Fifth Third Small Business Catalyst Fund Awards Nearly $250,000 in Grants
Fifth Third Bank (NASDAQ: FITB) has awarded nearly $250,000 in grants to approximately 50 small businesses through its Small Business Catalyst Fund. Each business received $5,300 as part of the inaugural distribution from the $7.85 million fund, launched in partnership with Community Reinvestment Fund, USA (CRF).
The fund combines grants, micro loans, and small business loans ranging from $5,000 to $750,000, targeting businesses where traditional lending isn't viable. The initiative operates across Fifth Third's 11-state footprint, working with Community Development Financial Institutions (CDFIs) including ECDI and Ascendus.
Notable recipients include The Country Meat Co. Marketplace in Cincinnati's Avondale neighborhood, which became the area's first grocery store in 17 years. The fund is supported by the Fifth Third Foundation, Fifth Third Bank Community Development , and Rockefeller Philanthropy Advisors.
Fifth Third Bank (NASDAQ: FITB) ha assegnato quasi 250.000 dollari in sovvenzioni a circa 50 piccole imprese attraverso il suo Small Business Catalyst Fund. Ogni impresa ha ricevuto 5.300 dollari come parte della distribuzione inaugurale del fondo di 7,85 milioni di dollari, lanciato in collaborazione con il Community Reinvestment Fund, USA (CRF).
Il fondo combina sovvenzioni, micro prestiti e prestiti per piccole imprese che vanno da 5.000 a 750.000 dollari, mirando a quelle attività in cui il prestito tradizionale non è praticabile. L'iniziativa opera nei 11 stati in cui è presente Fifth Third, collaborando con le Istituzioni Finanziarie di Sviluppo Comunitario (CDFI) tra cui ECDI e Ascendus.
I destinatari notevoli includono The Country Meat Co. Marketplace nel quartiere Avondale di Cincinnati, che è diventato il primo negozio di alimentari della zona dopo 17 anni. Il fondo è sostenuto dalla Fifth Third Foundation, da Fifth Third Bank Community Development e da Rockefeller Philanthropy Advisors.
Fifth Third Bank (NASDAQ: FITB) ha otorgado casi 250,000 dólares en subvenciones a aproximadamente 50 pequeñas empresas a través de su Small Business Catalyst Fund. Cada negocio recibió 5,300 dólares como parte de la distribución inaugural del fondo de 7.85 millones de dólares, lanzado en asociación con el Community Reinvestment Fund, USA (CRF).
El fondo combina subvenciones, micro préstamos y préstamos para pequeñas empresas que van desde 5,000 hasta 750,000 dólares, enfocándose en negocios donde el financiamiento tradicional no es viable. La iniciativa opera en los 11 estados de Fifth Third, trabajando con Instituciones Financieras de Desarrollo Comunitario (CDFI) como ECDI y Ascendus.
Entre los beneficiarios notables se encuentra The Country Meat Co. Marketplace en el vecindario Avondale de Cincinnati, que se convirtió en la primera tienda de comestibles de la zona en 17 años. El fondo cuenta con el apoyo de la Fifth Third Foundation, de Fifth Third Bank Community Development y de Rockefeller Philanthropy Advisors.
Fifth Third Bank (NASDAQ: FITB)는 Small Business Catalyst Fund를 통해 약 50개의 소규모 기업에 거의 250,000달러의 보조금을 수여했습니다. 각 기업은 7.85백만 달러 규모의 기금에서 최초 배분의 일환으로 5,300달러를 받았습니다. 이 기금은 Community Reinvestment Fund, USA (CRF)와 협력하여 시작되었습니다.
이 기금은 5,000달러에서 750,000달러까지의 보조금, 마이크로 대출 및 소규모 비즈니스 대출을 결합하여 전통적인 대출이 어려운 기업을 대상으로 합니다. 이 이니셔티브는 Fifth Third의 11개 주에서 운영되며, ECDI 및 Ascendus와 같은 커뮤니티 개발 금융 기관(CDFI)과 협력하고 있습니다.
주목할 만한 수혜자에는 신시내티의 Avondale 지역에 위치한 The Country Meat Co. Marketplace가 포함되어 있으며, 이곳은 17년 만에 해당 지역 최초의 식료품점이 되었습니다. 이 기금은 Fifth Third Foundation, Fifth Third Bank Community Development 및 Rockefeller Philanthropy Advisors의 지원을 받고 있습니다.
