Fifth Third Launches Small Business Catalyst Fund in Partnership with Community Reinvestment Fund, USA
Fifth Third Bank has partnered with Community Reinvestment Fund, USA (CRF) to launch the Small Business Catalyst Fund, a $7.85M investment initiative. The fund aims to support small businesses across Fifth Third's 11-state footprint through a combination of grants, micro loans, and small business loans ranging from $5,000 to $750,000. The program involves collaboration with Community Development Financial Institutions (CDFIs), including ECDI and Ascendus, to provide capital access to entrepreneurs who historically faced funding barriers. The initiative builds on Fifth Third's neighborhood program, which has delivered over $13.5M in small business lending since 2021.
Fifth Third Bank ha stretto una partnership con il Community Reinvestment Fund, USA (CRF) per lanciare il Small Business Catalyst Fund, un'iniziativa di investimento da 7,85 milioni di dollari. Il fondo ha l'obiettivo di supportare le piccole imprese in tutti gli 11 stati in cui Fifth Third è presente, attraverso una combinazione di sovvenzioni, micro prestiti e prestiti per piccole imprese che vanno da 5.000 a 750.000 dollari. Il programma prevede una collaborazione con le Istituzioni Finanziarie per lo Sviluppo della Comunità (CDFI), tra cui ECDI e Ascendus, per garantire l'accesso al capitale agli imprenditori che storicamente hanno affrontato barriere al finanziamento. L'iniziativa si aggiunge al programma di quartiere di Fifth Third, che ha già erogato oltre 13,5 milioni di dollari in prestiti a piccole imprese dal 2021.
Fifth Third Bank se ha asociado con el Community Reinvestment Fund, USA (CRF) para lanzar el Small Business Catalyst Fund, una iniciativa de inversión de 7.85 millones de dólares. El fondo tiene como objetivo apoyar a pequeñas empresas en los 11 estados donde opera Fifth Third, a través de una combinación de subvenciones, microcréditos y préstamos para pequeñas empresas que van desde 5,000 hasta 750,000 dólares. El programa implica la colaboración con Instituciones Financieras de Desarrollo Comunitario (CDFI), incluyendo ECDI y Ascendus, para proporcionar acceso al capital a emprendedores que han enfrentado históricamente barreras para obtener financiación. La iniciativa se basa en el programa de vecindario de Fifth Third, que ha proporcionado más de 13.5 millones de dólares en préstamos para pequeñas empresas desde 2021.
Fifth Third Bank는 Community Reinvestment Fund, USA (CRF)와 파트너십을 맺고 Small Business Catalyst Fund를 출시했습니다. 이는 785만 달러의 투자 이니셔티브입니다. 이 기금은 Fifth Third가 운영되는 11개 주 전역의 소규모 기업을 지원하는 것을 목표로 하며, 5,000달러에서 750,000달러 사이의 보조금, 마이크로 대출 및 소기업 대출의 조합을 통해 이루어집니다. 이 프로그램은 ECDI 및 Ascendus를 포함한 지역 개발 금융 기관(CDFI)과 협력하여 역사적으로 자금 조달 장벽에 직면해 온 기업가에게 자본 접근을 제공합니다. 이 이니셔티브는 2021년 이후로 1,350만 달러 이상을 소기업 대출에 지원한 Fifth Third의 이웃 프로그램을 기반으로 합니다.
Fifth Third Bank s'est associé au Community Reinvestment Fund, USA (CRF) pour lancer le Small Business Catalyst Fund, une initiative d'investissement de 7,85 millions de dollars. Ce fonds vise à soutenir les petites entreprises sur les 11 états où Fifth Third est présent, à travers une combinaison de subventions, de micro-prêts et de prêts pour petites entreprises allant de 5 000 à 750 000 dollars. Le programme implique une collaboration avec des Institutions Financières de Développement Communautaire (CDFI), y compris ECDI et Ascendus, pour offrir un accès au capital aux entrepreneurs qui se sont historiquement heurtés à des barrières de financement. Cette initiative s'appuie sur le programme de quartier de Fifth Third, qui a déjà accordé plus de 13,5 millions de dollars en prêts pour petites entreprises depuis 2021.
