Press release
Fifth Third Small Business Catalyst Fund Awards Nearly $250,000 in Grants
Inaugural grants will drive growth, broaden financial access for small businesses CINCINNATI--(BUSINESS WIRE)-- Nearly 50 small businesses across the U.S.
About this update from Fifth Third Bancorp
[{"type":"text","content":"\nInaugural grants will drive growth, broaden financial access for small businesses\n\n CINCINNATI--(BUSINESS WIRE)--\nNearly 50 small businesses across the U.S. have been awarded $5,300 grants from the Fifth Third Small Business Catalyst Fund to broaden financial access and help drive future growth.\n\nThe 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 $7.85 million fund, which Fifth Third (NASDAQ: FITB) launched last fall in partnership with the Community Reinvestment Fund, USA (CRF).\n\n\"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.”\n\nThe 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 $5,000 to $750,000 to small businesses at various stages of maturity.\n\n“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.”\n\nGrant recipients include The Country Meat Co. Marketplace in Cincinnati’s Avondale neighborhood. Locally-owned and operated, The Country Meat Co. Marketplace became the Avondale community’s first grocery store in 17 years when it opened in February.\n\n“Fifth Third’s support will help ease food related financial strain for members of the Avondale community as w...