Our Take
The bottom line:
Fifth Third business loans are a good option for established businesses with strong credit that don’t mind an offline application process and may want to bundle their financing with other business services.
Fifth Third Fast Capital - Business Line of Credit
Max Loan Amount
$100,000
Min. credit score
700
Pros & Cons
Pros
- Several types of business loans available.
- Some loan products fund fairly quickly.
- Offers specialized healthcare practice financing.
- Fee waiver on business checking accounts with an active business loan.
Cons
- Must visit a Fifth Third Bank branch or schedule a phone appointment to apply.
- Limited information available online.
Full Review
Fifth Third Bank offers several types of small-business loans, including SBA loans, term loans, business lines of credit and real estate loans.
Although you’ll have to pick up the phone or visit a branch to get a business loan from Fifth Third Bank, borrowers may be able to score discounted payroll services (if they also have a Fifth Third business checking account), as well as free business checking and some other perks.
How much do you need?
We’ll start with a brief questionnaire to better understand the unique needs of your business.
Once we uncover your personalized matches, our team will consult you on the process moving forward.
Fifth Third Bank is best for borrowers who:
- Are an existing Fifth Third business banking customer. Small business owners may prefer to use a single bank for all their business needs. Additionally if you have an active line of credit, SBA loan or term loan, Fifth Third will waive the monthly service charge on your business checking account.
- Are an established business with a strong credit history. Generally speaking, business bank loans offer the best rates and terms, but in order to qualify you will likely need at least a few years in business and a good credit score.
- Don’t need cash fast. Fifth Third Bank can fund unsecured lines of credit and term loans in one business day. But with no online application, the lending process from start to finish may still take some time. You’ll need to apply for a business loan over the phone or in person. Compared with online lenders that provide financing in just 24 hours, it may take several days to get access to capital.
- Need healthcare practice financing. Fifth Third offers industry-specific financing options for medical, dental, optometry and veterinary practices.
Types of Fifth Third Bank business loans
Fifth Third Bank offers several different business financing options including:
- Secured and unsecured term loans.
- Secured and unsecured lines of credit.
- Equipment financing.
- Commercial real estate loans.
Fifth Third Bank business loan features
Fifth Third Bank says its small-business loans have competitive rates and terms, but it doesn't publish information such as APR ranges or loan lengths on its website. You'll need to contact the bank for these details if you want to compare financing from Fifth Third Bank with other options. Here’s what you can expect from its financing, based on the loan type:
Term loan | Secured business line of credit | Unsecured business line of credit | Commercial real estate loan | |
|---|---|---|---|---|
Loan amount | Undisclosed. | Can range to $100,000 and up. | $10,000 to $100,000. | Undisclosed. |
Estimated APR range | Varies based on your business’s qualifications. | Varies based on your business’s qualifications. | Varies based on your business’s qualifications. | Varies based on your business’s qualifications. |
Notes | Fixed interest rates. Can be used to finance equipment. | Requires collateral, such as accounts receivable or inventory. | No collateral requirement. May be able to fund in one day. | Fixed interest rates. Can be used to buy, build or renovate commercial real estate. |
Fifth Third Bank SBA loans
Fifth Third Bank offers multiple 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, meaning the bank has extensive experience processing and servicing SBA loans. This designation also means that Fifth Third Bank can make final credit decisions without sending applications to the SBA, allowing for a faster loan approval timeline.
Fifth Third SBA loan features
Loan amount | Up to $5 million. | $125,000 to over $10 million. | Up to $500,000. |
Estimated APR range | Varies based on your business’s qualifications, but subject to SBA loan rate maximums. | Varies based on your business’s qualifications, but subject to SBA loan rate maximums. | Varies based on your business’s qualifications, but subject to SBA loan rate maximums. |
Fees | Guarantee, packaging, processing and other miscellaneous fees may apply. | Guarantee, packaging, processing and other miscellaneous fees may apply. | Guarantee, packaging, processing and other miscellaneous fees may apply. |
Terms | Up to 25 years, depending on the loan purpose. | Up to 25 years, depending on the loan purpose. | Up to 25 years, depending on the loan purpose. |
Repayment schedule | Monthly. | Monthly. | Monthly. |
Funding speed | Varies. Average timeline is 60 to 90 days for standard SBA loans. | Varies. Average timeline is 60 to 90 days for standard SBA loans. | Varies. Express loan timeline is faster than that of other SBA loans. |
Where Fifth Third Bank stands out
Variety of financing options
Fifth Third Bank has a variety of business lending products to choose from, including both unsecured and secured lines of credit and term loans, as well as commercial real estate loans, SBA loans and industry-specific financing.
