Full review
Getting a business loan from Fifth Third Bank requires a phone call or a branch visit, but borrowers can potentially score discounted payroll services (if they also have a business checking account with Fifth Third), free business checking, and other perks.
To better understand the unique needs of your business, we'll begin by completing a short survey.
Once you find your perfect match, our team will be happy to guide you through the next steps of the process.
Fifth Third Bank is a great fit for borrowers who:
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Be an existing Fifth Third Business Banking customer. Small business owners may want to handle all of their business needs with one bank, and what's more, if you have an active line of credit, SBA loan, or term loan, Fifth Third will waive the monthly service fee on your business checking account.
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It is an established company with a strong credit history. Business bank loans generally offer the best interest rates and terms, but you'll likely need at least a few years of business experience and a good credit score to qualify.
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You don't need cash right away. Fifth Third Bank can grant unsecured lines of credit and term loans within one business day. However, because there is no online application, the loan process can take longer from start to finish. Business loan applications must be made over the phone or in person. It can take several days to get funds, compared to online lenders that offer loans in as little as 24 hours.
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We need financing for our medical operations. Fifth Third offers industry-specific financing options for medical, dental, optometric and veterinary practices.
Fifth Third Bank Business Loan Types
Fifth Third Bank Business Loan Features
Fifth Third Bank claims that the interest rates and terms on its small business loans are competitive, but it doesn't publish information like APR ranges or loan terms on its website. If you want to compare Fifth Third Bank loans with other options, you'll need to contact the bank for these details. Here's what you can expect from the bank's loans, based on the type of loan.
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Term Loan |
Secured Business Lines of Credit |
Unsecured Business Lines of Credit |
Commercial Real Estate Loans |
|
|---|---|---|---|---|
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Loan amount |
private. |
It could be more than $100,000. |
$10,000 to $100,000. |
private. |
|
Estimated APR Range |
It depends on the qualifications of your business. |
It depends on the qualifications of your business. |
It depends on the qualifications of your business. |
It depends on the qualifications of your business. |
|
Note |
Fixed interest rate, can be used to finance equipment. |
Collateral such as accounts receivable and inventory is required. |
No collateral required. Funding can be available in as little as one day. |
Fixed interest rate. Can be used to purchase, build or renovate commercial real estate. |
Fifth Third Bank SBA Loan
Fifth Third Bank offers several types of SBA loans, including standard SBA 7(a) loans, SBA Express loans, and SBA 504 loans.
Fifth Third Bank is an SBA preferred lender and has extensive experience processing and servicing SBA loans. This designation allows Fifth Third Bank to make a final credit decision without submitting an application to the SBA, thereby speeding up loan approval times.
Fifth Third SBA Loan Features
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Loan amount |
Up to $5 million. |
From $125,000 to over $10 million. |
Up to $500,000. |
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Estimated APR Range |
SBA loan interest rate caps apply, depending on a business’s eligibility. |
SBA loan interest rate caps apply, depending on a business’s eligibility. |
SBA loan interest rate caps apply, depending on a business’s eligibility.
|
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Fee |
Warranty, packaging, handling and other miscellaneous charges may apply. |
Warranty, packaging, handling and other miscellaneous charges may apply. |
Warranty, packaging, handling and other miscellaneous charges may apply. |
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Terms |
The maximum term is 25 years depending on the purpose of the loan. |
The maximum term is 25 years depending on the purpose of the loan. |
The maximum term is 25 years depending on the purpose of the loan. |
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Repayment Schedule |
monthly. |
monthly. |
monthly. |
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Speed of fund raising |
It varies. For a standard SBA loan, the average term is 60-90 days. |
It varies. For a standard SBA loan, the average term is 60-90 days. |
It depends on your situation: Express loans have quicker timelines than other SBA loans. |
What makes Fifth Third Bank great?
Diverse financing options
Fifth Third Bank offers a variety of business lending products, including unsecured and secured lines of credit and term loans, as well as commercial real estate loans, SBA loans and industry-specific financing.
Package plans also available
Fifth Third Bank's shortcomings
The application process is slow
With Fifth Third Bank, you'll need to either contact their call center to speak with a salesperson or go to a local branch to fill out and submit an application. Keep in mind that Fifth Third has branches in 10 states (with four of those having three or fewer branches), so the phone process may be the only option for many businesses.
This can be more of a hassle than using an online lender, many of which allow you to create an online account and upload and submit documents, so a loan from Fifth Third Bank may take longer to process than other options.
Lack of transparency
Fifth Third Bank Business Loan Requirements
Fifth Third Bank's minimum borrower eligibility requirements vary depending on the type of business loan you're applying for. However, in general, you'll need to meet the following criteria to qualify for an SBA loan with Fifth Third Bank:
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size: Your company’s maximum tangible net worth must be no more than $15 million and your two-year average net income after federal income tax must be no more than $5 million.
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Cash flow: Your business needs to show that it has the cash flow to make the loan payments.
Fifth Third Bank doesn't publish a minimum credit score for business loans, but the bank typically requires applicants to have strong credit, typically a FICO score of 700 or above.
How to Apply for a Business Loan from Fifth Third Bank
To apply for a small business loan from Fifth Third Bank, schedule an appointment over the phone or in person with a business banker.
To complete an SBA loan application, you'll need to provide basic information about your business, including:
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Writing personal history.
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Personal financial statements.
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Three years of personal income tax returns.
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Three years of business tax returns.
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Business certificate or license.
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Business leases.
You may also need to provide the following information about each employer, guarantor and manager:
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Name, date of birth, address.
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Social Security Number (if you are a U.S. citizen) or passport number and country of issue.
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Country of nationality and residence.
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Percentage of Ownership.
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Personal income.
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Living situation (renting or owning) and monthly housing costs.
Fifth Third Bank Business Loan Alternatives
Funding Circle
15.22
%.
American Express Business Blueprint™
Fifth Third Bank's unsecured business line of credit is limited to $100,000. For larger amounts, the American Express Business Blueprint™ may be a good option.
American Express offers business lines of credit from $2,000 to $250,000, with terms of 6, 12, 18, or 24 months. Instead of a traditional interest rate, American Express charges a fee for each month that you have an outstanding balance. The total monthly fees accrued over the life of the loan are:
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For a six-month loan, it ranges from 3% to 9%.
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6% to 18% for a 12-month loan.
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9% to 27% for 18-month loans.
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12% to 18% for a 24-month loan.
