Fifth Third Bank Small Business Loan Review
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Fifth Third Bank is a Preferred Lender according to the Small Business Administration, which means the bank may act as a sole agent in the SBA approval process. As a result, they have a tremendous amount of experience when it comes to handling the SBA loan process. This can be a great boon for small businesses as SBA loans and other small business financing options can sometimes be confusing and tedious to get through.
Understanding Your Loan Options
Some of the advantages of SBA loans is that they offer fixed or variable interest rates with flexible terms up to 25 years and no balloon payments, includes the option of financing closing costs with down payments as low as 10% on commercial real estate loans. The two major SBA partnership loans are available at Fifth Third Bank, including the 504-unsecured loan program that focuses on real estate and machinery funding (has hiring requirements) and The 7(a) program that requires security but offers the same real estate loans for variable rates as well as other business expenses.
Speed of Implementation and Loan Duration
The Fifth Third Bank SBA Express loans are for businesses with less established credit that want to improve cash flow, refinance debt, or fund improvements, equipment, or real estate. It features the easiest SBA application process and accelerated approval times, plus it offers longer terms and lower down payment requirements than conventional loans. There are some perks that go with some of the programs. For example, with an active business line of credit, term loan, or SBA loan, they’ll waive the standard monthly service charge on your Business Premium or Business Elite checking account.
Fifth Third Bank is distinguished as an “SBA Preferred Lender.” As such, they claim to provide a quicker, more streamlined process for their borrowers. Because they are a bank rather than a lending institution, they have inhouse underwriting and application processing is centralized for a smooth process. The lack of bureaucratic oversight saves plenty of time.
Fine Print and Final Thoughts
Fifth Third is an average choice when it comes to options for small business lending. The fact that they are an SBA preferred lender means that the government trusts their accounting procedures enough to give them substantial autonomy when it comes to issuing government backed loans, and that’s a positive side for them. On the other hand, there’s nothing really that sets them apart from the other lenders we’ve looked at.
Anne is a Senior Author for SBL. She began her career as an independent consultant for local businesses after graduating with a BA in Management. Since that time, she’s expanded to writing as well as consulting to spread helpful knowledge to small business owners across the country.