CINCINNATI--(BUSINESS WIRE)--In its Summary of States’ 2014 Annual Reports, the State Small Business Credit Initiative (SSBCI) revealed that Fifth Third Bank (NASDAQ:FITB) is the largest lender by dollar amount since the program’s inception in 2011.
The report shows that Fifth Third Bank has issued 82 SSBCI loans totaling more than $98,539,366 since 2011, for an average of $1.2 million per loan.
“Small businesses continue to be the backbone of the American economy and Fifth Third Bank is proud to support them with SSBCI loans,” said Dave Jackson, vice president and national SBA director. “Whether they are just starting out or looking to expand, small businesses can rely on Fifth Third Bank for the financial tools they need to run a successful business.”
The SSBCI was created by the Small Business Jobs Act of 2010 to support private lending and investing in small businesses. According to the report, “from 2011 through 2014, States reported that they had expended $864 million in SSBCI funds which, in turn, supported over 12,400 private sector loans or investments to small businesses totaling $6.4 billion.”
Earnest Products, a sheet metal fabricator in Sanford, Fla., received an SSBCI credit line through Fifth Third Bank.
“We brought in multiple banks, but Fifth Third Bank bent over backwards to help, arranged all the details and made the process incredibly easy for us,” said John Szydlowski, controller for Earnest Products. “With the loan, we were able to maintain a strong working capital position while expanding into a new facility that quadrupled our size and allowed us to pursue new, larger customers.”
SSBCI lending is one of several opportunities Fifth Third Bank makes available to its business banking customers. The Bank’s total lending to small businesses topped $2.2 billion in 2014.
About Fifth Third Bank
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $142 billion in assets and operates 1,299 full-service Banking Centers, including 101 Bank Mart® locations, most open seven days a week, inside select grocery stores and 2,630 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third also has a 22.8 percent interest in Vantiv Holding, LLC. Fifth Third is among the largest money managers in the Midwest and, as of June 30, 2015, had $304 billion in assets under care, of which it managed $27 billion for individuals, corporations and not-for-profit organizations. 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. Loans subject to review and approval. Member FDIC.