CFG Bank loans review
This bank can be great for financing large growth projects, but isn't a one-stop shop.
Bottom line: This two-branch Baltimore bank offers the basics and has a special financing program for lower middle market companies — but not much else.
Commercial term loans and leases, commercial lines of credit, commercial real estate financing
Types of loans available
|Types of loans available||Commercial term loans and leases, commercial lines of credit, commercial real estate financing|
|Number of branches||2|
|Branch hours||9 a.m. to 4 p.m. Monday through Thursday, 9 a.m. to 5 p.m. Friday|
|Customer service hours||8:30 a.m. to 11 p.m. Monday to Thursday, 8:30 a.m. to 9 p.m. Friday, 9 a.m. to 5 p.m. Saturday|
|Customer service options||Phone, online form|
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
CFG Bank is a local bank that specializes in business financing. Especially if you’re looking for a loan over $3 million and in the healthcare, information technology, business services or manufacturing industries. It also offers your standard loans and lines of credit to businesses in other industries — but you can likely find more options elsewhere.
There’s not a lot of information about how CFG’s programs work online, so consider setting up an appointment to get a feel for what it’s about. And, if possible, reach out to other CFG customers to get a sense of what you’re signing up for.
What is CFG Bank?
CFG Bank is a small, two-branch bank headquartered in Maryland. Its focus is serving small businesses in the area — there are no lending products available to consumers. It doesn't appear to be especially involved in the local community, though the owner recently donated $3 million to the National Aquarium in Baltimore to fund the construction of its waterfront campus.
Types of loans available at CFG Bank
CFG offers the following options for business financing:
- Term loans and leases. Fixed-term financing to buy or lease equipment, cover the cost of an acquisition or otherwise expand your business, including leveraged lending for businesses that might otherwise struggle to qualify.
- Lines of credit. Access to credit as needed to finance unpaid invoices, buy inventory or give an advance on other funds set to come in soon.
- Commercial real estate financing. Funding to buy or refinance owner-occupied commercial property, including cash-out refinancing.
CFG Specialized lending
CFG has a specialized program where it offers financing, and partners business owners with private equity sponsors and other financial institutions. You can use the funds to refinance current debt, expand your business, fund a merger or acquisition or recapitalization.
It's targeted at businesses earning between $1 million and $4 million before interest, taxes depreciations or amortizations (EBITDA) looking for between $3 million to $10 million in financing. And your business must be in one of the following industries to qualify:
- Business services
- Information technology (IT)
Reach out to a member of CFG's capital market team for more details.
How borrowing works
All CFG loans come with an in-person application, which is common for a community bank. Typically you'll go over your business's financials, like tax returns and balance sheets, and discuss which type of financing would be the best fit for your company. In-person applications can take a while to process — expect a few weeks at least. But you'll get expert advice along the way.
You can get started by calling 410-823-0500 or making appointment at your local branch.
- Specialized lending program for lower middle market companies
- Customer service available until 11 p.m. most days
- Mobile app
- Only three financing options
- Branches closed after business hours
- Only two locations
See more business loans
See how CFG stands up against online lenders by selecting a few pieces of information about your business.
CFG Bank reviews and complaints
|BBB customer reviews||5 out of 5 stars, based on 1 customer reviews|
|Glassdoor||2.9 out of 5 stars, based on 3 customer reviews|
|Indeed||4.3 out of 5 stars, based on 4 customer reviews|
|Customer reviews verified as of||01 December 2020|
There aren't many online reviews about CFG bank — at least not enough to give you a hint at what you can expect as a customer. But it's still worth looking into. Reach out to the Baltimore and Lutherville business community to see what other business owners have to say about working with this bank.
What do employees say?
Only a few employees posted online reviews — which appear to be mixed in with reviews from a CFG Bank in Morocco. It's also not enough to make an informed judgment about this bank.
Reading employee reviews can give you insight into the customer experience and how likely you are to work with the same loan officer as long as you're with CFG. Ask other members of the Maryland business community how well they are able to maintain relationships with CFG employees.
More products available
Moving other business and personal accounts over to CFG can help keep your finances in one place. You might want to ask about some of the following products when you talk to a loan officer:
- ACH and wirer transfer services
- Corporate checking accounts
- Corporate credit cards
- Escrow manager
- Merchant services
- Personal money market accounts
- Personal savings accounts
CGF Bank branches
Here's how to get in touch with both CFG locations.
Located in Fells Point.
- Address: 1615 Thames Street, Baltimore, MD 21231
- Phone: 410-342-8303
Located on the border with Towson, Maryland.
- Address: 11 West Ridgley Road, Lutherville, MD 21093
- Phone: 410-769-5800
CFG Bank history
CFG Bank was founded in Baltimore in 1927 as La Corona Building and Loan Association. It originally served Highlandtown and East Baltimore residents.
It's since changed its name to CFG Bank and opened the second branch in Lutherville without acquiring another bank. While banks this size are often vulnerable to being acquired by other banks, CFG has managed to avoid takeovers for nearly a century.
Read about the best business loans of the year to see how CFG compares.