New Improvements Increase Speed from Application to Funding
CINCINNATI--(BUSINESS WIRE)--Jul. 6, 2017--
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,
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
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
2. For full terms and conditions, please visit http://commercialbank.53.com/bloc.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170706005195/en/
Source: Fifth Third Bancorp
Fifth Third Bancorp
Shandi Huber, 513-534-8894