Fifth Third Bank Offers Tips to Entrepreneurs Who Want To Turn Their Dreams of Owning a Small Business Into a Reality
Fifth Third is Positioned to Support Small Businesses at Every Stage
CINCINNATI, April 28, 2023 /3BL Media/ - There are a lot of emotions tied to opening a brand-new business, including excitement and fear. But Fifth Third Bank, National Association, with 165 years of banking experience, knows the ins and outs.
“Small businesses make a huge impact on communities and local economies,” said Fifth Third Business Banking National Sales Director Navia McCloud. “They are a significant source of employment, help build the middle class, and create generational wealth.”
For entrepreneurs, creating that business and making a long-lasting success is easier said than done. One challenge is that each business sector and state will have different requirements that new business owners need to master, but all businesses require these documents or processes in some form. Fifth Third has a simple guide to the documents and processes required to start a business.
“As bankers, it’s our responsibility to help our small business owners reach their goals through active listening, understanding their industry, and delivering the appropriate solutions for every stage of their unique business lifecycle,” McCloud said.
A solid business plan is the first step
A critical component to a successful start-up is a strong business plan. The Small Business Administration (SBA) offers five reasons why this is so important. A business plan will serve many functions throughout a company's business lifecycle. Investors and financial institutions will analyze its soundness and look at specific factors like the opportunity for sustainable growth. Business owners and management teams can use their business plan as an operational compass to track important milestones – what’s working and what’s not.
A thoroughly crafted business plan can also expedite funding and help cut through red tape. A good example is Fifth Third client Caliber Mechanical LLC, an MBE certified mechanical construction and piping contractor located in Chicago. The owners are two friends, with prior industry experience working for larger outfits, who decided to make the leap and start working for themselves. This was in 2021 when the effects of the global pandemic were still very real. However, their passion, plans, and banking partners aligned to make their dreams a reality.
Fifth Third Business Banking Relationship Manager Marcin Bos, and SBA Market Specialist Anna Delic met with the entrepreneurs to discuss their goals. While reviewing their business plan, Bos and Delic were confident they could secure funding for them.
“We were extremely impressed with Caliber Mechanical’s business plan,” said Bos. “It clearly outlined their unique approach, industry background, market analysis, and competitive advantages. Because of their due diligence, we were willing to do our first SBA loan for a startup since COVID hit.”
Fifth Third closed on an SBA Express line of credit, which was essential for the new company to start and begin operating the business.
The loan also helped them purchase quality software and equipment to perform their work as well as manage their receivables while waiting for clients to pay.
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 offered by Fifth Third Bank, National Association. Member FDIC.
Beth Oates (Media Relations)
Beth.Oates@53.com | 313-230-9002
Chris Doll (Investor Relations)
Christopher.Doll@53.com | 513-534-2345