Fifth Third Bank Offers 5 Tips to Support Local Businesses

Rhea-AI Summary

Fifth Third Bank encourages community support for local businesses during the ongoing pandemic. Notably, the bank has provided over $1.7 billion in loans through the Small Business Administration’s Paycheck Protection Program in 2021, supporting 197,000 jobs at mainly small firms. The bank urges individuals to 'shop local online,' engage with businesses on social media, and patronize local restaurants to help sustain them during challenging times. As of March 31, 2021, Fifth Third managed $464 billion in assets, with common stock traded under the symbol 'FITB.'

Positive

• Provided over $1.7 billion in PPP loans to support over 21,000 businesses in 2021.
• Helped sustain 197,000 jobs, with 91% at businesses employing 20 or fewer people.
• Promotes community engagement with local businesses during Small Business Week.

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• None.

Fifth Third Bank, National Association, urges its communities to continue to support their local businesses, especially during the pandemic, when many have struggled or had to close their doors.

“Small businesses are an integral part of our community,” said Kala Gibson, head of Business Banking and chief enterprise corporate responsibility officer for Fifth Third Bank. “We are proud to support our clients’ bold vision, ambitious plans and their ongoing pursuit of a better tomorrow during National Small Business Week – and all through the year.” (Photo: Business Wire)

“Small businesses are an integral part of our community,” said Kala Gibson, head of Business Banking and chief enterprise corporate responsibility officer for Fifth Third Bank. “We are proud to support our clients’ bold vision, ambitious plans and their ongoing pursuit of a better tomorrow during National Small Business Week – and all through the year.”

So far in 2021, Fifth Third has funded loans under the Small Business Administration’s Paycheck Protection Program totaling more than $1.7 billion to more than 21,000 business customers. These loans helped to support 197,000 jobs, 91% of them at companies with 20 employees or fewer. In 2020, Fifth Third lent $5.4 billion to more than 40,000 business customers through the program.

In celebration of Small Business Week, Fifth Third offers tips to help support community businesses. Consider these five ways to support your neighborhood businesses:

Shop local online: Shopping local doesn’t have to mean in-person. If your favorite stores or businesses have limited hours or you don’t feel comfortable shopping in the store itself, many offer online orders with delivery or curbside pickup.

Support on social: Follow your favorite businesses on social media, then like their posts or write reviews of services and products. This year, during Small Business Week, Fifth Third suggests that you show support of your businesses by visiting your favorite local business, posting on social media and tagging #53shopsmall.

Order takeout: If your neighborhood restaurant isn’t open or you aren’t ready to dine in, consider take-out. Restaurants have been hit hard by the pandemic, with food service sales having fallen $255 billion and 110,000 restaurants closed in the past year, according to the National Restaurant Association. If your budget allows, pick one night a week to order from a restaurant in your community. Consider tipping even with carry out to help support workers.

Be respectful of reservations: If you make a reservation at your nail or hair salon, restaurant or other business, make sure to honor it. That means if you can’t make it, give them at least 24 hours’ notice. Many businesses continue to limit the number of customers they serve at once, and cancelling a table at the last minute can be a big blow to a restaurant operating with fewer tables.

Learn about your local businesses: It takes time to shop local beyond your neighborhood restaurant or shop. Check to see if your community has a farmers market or your grocery store has a special section for local products. You also can see if your local African American Chamber of Commerce has a list of locally owned businesses to try.

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 Mar. 31, 2021, Fifth Third had $207 billion in assets and operated 1,098 full-service banking centers and 2,383 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South 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 Mar. 31, 2021, had $464 billion in assets under care, of which it managed $58 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210503005010/en/

FAQ

What is the total amount funded by Fifth Third Bank in PPP loans in 2021?

Fifth Third Bank has funded over $1.7 billion in Paycheck Protection Program loans in 2021.

How many jobs did Fifth Third Bank's PPP loans help sustain?

The loans helped support 197,000 jobs, primarily in small businesses with 20 employees or fewer.

What does Fifth Third Bank encourage during National Small Business Week?

Fifth Third Bank encourages community members to support local businesses through shopping, social media engagement, and takeout from local restaurants.

What is the stock symbol for Fifth Third Bank?

Fifth Third Bank's stock is traded under the symbol 'FITB' on the Nasdaq Global Select Market.

What significant financial metric does Fifth Third Bank report as of March 31, 2021?

As of March 31, 2021, Fifth Third Bank reported managing $464 billion in assets.