April 09, 2020

CSRWire.com The Corporate Social Responsibility Newswire

news by category

CSR News

Fifth Third Accelerates Small Business Loans and Lines of Credit

Bank introduces Fifth Third Fast Capital to increase speed from application to funding

Submitted by: Fifth Third Bancorp

Categories: Socially Responsible Investing, Corporate Social Responsibility

Posted: Mar 09, 2020 – 11:59 AM EST

 

Mar. 09 /CSRwire/ - Fifth Third Bank, National Association, announced today that it is making it easier for small business owners to apply for loans and lines of credit.* Fifth Third Fast CapitalTM will offer a simple application and, in most cases, approvals will be made within minutes. Funding is available to customers in as little as one business day.

Collaborating with Fundation to offer Fifth Third Fast Capital’s expanded services to small businesses is another example of Fifth Third’s digital innovation strategy of leveraging partnerships to provide a better customer experience. Fundation, a financial technology company serving the small business market, will offer its own products to customers that do not meet Fifth Third’s loan eligibility guidelines, helping the Bank serve more of its small business customers’ credit needs.

“We understand that when small businesses need to purchase inventory or create a prototype, they can’t wait or risk losing out on growth opportunities,” said Kala Gibson, head of Business Banking for Fifth Third. “Fifth Third Fast Capital can help get funds quickly, so they can move forward with their next opportunity. We are here to help you be successful.”

More than a quarter of small business owners struggle to access the funds they need to grow according to a National Small Business Association report from 2017. Businesses that don’t have access to capital have had to reduce the number of employees or are unable to expand operations.

With a focus of serving its customers and keeping them at the center of every decision, Fifth Third’s partnership with Fundation allows the Bank to provide a streamlined application process and faster access to funding. Fifth Third introduced Fast Capital to the Cincinnati market late last year and now is offering the service to all business banking customers.

“At Fundation, our mission is to enable our banking clients to give their small business customers the best of both worlds – great products at great prices along with the modernized experience they expect in the digital era,” said Sam Graziano, CEO of Fundation. “This collaboration does exactly that. The combination of Fifth Third Bank’s renowned brand, customer reach and great products with our digital lending platform will allow us to collectively serve the Bank’s customers with best-in-class products and a best-in-class customer experience.”

For more information, 53.com/fastcapital

*NOTICES & DISCLOSURES

Fifth Third Bank, National Association, and Fundation Group, LLC are separate entities. Fifth Third has established a relationship with Fundation that allows for business owners to apply for an unsecured line of credit through Fundation.

All Business Loans and Lines of Credit are subject to credit review and approval. Business Term Loans must have a balance during the checking statement cycle being evaluated. Business Lines of Credit or Revolving Lines of Credit must have a balance or have been used during the checking statement cycle being evaluated. The business entity owning the Fifth Third Business Checking account must be the same business entity owning the Business Loan or Line of Credit. Ask a Fifth Third representative for details.

About Fifth Third

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of December 31, 2019, Fifth Third had $169 billion in assets and operated 1,149 full-service banking centers and 2,481 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. In total, Fifth Third provides its customers with access to approximately 53,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2019, had $413 billion in assets under care, of which it managed $49 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the Nasdaq® Global Select Market under the symbol “FITB.” Fifth Third Bank was established in 1858. Deposit and Credit products are offered by Fifth Third Bank, National Association. Member FDIC.

For more information, please contact:

Laura Trujillo Media Relations
Phone: +1 (513) 534-6397
Chris Doll Investor Relations
Phone: +1 (513) 534-2345

 

Issuers of news releases and not csrwire are solely responsible for the accuracy of the content