Citi has announced a new collaboration with Best Buy for the Bridge built by Citi platform (Bridge) for small and medium retail suppliers to assist with loans.
“Bridge was developed to provide more inclusive access to capital while supporting innovative, digital-first solutions for business owners,” Rohit Mathur, Head of the Bridge built by Citi platform, said in a news release by Citi. “By enhancing banks’ potential to connect with Best Buy suppliers, particularly those in underrepresented communities, we hope to help increase opportunities in those communities.”
This partnership allows Best Buy suppliers to access a wide range of more than 75 community and regional banks, and Community Development Financial Institutions (CDFIs) through a single loan request form on the platform. Participating lenders include more than 20 Minority Depository Institutions (MDIs) and four banks owned by women that facilitate inclusive access to loans that range from $100,000 to $10 million.
“We are committed to taking meaningful action to continue building a stronger, more vibrant community of diverse suppliers in the tech industry,” said Matt Bilunas, chief financial officer at Best Buy, according to the press release by Citi. “Our collaboration with Citi builds on our goal to support and empower underrepresented business owners across the country by helping increase access to funding and fueling opportunities for growth.”
Lenders were also pleased about the new platform, as it will help their expansion potential and also diversify lending.
“Being a lender on the Bridge platform has helped bring our financial solutions to more businesses,” says Todd McDonald, President of Liberty Bank, an MDI based in New Orleans, LA, according to a press release by Citi. “We’re excited to expand that reach to Best Buy suppliers.”
The release stated that Best Buy made a pledge in 2021 to spend at least $1.2 billion with BIPOC and diverse businesses by 2025. Citi also expressed their goal to help minority owned businesses.
“Citi is creating an ecosystem to support the SMB market. This includes market leading clients like Best Buy and minority owned banks,” said Harold Butler, Head of Citi’s Diverse Financial Institutions Group, according to a press release by Citi. “The Bridge platform is the tool which facilitates this connection between Best Buy suppliers and MDIs and drives a digital first approach to serve the community.”