Fifth Third Bank to Support Small Businesses By Offering Four Additional SBA Loan Products
CINCINNATI--(BUSINESS WIRE)-- Fifth Third Bank announced today that it will offer four additional loan products from the United States Small Business Administration (SBA) program. Through these products, Fifth Third Bank, a SBA Preferred Lender, will be able to extend credit and financing options for small businesses to help them expand, improve working capital or enter into new markets.
Through our involvement in offering these SBA loan products, Fifth Third is committed to helping small businesses manage their cash cycle and create jobs to help fuel our recovering economy, said John Bultema, executive vice president and head of Business Banking for Fifth Third Bank.
The four loan products Fifth Third Bank will offer include:
- SBA Patriot Express Loan is for veterans and members of the military community that want to establish or expand small businesses. Patriot Express loans can be used for most business purposes, and current spouses or widowed spouses of a service member or veteran may also be eligible to participate.
- CAPLines Program: This enhanced program offers small businesses a revolving line of credit that aids in financing contracts to address short-term and cyclical working capital needs.
- SBA Export Express benefits businesses that have been in operation for at least 12 months and can demonstrate that loan proceeds will support export development activity. Loans under this program can be term loans or revolving lines of credit.
- SBA International Trade Loan provides small businesses with financing options to support export transactions and help them enter and expand into international markets. This loan program offers a combination of fixed asset, working capital and debt financing options.
The needs of todays small business owners and entrepreneurs have changed over the past few years, said Dave Jackson, vice president and national SBA Director for Fifth Third Bank. These loan products address those changing needs and help small businesses access working capital to navigate our global business landscape.
To learn more about SBA loans and small business lending at Fifth Third Bank, visit www.53.com/businessbanking.
Fifth Third Bancorp (FITB) is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $117 billion in assets and operates 15 affiliates with 1,322 full-service Banking Centers, including 105 Bank Mart® locations open seven days a week inside select grocery stores and 2,409 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third also has a 39% interest in Vantiv Holding, LLC, formerly Fifth Third Processing Solutions, LLC. Fifth Third is among the largest money managers in the Midwest and, as of March 31, 2012, had $296 billion in assets under care, of which it managed $26 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® National Global Select Market under the symbol "FITB." Fifth Third Bank. Member FDIC.
Fifth Third Bancorp
Barbara Grimsley, 513-534-6791
Source: Fifth Third BankCopyright Business Wire 2012