$7.85M in investments will help build a more equitable small business ecosystem
CINCINNATI--(BUSINESS WIRE)--Oct. 30, 2024--
Fifth Third Bank has partnered with Community Reinvestment Fund, USA (CRF) to launch the Small Business Catalyst Fund, a $7.85M investment that will empower small businesses across Fifth Third’s 11-state footprint to grow and create jobs in their communities and build a more equitable small business ecosystem.
"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 $5,000 to $750,000 to small businesses at various stages of maturity.
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: Ohio-based Economic & Community Development Institute (ECDI), and New York-based Ascendus.
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 $13.5 million in small business lending has been delivered by Fifth Third through the neighborhood program since 2021.
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 U.S.-based banks to have been named among Ethisphere’s World’s Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation’s highest performing regional bank, but to be the bank people most value and trust.
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, USA
Founded in 1988, Community Reinvestment Fund, USA (CRF) is a national non-profit organization with a mission to improve lives and strengthen communities through innovative financial solutions. A leading Community Development Financial Institution (CDFI), CRF supports mission-driven organizations, increases economic mobility, and builds strong local economies through the development of solutions aimed at creating an equitable financial system. CRF has injected more than $3.6 billion to stimulate job creation and economic development and support community facilities. To learn more about CRF, visit www.crfusa.com.
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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
