Fifth Third Bank Helps More than 31,000 Small Businesses Secure Paycheck Protection Program Loans
CINCINNATI, May 7, 2020 /3BL Media/ – Fifth Third Bank, National Association announced today that it has secured more than $5.5 billion in funding approval for more than 31,000 businesses through the Small Business Administration’s Paycheck Protection Program. These loans have the potential to support up to 555,000 jobs.
“Fifth Third’s focus on helping small business owners is more relevant than ever during these times of uncertainty,” said Greg D. Carmichael, Fifth Third chairman, president and CEO. “Small businesses are the backbone of our communities and economy. The loans we have secured so far through the SBA’s Paycheck Protection Program will help to preserve the jobs of up to 555,000 employees of small businesses across the communities we serve and help to restart our economy.”
Through the two rounds of the program authorized by Congress as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act, Fifth Third has:
- Received approval for more than 31,000 loans
- Secured more than $5.5 billion in funding
- Supported up to 555,000 jobs
- More than 80% of loans approved are for less than $150,000
- The average of all approved loans is $179,000
Fifth Third continues to accept and process SBA Paycheck Protection Program loan applications on behalf of its customers, who can indicate their interest through 53.com or Fifth Third Direct platforms so long as the current round of funding is available.
“This is about preserving as many jobs and livelihoods as possible in the communities we serve,” Carmichael said. “We will continue our efforts to serve as many as possible. I am very proud of all our bankers who have worked tirelessly to help our small business community. They have demonstrated our commitment and adapted to meet unprecedented customer needs through a difficult time.”
For more information on how Fifth Third is helping customers impacted by COVID-19, visit www.53.com/covid.
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 March 31, 2020, Fifth Third had $185 billion in assets and operated 1,123 full-service banking centers and 2,464 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North 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 March 31, 2020, had $374 billion in assets under care, of which it managed $42 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.