Fifth Third Bank, National Association, announced today that it is making it easier for small business owners to apply for loans and lines of credit.* Fifth Third Fast Capital will offer a simple application and, in most cases, approvals will be made within minutes. Funding is available to customers in as little as one business day.
Collaborating with Fundation to offer Fifth Third Fast Capital’s expanded services to small businesses is another example of Fifth Third’s digital innovation strategy of leveraging partnerships to provide a better customer experience. Fundation, a financial technology company serving the small business market, will offer its own products to customers that do not meet Fifth Third’s loan eligibility guidelines, helping the Bank serve more of its small business customers’ credit needs.
“We understand that when small businesses need to purchase inventory or create a prototype, they can’t wait or risk losing out on growth opportunities,” said Kala Gibson, head of Business Banking for Fifth Third. “Fifth Third Fast Capital can help get funds quickly, so they can move forward with their next opportunity. We are here to help you be successful.”
More than a quarter of small business owners struggle to access the funds they need to grow according to a National Small Business Association report from 2017. Businesses that don’t have access to capital have had to reduce the number of employees or are unable to expand operations.
With a focus of serving its customers and keeping them at the center of every decision, Fifth Third’s partnership with Fundation allows the Bank to provide a streamlined application process and faster access to funding. Fifth Third introduced Fast Capital to the Cincinnati market late last year and now is offering the service to all business banking customers.
“At Fundation, our mission is to enable our banking clients to give their small business customers the best of both worlds – great products at great prices along with the modernized experience they expect in the digital era,” said Sam Graziano, CEO of Fundation. “This collaboration does exactly that. The combination of Fifth Third Bank’s renowned brand, customer reach and great products with our digital lending platform will allow us to collectively serve the Bank’s customers with best-in-class products and a best-in-class customer experience."