Inaugural grants will drive growth, broaden financial access for small businesses

Nearly 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.

The 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).

"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.”

The 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.

“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.”

Grant 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.

“Fifth Third’s support will help ease food related financial strain for members of the Avondale community as well as providing access to nutritional education and essential support,” said co-owner Tennel Bryant.

The Small Business Catalyst Fund is funded by the Fifth Third Foundation, the Fifth Third Bank Community Development Corporation, and Rockefeller Philanthropy Advisors. CRF administers the fund’s grants and small business loans and works alongside two regional CDFI microlending partners who focus on microloans and technical assistance: Ohio-based Economic & Community Development Institute (ECDI), and New York-based Ascendus.

Fifth Third has a proven track record of prioritizing financial access and community development through its Neighborhood Program, which creates and implements innovative place-based strategies to effect positive change in nine historically disinvested neighborhoods across the Bank’s 11-state footprint. Fifth Third launched its neighborhood program in 2021, taking a place-based approach to community development where the Bank works with a lead partner organization and other local organizations to build ecosystems that drive real change through both financial and social investments. This collective ecosystem approach is focused on identifying solutions to key challenges in partnership with the community, with the goal of creating lasting, transformative change.

A full list of grant recipients and more information is available at www.SmallBusinessCatalystFund.com.

About the Fifth Third Foundation

Established in 1948, the Fifth Third Foundation was one of the first charitable foundations created by a financial institution. The Fifth Third Foundation supports worthy causes in the areas of health and human services, education, community development and the arts in the states where Fifth Third Bank operates.

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 provided by Fifth Third Bank, National Association. Member FDIC.

About Community Reinvestment Fund, USA

Founded in 1988, Community Reinvestment Fund, USA (CRF) is a national non-profit organization with a mission to improve lives and strengthen communities through innovative financial solutions. CRF has injected more than $3.6 billion to stimulate job creation, economic development, and support community facilities. To learn more about CRF, visit www.crfusa.com.

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