Fifth Third Bank Encourages Small Business Owners to Apply for Hardship Relief
March 24 2020 - 11:49AM
Business Wire
Fifth Third Bank, National Association, today provided
additional detail on immediate steps it is taking to help customers
impacted by the pandemic, augmenting its prior announcement last
week to include new small business customer-centric provisions.
“We understand that many of our small businesses are struggling
right now to meet immediate needs,” said Greg D. Carmichael,
chairman, president and CEO of Fifth Third Bancorp. “We are
proactively taking steps to help lessen the financial strain on our
small business owners by providing financial expertise and
encouraging them to contact our team or the Small Business
Administration. We will navigate this together, help them get
access to capital and work to rebuild our economy and local
communities.”
The Bank is offering the following programs for our business
customers facing financial hardship related to COVID-19. To
participate in the programs, customers will need to contact Fifth
Third.
- Small Business Payment Deferral Program: We are offering a
payment deferral program for up to 90 days, no late fees and a
range of loan modification options. We are waiving the note
processing fee for new Fifth Third Fast Capital loans for six
months.
- Fee Waiver Program: We will refund select fees for 90 days for
Business Banking deposit accounts and services.
On March 17, the Small Business Administration (SBA) announced
efforts to provide a faster, easier qualification process for
states seeking SBA Disaster Assistance for small businesses
impacted by COVID-19. The SBA is working closely with governors to
make up to $2 million in targeted, low-interest disaster recovery
loans available to any small business enterprise that has been
severely impacted by the situation. This direct lending program is
in the form of low interest rate loans with flexible repayment
terms, the eligibility for which will be determined by the SBA on a
case-by-case basis.
Additional highlights include:
- Loans up to $2,000,000.
- 3.75% fixed interest rate on loans to for-profit
companies.
- 2.75% fixed interest rate on loans to non-profits.
- Up to 30-year term and amortization (determined on case-by-case
basis).
Contact:
- For more information on SBA's assistance to small businesses,
visit www.SBA.gov/coronavirus.
- If your state is on the approved list, apply today at the
sba.org website
https://disasterloan.sba.gov/ela/Account/Login. You’ll enter
your company information and describe the impact of the pandemic on
your business.
- If your state is not showing as approved yet, continue to check
this list often,
https://disasterloan.sba.gov/ela/Declarations/Index.
- Additionally, the SBA continues to assist small businesses with
counseling and navigating their own preparedness plans.
Fifth Third recommends that customers continue to leverage all
of the digital banking tools and resources for self-service banking
and account access through mobile, online and voice banking
services, as well as the Bank’s network of approximately 53,000
fee-free ATMs* across the United States.
The Bank is prepared to assist customers with their questions or
concerns and has a dedicated support page available at
53.com/covid19 as the first point of contact for all customers. For
Business Banking service, please call 877-534-2264 from Monday
through Saturday or email bbgsupport@53.com. Due to high demand,
call wait times may be longer than normal. Fifth Third thanks
customers for their patience as we collectively navigate this
situation together.
*ATM network is fee-free for Fifth Third Bank customers when
using their debit card or prepaid card to withdraw cash.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200324005553/en/
Ed Loyd (Media Relations) Edgar.Loyd@53.com | 513-534-NEWS
Chris Doll (Investor Relations) Christopher.Doll@53.com |
513-534-2345
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