Fifth Third Bank Accelerates its Business Line of Credit Process for Small Business Owners
July 06 2017 - 1:06PM
Business Wire
New Improvements Increase Speed from
Application to Funding
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170706005195/en/
Fifth Third BancorpShandi Huber, 513-534-8894
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