental deal. The table below shows which industries First Citizens Bank funded most actively in 2025:

If your business falls within one of First Citizens Bank’s top-funded industries, you may benefit from their underwriting familiarity. Lenders with deep industry experience understand the typical revenue patterns, seasonal cash flow fluctuations, margin structures, and collateral values specific to your sector. This expertise typically translates into three tangible advantages: faster processing (they know exactly what documentation to request), higher approval rates (they can accurately assess risk without conservative assumptions), and more competitive terms (they price the loan based on actual industry data rather than generalized risk models).

Conversely, if your industry doesn’t appear in First Citizens Bank’s top list, that doesn’t necessarily mean they won’t fund your deal — but you may want to prioritize lenders who have more experience with your business type. An SBA loan broker can identify which lenders have the deepest expertise in your specific industry.

How to Get an SBA Loan Through First Citizens Bank

There are two primary ways to access First Citizens Bank for an SBA 7(a) loan, and the path you choose can significantly impact your rate, terms, and timeline:

Option 1: Apply directly to First Citizens Bank. You can contact First Citizens Bank’s commercial lending team and submit an SBA 7(a) application. This approach is straightforward — you work with one bank, one loan officer, and receive a single offer. The advantage is simplicity. The disadvantage is that you have no way to know whether First Citizens Bank’s terms are competitive without a reference point. You’re essentially accepting whatever rate and terms they offer.

Option 2: Use an SBA loan broker (recommended). An SBA loan broker like GoSBA Loans submits your application to First Citizens Bank and 50+ other SBA lenders simultaneously. Instead of one quote, you receive 3-5 competing term sheets. This fundamentally changes the negotiation dynamic — lenders know they’re competing for your business, which drives rates down and speeds up processing. The broker’s service is completely free to borrowers because lenders pay the broker origination fee.

What to prepare: Regardless of which path you choose, First Citizens Bank will typically require 2-3 years of business and personal tax returns, a 10% equity injection, a personal financial statement (SBA Form 413), and details about the business or property you’re acquiring. For acquisitions, you’ll also need the seller’s financial records and a signed Letter of Intent.

Frequently Asked Questions

First Citizens Bank SBA Alternatives

While First Citizens Bank is a strong SBA lender ranked #34 nationally, many borrowers benefit from comparing offers across multiple banks. Each SBA lender has different rate spreads, industry preferences, geographic focus areas, and appetite for startups vs. existing businesses. The lenders below represent the top SBA 7(a) lenders in the country by total loan volume — any of them could be a viable alternative depending on your specific deal:

• #1 Live Oak Banking Company — $2.85B funded across 2280 loans
• #2 The Huntington National Bank — $2.09B funded across 6998 loans
• #3 Newtek Bank, National Association — $2.03B funded across 4828 loans
• #4 Northeast Bank — $1.32B funded across 7815 loans
• #5 Readycap Lending, LLC — $1.17B funded across 3137 loans
• #6 U.S. Bank, National Association — $871.2M funded across 3453 loans
• #7 First Internet Bank of Indiana — $712.3M funded across 487 loans
• #8 Celtic Bank Corporation — $592.9M funded across 1482 loans
• #9 JPMorgan Chase Bank, National Association — $590.5M funded across 1914 loans
• #10 Byline Bank — $561.1M funded across 505 loans

The best way to determine which lender is the right fit for your deal is to submit a single application through an SBA loan broker like GoSBA and let multiple lenders compete for your business. This way you see actual term sheets from First Citizens Bank and its competitors — side by side — before making a decision.

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Data sourced from official SBA 7(a) FOIA loan approval records for Calendar Year 2025, published by the U.S. Small Business Administration. For official SBA program information, visit sba.gov.