The fifth third small business for small businesses rewards nearly $ 250,000 in subsidies
Inaugural subsidies will determine growth, extend financial access for small businesses
Cincinnati, March 31, 2025-(Business Wire)-approximate 50 small US businesses received $ 5,300 subsidies from the fifth third business catalyst to broaden financial access and help grow future growth.
The catalyst fund for small businesses empowers the small fingerprint companies of Fifth Third to grow and create jobs in their communities and to build a more equitable ecosystem for small businesses. Grants are the first prizes of the $ 7.85 million fund, which the fifth third (NASDAQ: FITB) launched last fall in partnership with the Community reinvestment fund (CRF).
“At the fifth third, we have hired to increase financial access and mobility in all the communities we serve,” said Kala Gibson, the director of corporate responsibility for the fifth third. “These inaugural subsidies from our small business catalyst fund will help the locally held companies on our fingerprint to grow and prosper. Small enterprises form the foundation of our communities when they succeed, we all succeed.”
The small business catalyst fund helps the small and micro -affect owners to obtain working capital when traditional loans are not an option by connecting them with the potential capital options offered by the Financial Institutions of Trust Community Development (CDFI). The program uses an innovative financing model that combines subsidies, micro -loans and loans for small business, between 5,000 and $ 750,000 in small businesses, in different stages of maturity.
“Small enterprises are essential for the success and vibration of communities throughout the country, however, many are experiencing significant challenges in ensuring the financing they need to grow,” said Alexis Dishman, SVP and CRF chief officer. “In collaboration with the fifth third bank and our CDFI partners, CRF aims to expand the financial opportunities and accelerate the impulse of small businesses by creating this innovative fund.”
Beneficiaries of subsidies include Country Meat Co. Marketplace from the Avondale neighborhood of Cincinnati. Property at local and operated level, Country Meat Co. Square It became the first grocery store of the Avondale community in 17 years, when it was opened in February.
“The third support will help to ease a financial tension related to food for the members of the Avondale community, as well as to provide access to nutrition education and essential support,” said co-owner Tennel Bryant.
The catalyst fund for small businesses is funded by the fifth third foundation, the fifth fifth community development of the bank and Rockefeller Philantropy Advisors. CRF manages the funds of the fund and loans for small business and works along with two regional CDFI microlenders, who focus on micro and technical assistance: the Institute of Economic and Community Development in Ohio (ECDI) and Ascendus, based on New York.
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