CINCINNATI--(BUSINESS WIRE)--Fifth Third Bancorp (NASDAQ: FITB) shared today that it is making it easier for small business owners to get access to capital. The Bank implemented changes to its Fifth Third Business Line of Credit, providing timely capital within three to five days for everyday operating expenses, equipment and inventory costs.
“At Fifth Third, we recognize there are situations that arise when a small business owner needs access to funds quickly in order to keep their business running,” said Kala Gibson, head of Business Banking for Fifth Third Bank. “We want to make sure we can help our customers when the need arises; not a month from when the need occurs.”
In a recent YouGov survey of small business owners commissioned by Fifth Third Bank, respondents said a lack of funds was the largest obstacle holding owners back from growth in 2017. With a focus on serving its customers and keeping them at the center of every decision, Fifth Third is now capable to provide a quicker decision and fast access to funding.
Additional features of the Fifth Third Business Line of Credit include:
- Credit lines with up to $100,000 with no collateral requirement1
- Low variable APRs of 6.74% to 10.74%. APRs will vary with the market based on the Prime Rate2
- No origination fee or application fee
- Convenient access to funds via check, card or online
Small business owners can use the line of credit to meet a one-time borrowing need, consolidate high-interest balances and more.
“We heard from our customers and listened to their feedback,” added Jimm Bell, director of Card Services for Fifth Third Bank. “The quick and easy application process and the expedited timeline between application and funding allow us to step up to the plate for our customers and deliver a Fifth Third better on their experience.”
For more information about the Fifth Third Business Line of Credit, visit http://commercialbank.53.com/bloc.
About Fifth Third Business Banking
For more than a century, Fifth Third has helped small businesses find unique solutions for growth. In 2016, Fifth Third made a $10 billion lending goal to small businesses between 2016 and 2020 as part of its $30 billion Community Commitment. This includes additional funding for technical assistance programs to drive small business development and growth.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. As of March 31, 2017, the Company had $140 billion in assets and operated 1,155 full-service Banking Centers and 2,471 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. As of March 31, 2017, Fifth Third also had a 17.8 percent interest in Vantiv Holding, LLC. Fifth Third is among the largest money managers in the Midwest and, as of March 31, 2017, had $323 billion in assets under care, of which it managed $33 billion for individuals, corporations and not-for-profit organizations through its Trust, Brokerage and Insurance 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. Member FDIC, Equal Housing Lender.
Notices & Disclosures
1. All Business Loans and Lines of Credit are subject to credit review and approval.
2. For full terms and conditions, please visit http://commercialbank.53.com/bloc.