Fifth Third Bancorp (NASDAQ: FITB), which is based in Ohio, but does business in North Carolina, said that it is making it easier for small business owners to get access to capital. The Bank implemented changes to its Fifth Third Business Line of Credit, providing capital within three to five days for everyday operating expenses, equipment and inventory costs.
“At Fifth Third, we recognize there are situations that arise when a small business owner needs access to funds quickly in order to keep their business running,” said Kala Gibson, head of Business Banking for Fifth Third Bank. “We want to make sure we can help our customers when the need arises; not a month from when the need occurs.”
In a recent YouGov survey of small business owners commissioned by Fifth Third Bank, respondents said a lack of funds was the largest obstacle holding owners back from growth in 2017. With a focus on serving its customers and keeping them at the center of every decision, Fifth Third is now capable to provide a quicker decision and fast access to funding.
Additional features of the Fifth Third Business Line of Credit include:
- Credit lines with up to $100,000 with no collateral requirement
- Low variable APRs of 6.74% to 10.74%. APRs will vary with the market based on the Prime Rate2
- No origination fee or application fee
- Convenient access to funds via check, card or online
Small business owners can use the line of credit to meet a one-time borrowing need, consolidate high-interest balances and more.