Bank investment helps connect small businesses
with financial and educational resources
Fifth Third Bank today announced an investment and expanded
partnership with the Accion U.S. Network - the largest network of
nonprofit small business lenders in the United States - to support
lending to underserved small businesses in Florida, Indiana,
Illinois, Michigan and Ohio.
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View the full release here:
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Kala Gibson, head of Business Banking for
Fifth Third Bank (Photo: Business Wire)
“Accion specializes in lending to early-stage businesses, and it
has proven that the right combination of personalized advice and
capital can produce outstanding results,” said Kala Gibson, head of
Business Banking for Fifth Third Bank. “Whether it is through
providing financing or connecting business leaders with community
resources like Accion, Fifth Third is committed to supporting small
businesses at every step of their growth journey.”
The partnership highlights Fifth Third’s focus on championing
entrepreneurship and strengthening ties within its communities by
providing capital to support a loan pool fund. This builds upon
Fifth Third Bank’s five-year, $30 billion Community Commitment,
which includes $10 billion for small business lending, product
innovation and enhanced underwriting and fulfillment. Additionally,
the Bank’s commitment includes expanding technical assistance and
support for alternative lending channels.
“Small businesses create two out of every three jobs in the
United States; they are essential to economic growth and
development,” said Byna Elliott, senior vice president and director
of Community and Economic Development for Fifth Third Bank. “This
partnership with Accion allows us both to provide the needed
resources to help small businesses increase capacity and spur job
creation, resulting in stronger communities throughout the
country.”
Since 1991, Accion has disbursed nearly $500 million to more
than 57,000 small businesses and provided 500,000 entrepreneurs
with consulting services and business support. Accion’s average
loan size is $10,000 in the United States.
“Partners like Fifth Third Bank are integral to supporting
hardworking entrepreneurs across the United States, from referring
business owners to Accion for lending and advising services to
providing the financial support that makes our work possible,” said
Gina Harman, CEO of the Accion U.S. Network. “We are excited to
expand our relationship with Fifth Third and look forward to the
impact this investment will have on small business owners and the
communities they serve.”
Toby Beall, owner of Tailwinds Distilling in Plainfield,
Illinois, has seen the benefits of working with both Fifth Third
Bank and Accion.
To keep up with his business growth in the Chicago market, Beall
initially turned to Fifth Third Bank for a small loan. The Fifth
Third team determined after consulting with Beall that his business
would be best served by a partnership with Accion. Beall then
secured a $15,000 loan from Accion to purchase new equipment for
his distillery.
“Working with Accion was immensely helpful,” Beall said. “They
knew exactly what we needed and it was gratifying to work with an
organization that understood where we were coming from as a small
business.”
Fifth Third’s investment in the Accion U.S. Network will
support:
- Educating small business owners on cash
flow and credit before they apply for a loan.
- Providing capital to small business
owners to start or grow their businesses. Accion in the U.S.
provides affordable and transparently priced loans ranging from
$300 to $1,000,000, depending on the business owner’s location and
individual capital needs.
- Providing small business owners,
including Accion loan applicants and recipients as well as the
broader small business community, with coaching they need to be
successful. Accion offers workshops, classes and webinars on topics
such as credit repair, financial management and building a better
business plan are all part of Accion’s service offering.
In a 2016 Fifth Third Bank study, four out of five small
business owners admitted to not taking full advantage of resources
dedicated to helping them develop and grow. Yet, roughly 38 percent
said they needed help growing revenue and increasing profits.
Fifth Third Bank is committed to helping with the development of
small businesses throughout its footprint. In 2015, the Bank loaned
more than $2 billion to small businesses. Fifth Third has
been recognized by Greenwich Associates as one of the "best
brands" in small business banking. Additionally, the State
Small Business Credit Initiative revealed that Fifth Third is the
largest lender by dollar amount since the program's inception
in 2011.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. As of Dec. 31, 2016, the Company
had $142 billion in assets and operates 1,191 full-service Banking
Centers, including 94 Bank Mart® locations, most open seven days a
week, inside select grocery stores and 2,495 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 Dec. 31, 2016,
Fifth Third also had a 17.9 percent interest in Vantiv Holding,
LLC. Fifth Third is among the largest money managers in the Midwest
and, as of Dec. 31, 2016, had $315 billion in assets under care, of
which it managed $31 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. Member FDIC, Equal
Housing Lender
About Accion in the U.S.
A nationwide lender with deep community roots, Accion in the
U.S. creates economic opportunity by partnering with small business
owners to provide access to capital and the business support they
need to create and grow healthy enterprises and contribute to
thriving local economies. Comprised of four, independent, regional
community development financial institutions (CDFIs) and a national
office that invests in innovation, technology and information
sharing for the benefit of the entire network, the Accion U.S.
Network is the only organization of its kind dedicated to
underserved small businesses in the U.S. Since 1991, Accion has
lent over $500 million to more than 57,000 businesses and provided
more than 500,000 entrepreneurs with advising services. As a
result, these businesses have collectively generated and sustained
more than 22,000 jobs in communities across the U.S. Globally,
Accion has a deep knowledge of fintech and expertise in building
100+ sustainable, scalable and profitable financial service
providers, reaching millions of entrepreneurs through its
international network of partners. For more information on Accion
small business loans in the United States, please visit
us.accion.org.
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Fifth Third BankSean Parker, 513-534-6791
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