Fifth Third Accelerates Small Business Loans and Lines of Credit
February 20 2020 - 9:00AM
Business Wire
Bank Introduces Fifth Third Fast Capital to
Increase Speed from Application to Funding
Fifth Third Bank, National Association, announced today that it
is making it easier for small business owners to apply for loans
and lines of credit.* Fifth Third Fast CapitalTM will offer a
simple application and, in most cases, approvals will be made
within minutes. Funding is available to customers in as little as
one business day.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20200220005130/en/
Kala Gibson is the head of business
banking for Fifth Third Bank. (Photo: Business Wire)
Collaborating with Fundation to offer Fifth Third Fast Capital’s
expanded services to small businesses is another example of Fifth
Third’s digital innovation strategy of leveraging partnerships to
provide a better customer experience. Fundation, a financial
technology company serving the small business market, will offer
its own products to customers that do not meet Fifth Third’s loan
eligibility guidelines, helping the Bank serve more of its small
business customers’ credit needs.
“We understand that when small businesses need to purchase
inventory or create a prototype, they can’t wait or risk losing out
on growth opportunities,” said Kala Gibson, head of Business
Banking for Fifth Third. “Fifth Third Fast Capital can help get
funds quickly, so they can move forward with their next
opportunity. We are here to help you be successful.”
More than a quarter of small business owners struggle to access
the funds they need to grow according to a National Small Business
Association report from 2017. Businesses that don’t have access to
capital have had to reduce the number of employees or are unable to
expand operations.
With a focus of serving its customers and keeping them at the
center of every decision, Fifth Third’s partnership with Fundation
allows the Bank to provide a streamlined application process and
faster access to funding. Fifth Third introduced Fast Capital to
the Cincinnati market late last year and now is offering the
service to all business banking customers.
“At Fundation, our mission is to enable our banking clients to
give their small business customers the best of both worlds – great
products at great prices along with the modernized experience they
expect in the digital era,” said Sam Graziano, CEO of Fundation.
“This collaboration does exactly that. The combination of Fifth
Third Bank’s renowned brand, customer reach and great products with
our digital lending platform will allow us to collectively serve
the Bank’s customers with best-in-class products and a
best-in-class customer experience.”
For more information, 53.com/fastcapital
*NOTICES & DISCLOSURES
Fifth Third Bank, National Association, and Fundation Group, LLC
are separate entities. Fifth Third has established a relationship
with Fundation that allows for business owners to apply for an
unsecured line of credit through Fundation.
All Business Loans and Lines of Credit are subject to credit
review and approval. Business Term Loans must have a balance during
the checking statement cycle being evaluated. Business Lines of
Credit or Revolving Lines of Credit must have a balance or have
been used during the checking statement cycle being evaluated. The
business entity owning the Fifth Third Business Checking account
must be the same business entity owning the Business Loan or Line
of Credit. Ask a Fifth Third representative for details.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio, and the indirect parent company
of Fifth Third Bank, National Association, a federally chartered
institution. As of December 31, 2019, Fifth Third had $169 billion
in assets and operated 1,149 full-service banking centers and 2,481
ATMs with Fifth Third branding in Ohio, Kentucky, Indiana,
Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and
North Carolina. In total, Fifth Third provides its customers with
access to approximately 53,000 fee-free ATMs across the United
States. Fifth Third operates four main businesses: Commercial
Banking, Branch Banking, Consumer Lending and Wealth & Asset
Management. Fifth Third is among the largest money managers in the
Midwest and, as of December 31, 2019, had $413 billion in assets
under care, of which it managed $49 billion for individuals,
corporations and not-for-profit organizations through its Trust and
Registered Investment Advisory 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.
Deposit and Credit products are offered by Fifth Third Bank,
National Association. Member FDIC.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200220005130/en/
Laura Trujillo (Media Relations) Laura.Trujillo@53.com |
513-534-NEWS
Chris Doll (Investor Relations) Christopher.Doll@53.com |
513-534-2345
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