Package deals available
If you’d like a suite of small-business tools, and not only a loan, borrowing from Fifth Third Bank has some potential advantages. With an active loan, Fifth Third Bank will waive the monthly fee on its business checking account. And with that account, you’re eligible for discounts on HR and payroll services from Paycor. (You enroll with a Fifth Third Bank banker.)
Where Fifth Third Bank falls short
Slow application process
Fifth Third Bank requires you to contact a call center to talk with a sales advisor or go to a local branch to complete and submit an application. Note that Fifth Third has branches in 10 states (and four of those states have three or fewer branches), so the phone option may be the only option for many businesses.
This can be more cumbersome than working with online lenders, many of which let you create an online account to upload and submit documentation. In turn, some loans from Fifth Third Bank might take longer to fund than other options out there.
Lack of transparency
On its website, Fifth Third Bank doesn’t provide access to information that you may find from online lending competitors, such as interest rate ranges, credit score minimums and average time to fund.
Fifth Third Bank business loan requirements
Fifth Third Bank’s minimum borrower eligibility requirements can vary based on the type of business loan you're applying for. In general, however, you can expect to need the following criteria to qualify for an SBA loan at Fifth Third Bank:
- Size: Your business can’t have more than $15 million in maximum tangible net worth and a two-year average net income after federal income tax of $5 million.
- Cash flow: Your business must show that it has the cash flow to make the loan payments.
Fifth Third Bank doesn't disclose a minimum credit score for business financing. However, banks usually require applicants to have strong credit — typically a FICO score of 700 or higher.
How to apply for a business loan from Fifth Third Bank
You can apply for a small-business loan from Fifth Third Bank by scheduling an appointment by phone or in person with a business bank representative.
To complete an SBA loan application, you’ll be asked to provide basic information about your business, including things such as:
- Statement of personal history.
- Personal financial statement.
- Three years of personal income tax returns.
- Three years of business tax returns.
- Business certificate or license.
- Business leases.
You may also need to provide information about each business owner, guarantor and controlling manager, such as:
- Name, date of birth, residential address.
- Social Security number (U.S. citizens) or passport number and country of issuance.
- Country of citizenship and country of residence.
- Percentage of ownership.
- Personal income.
- Residential status (rent or own) and monthly housing payment.
Alternatives to Fifth Third Bank business loans
Funding Circle
If you want a more streamlined process, Funding Circle offers business term loans with an online application, and funding is typically available in two days or more. Funding Circle lends up to $500,000, with terms from six months to seven years. Interest rates start at
15.22
%.To qualify, you’ll need to be two years in business, have strong personal credit and and have had no personal bankruptcies in the past seven years. Read our full Funding Circle business loans review.
American Express Business Blueprint™
Fifth Third Bank’s unsecured business line of credit tops out at $100,000. For a larger amount, American Express Business Blueprint™ might be a good option.
American Express offers business lines of credit from $2,000 to $250,000, with terms of six, 12, 18 or 24 months. Instead of a traditional interest rate, American Express charges a fee each month that you have an outstanding balance, with total monthly fees incurred over the loan term range as follows:
- 3% to 9% for six-month loans.
- 6% to 18% for 12-month loans.
- 9% to 27% for 18-month loans.
- 12% to 18% for 24-month loans.
You can apply for an American Express® Business Line of Credit online. Plus, American Express allows you to connect a business checking account or accounting software to its underwriting platform to streamline the application process. Read our full American Express business loans review.
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