Citibank India has introduced a new package specifically to fit the needs for small businesses with annual turnovers of up to Rs50 million (around US$10 million).

The package known as CitiBusiness features non-fund based limits for letters of credit (L/Cs) amongst a range of financial and advisory services.

Finance and advice

The new package aims to comprehensively address small business customer needs through several offerings.

The package includes a range of business support services as well conventional banking services.

Financial products

Financial offerings include a suite of specialised business lending products that include short-term unsecured business loans, term loans, overdraft facilities and non-fund based limits for L/Cs and bank guarantees. Citibank says that facilities of between Rs1 million and Rs100 million may be arranged.

CitiBusiness clients can also access preferential credit card facilities and obtain personalised financial advice on both their business and personal finances.

Non-bank services

The bank says it will use collective purchasing power to overcome the scale disadvantages faced by small businesses by negotiating for CitiBusiness clients special deals and discounts from suppliers of third party services from courier services to hotels.

The package also includes advisory services in several areas, including strategy, marketing, human resources and web services.

This article represents the views of the author and not necessarily those of the ICC or any of the other partners in DC-PRO.