Fifth Third Adds Four SBA Loan Products
Published July 3, 2012
Categories: Industry News
Fifth Third Bank announced 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 today’s 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.”