Fifth Third Bank hat sich mit dem Community Reinvestment Fund, USA (CRF) zusammengeschlossen, um den Small Business Catalyst Fund ins Leben zu rufen, eine Investitionsinitiative in Höhe von 7,85 Millionen US-Dollar. Der Fonds hat das Ziel, kleine Unternehmen in den 11 Bundesstaaten, in denen Fifth Third tätig ist, durch eine Kombination aus Zuschüssen, Mikrodarlehen und Krediten für kleine Unternehmen zwischen 5.000 und 750.000 US-Dollar zu unterstützen. Das Programm umfasst die Zusammenarbeit mit Community Development Financial Institutions (CDFIs), darunter ECDI und Ascendus, um Unternehmern, die historisch gesehen mit Finanzierungshürden konfrontiert waren, den Zugang zu Kapital zu ermöglichen. Diese Initiative baut auf dem Nachbarschaftsprogramm von Fifth Third auf, das seit 2021 über 13,5 Millionen US-Dollar in Form von Kleindarlehen bereitgestellt hat.
- Launch of $7.85M Small Business Catalyst Fund expanding lending capabilities
- Strategic partnership with CRF and CDFIs enhancing market reach
- Track record of $13.5M in small business lending since 2021
- Diversified lending options ranging from $5,000 to $750,000
- None.
Insights
The launch of the
The program's innovative funding model combining grants, microloans and small business loans through CDFIs could help Fifth Third expand its small business lending footprint and create goodwill in underserved markets. The bank's track record of
"Small businesses form the foundation of our communities – and when they succeed, we all succeed,” said Kala Gibson, chief corporate responsibility officer for Fifth Third. “We are proud to launch this new fund to help expand access to capital for more small businesses across the communities we serve.”
A partnership between CRF and Fifth Third Bank, the Small Business Catalyst Fund connects small business owners to potential capital options offered by trusted Community Development Financial Institutions (CDFIs). The program will utilize an innovative funding model that combines grants, micro loans and small business loans.
Guided by the local communities they serve, CDFIs are mission-driven community lenders and resource providers that often work with entrepreneurs who have historically faced roadblocks along their journey to secure capital and other resources.
“Despite the access to capital barriers faced by small businesses, they contribute to the success and vibrancy of communities across the country,” said Alexis Dishman, SVP & Small Business Lending Officer for CRF. “In collaboration with Fifth Third Bank and our CDFI partners, CRF aims to improve access to capital and accelerate small business momentum through the creation of this innovative fund.”
The Small Business Catalyst Fund will provide an alternative to help small and micro business owners obtain working capital when traditional lending is not an option. The fund will provide grants, micro loans and small business loans ranging from
Funders include the Fifth Third Foundation, the Fifth Third Bank Community Development Corporation, and Rockefeller Philanthropy Advisors. CRF will administer grants and small business loans and work alongside two local CDFI partners who focus on microloans and technical assistance:
Fifth Third has a proven track record of success in community development through its neighborhood program, which creates and implements innovative place-based strategies to effect positive change in nine historically disinvested neighborhoods across the Bank’s 11-state footprint.
The program is pioneering a new way to do community development by partnering with local organizations to build ecosystems that drive real change through both financial and social investments. This collective ecosystem approach is focused on identifying solutions to key challenges in partnership with the community, with the goal of creating lasting, transformative change. More than
For more information about the Small Business Catalyst Fund or to apply, please visit www.SmallBusinessCatalystFund.com.
About the Fifth Third Foundation
Established in 1948, the Fifth Third Foundation was one of the first charitable foundations created by a financial institution. The Fifth Third Foundation supports worthy causes in the areas of health and human services, education, community development and the arts in the states where Fifth Third Bank operates.
About Fifth Third
Fifth Third is a bank that’s as long on innovation as it is on history. Since 1858, we’ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it’s one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few
Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank and its common stock is traded on the NASDAQ® Global Select Market under the symbol "FITB." Investor information and press releases can be viewed at www.53.com. Deposit and credit products provided by Fifth Third Bank, National Association. Member FDIC.
About Community Reinvestment Fund,
Founded in 1988, Community Reinvestment Fund,
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Amanda Nageleisen (Media Relations)
amanda.nageleisen@53.com
Matt Curoe (Investor Relations)
matt.curoe@53.com | 513-534-2345
Source: Fifth Third Bank
FAQ
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