In its Summary of States’ 2014 Annual Reports, the State Small Business Credit Initiative (SSBCI) revealed that Fifth Third Bank (NASDAQ: FITB) is the largest lender by dollar amount since the program’s inception in 2011.The report shows that Fifth Third Bank has issued 82 SSBCI loans totaling more than $98,539,366 since 2011, for an average of $1.2 million per loan.
“Small businesses continue to be the backbone of the American economy and Fifth Third Bank is proud to support them with SSBCI loans,” said Dave Jackson, vice president and national SBA director. “Whether they are just starting out or looking to expand, small businesses can rely on Fifth Third Bank for the financial tools they need to run a successful business.”
The SSBCI was created by the Small Business Jobs Act of 2010 to support private lending and investing in small businesses. According to the report, “from 2011 through 2014, States reported that they had expended $864 million in SSBCI funds which, in turn, supported over 12,400 private sector loans or investments to small businesses totaling $6.4 billion.”
Action Wood, Clinton Township, Michigan-based manufacturer of custom wood products for the automotive, aerospace and defense industries received an SSBCI credit line through Fifth Third Bank.
“Fifth Third Bank’s counsel was pivotal in our expansion efforts and places us in position for future growth,” said Chris Grobbel, president of Action Wood. “By securing this specialized financing, we were able to turn the corner and begin our journey to achieve the next level our business goals.”
SSBCI lending is one of several opportunities Fifth Third Bank makes available to its business banking customers. The Bank’s total lending to small businesses topped $2.2 billion in 2014.
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