SSBCI Names Fifth Third Nation’s Top Small Business Lender
SEP 10, 2015 - 7:18 am
In its Summary of States’ 2014 Annual Reports, the State Small Business Credit Initiative said that Fifth Third Bank is the largest lender by dollar amount since the program’s inception in 2011.
The report shows that Fifth Third Bank has issued 82 SSBCI loans totaling more than $98 million since 2011, for an average of $1.2 million per loan.
“Small businesses continue to be the backbone of the American economy and Fifth Third Bank is proud to support them with SSBCI loans,” said Dave Jackson, vice president and national SBA director. “Whether they are just starting out or looking to expand, small businesses can rely on Fifth Third Bank for the financial tools they need to run a successful business.”
One such example is Earnest Products, a sheet metal fabricator in Sanford, FL that received an SSBCI credit line through Fifth Third.
“We brought in multiple banks, but Fifth Third Bank bent over backwards to help, arranged all the details and made the process incredibly easy for us,” said John Szydlowski, controller for Earnest Products. “With the loan, we were able to maintain a strong working capital position while expanding into a new facility that quadrupled our size and allowed us to pursue new, larger customers.”
SSBCI lending is one of several opportunities Fifth Third Bank makes available to its business banking customers. The Bank’s total lending to small businesses topped $2.2 billion in 2014.
The SSBCI was created by the Small Business Jobs Act of 2010 to support private lending and investing in small businesses.
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