Fifth Third Bank (NASDAQ: FITB) a accordé près de 250 000 dollars en subventions à environ 50 petites entreprises grâce à son Small Business Catalyst Fund. Chaque entreprise a reçu 5 300 dollars dans le cadre de la première distribution du fonds de 7,85 millions de dollars, lancé en partenariat avec le Community Reinvestment Fund, USA (CRF).
Le fonds combine des subventions, des micro-prêts et des prêts pour petites entreprises allant de 5 000 à 750 000 dollars, visant des entreprises où le prêt traditionnel n'est pas viable. L'initiative opère dans les 11 États où Fifth Third est présent, en collaboration avec des Institutions Financières de Développement Communautaire (CDFI) telles que ECDI et Ascendus.
Parmi les bénéficiaires notables, on trouve The Country Meat Co. Marketplace dans le quartier Avondale de Cincinnati, qui est devenu le premier supermarché de la région après 17 ans. Le fonds est soutenu par la Fifth Third Foundation, le développement communautaire de Fifth Third Bank et les Rockefeller Philanthropy Advisors.
Fifth Third Bank (NASDAQ: FITB) hat fast 250.000 Dollar an rund 50 kleine Unternehmen durch seinen Small Business Catalyst Fund vergeben. Jedes Unternehmen erhielt 5.300 Dollar als Teil der ersten Ausschüttung aus dem 7,85 Millionen Dollar umfassenden Fonds, der in Partnerschaft mit dem Community Reinvestment Fund, USA (CRF) ins Leben gerufen wurde.
Der Fonds kombiniert Zuschüsse, Mikrokredite und kleine Unternehmenskredite von 5.000 bis 750.000 Dollar und richtet sich an Unternehmen, bei denen traditionelle Kredite nicht möglich sind. Die Initiative ist in den 11 Bundesstaaten von Fifth Third tätig und arbeitet mit Community Development Financial Institutions (CDFIs) wie ECDI und Ascendus zusammen.
Zu den bemerkenswerten Empfängern gehört The Country Meat Co. Marketplace im Stadtteil Avondale in Cincinnati, das nach 17 Jahren den ersten Lebensmittelladen der Gegend eröffnete. Der Fonds wird von der Fifth Third Foundation, Fifth Third Bank Community Development und Rockefeller Philanthropy Advisors unterstützt.
- Launch of $7.85 million Small Business Catalyst Fund demonstrates commitment to community development
- Partnership with established CDFIs expands financial access for underserved businesses
- Successful distribution of first round of grants reaching nearly 50 businesses
- None.
Inaugural grants will drive growth, broaden financial access for small businesses
The Small Business Catalyst Fund empowers small businesses across Fifth Third’s 11-state footprint to grow and create jobs in their communities and to build a more equitable small business ecosystem. The grants are the first awards from the
"At Fifth Third, we are committed to increasing financial access and mobility in all of the communities we serve,” said Kala Gibson, chief corporate responsibility officer for Fifth Third. “These inaugural grants from our Small Business Catalyst Fund will help locally-owned businesses across our footprint continue to grow and thrive. Small businesses form the foundation of our communities – and when they succeed, we all succeed.”
The Small Business Catalyst Fund helps small and micro business owners obtain working capital when traditional lending is not an option by connecting them with potential capital options offered by trusted Community Development Financial Institutions (CDFIs). The program utilizes an innovative funding model that combines grants, micro loans and small business loans ranging from
“Small businesses are essential to the success and vibrancy of communities across the country, yet many face significant challenges in securing the financing they need to grow,” said Alexis Dishman, SVP & Chief Lending Officer for CRF. “In collaboration with Fifth Third Bank and our CDFI partners, CRF aims to expand financial opportunities and accelerate small business momentum through the creation of this innovative fund.”
Grant recipients include The Country Meat Co. Marketplace in Cincinnati’s
“Fifth Third’s support will help ease food related financial strain for members of the
The Small Business Catalyst Fund is funded by the Fifth Third Foundation, the Fifth Third Bank Community Development Corporation, and Rockefeller Philanthropy Advisors. CRF administers the fund’s grants and small business loans and works alongside two regional CDFI microlending partners who focus on microloans and technical assistance:
Fifth Third has a proven track record of prioritizing financial access and 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. Fifth Third launched its neighborhood program in 2021, taking a place-based approach to community development where the Bank works with a lead partner organization and other 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.
A full list of grant recipients and more information is available at 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
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