Fifth Third Bank Business Loans Review 2022

Fifth Third Bank offers several types of business loans and some notable perks — but you can’t apply online.
Jun 13, 2022

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Our Take

The bottom line:

Fifth Third business loans are a good option for businesses that don’t mind an offline application process and may want to bundle their financing with payroll or other business services.

Fifth Third Bank
Fifth Third Bank
Min. credit score
700

Pros & Cons

Pros

  • Several types of business loans available.

  • Fee waiver on checking with an active business loan.

  • Some loan products fund fairly quickly.

Cons

  • Must visit a Fifth Third Bank branch or schedule a phone appointment to apply.

  • Limited information available online.

Full Review

How Much Do You Need?

with Fundera by NerdWallet

Note: Fifth Third Bank does not 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.

Fifth Third Bank offers several types of small-business loans, including SBA loans, term loans, business lines of credit, real estate loans and equipment financing.

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.

Fifth Third Bank is best for borrowers who:

  • Want a variety of financing options. Fifth Third Bank offers several different types of business lending, which is convenient if you’re not sure what you want or if you think you might pivot to another option as you start the process.

  • Want a one-stop-shop experience. Fifth Third Bank has a partnership with Paycor (if you’re looking for a deal on payroll services), and the bank will waive fees on business checking accounts for borrowers. You can also offer credit financing to your customers via Fifth Third Bank’s program with GreenSky, which is a consumer financing company owned by Goldman Sachs.

  • Don’t need cash fast. Fifth Third Bank says it can fund unsecured lines of credit 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.

Types of Fifth Third Bank business loans

Fifth Third Bank offers several different types of business loans including:

  • Term loans.

  • Secured and unsecured lines of credit.

  • Commercial real estate loans.

  • SBA financing.

  • Equipment financing.

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

Equipment financing

Loan amount

Undisclosed.

Can range to $100,000 and up.

$10,000 to $100,000.

Undisclosed.

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.

Varies based on your business’s qualifications.

Notes

Fixed and variable interest rates offered.

Requires collateral, such as accounts receivable or inventory.

No collateral requirement. May be able to fund in one day.

Buy vehicles or equipment to expand operations; restructure other debt.

Also does leasing programs for IT, health care and material handling equipment.

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

Varies by loan program.

  • 7(a) loans: up to $5,000,000.

  • Express loans: up to $500,000.

  • 504 loans: $125,000 to over $10,000,000.

Estimated APR range

Varies based on your business’s qualifications, but subject to SBA loan rate maximums.

Fees

Guarantee, packaging, processing and other miscellaneous fees may apply.

Terms

Up to 25 years depending on the loan.

Repayment schedule

Monthly.

Funding speed

Varies. Average timeline is 60 to 90 days for standard 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 unsecured and secured lines of credit, as well as commercial real estate loans, SBA loans and term loans.

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.)

These service offerings include:

  • Creating and tracking educational courses for employees.

  • Open enrollment.

  • Recruiting and onboarding process maintenance.

  • Customizable interactive dashboards for reporting and analytics.

  • Ability to create a branded career site.

  • Ability to change pay in real time.

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.

Low 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 $15,000,000 in maximum tangible net worth and a two-year average net income after federal income tax of $5,000,000.

  • 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

Credibility Capital

If you want a more streamlined process, Credibility Capital offers business term loans with an online application, and funding is typically available in three days or more. Credibility Capital lends up to $500,000, with terms from one to five years. Interest rates start at 6.99%.

To qualify, you’ll need to be two years in business, have “strong personal credit,” be a U.S. citizen and have had no commercial or personal bankruptcies in the past five years. Businesses in Nevada, North Dakota, South Dakota and Vermont don’t qualify.

Kabbage

Fifth Third Bank’s unsecured business line of credit tops out at $100,000. For a larger amount — and faster access — Kabbage might be a good option.

Kabbage offers business lines of credit up to $250,000, with terms of six, 12 or 18 months. Instead of a traditional interest rate, Kabbage charges a fee each month that you have an outstanding balance, with total fees ranging from 2% to 27% depending on your loan’s term.

You can apply for a Kabbage line of credit online and receive approval the same day. Plus, Kabbage allows you to connect a business checking account or accounting software to its underwriting platform to speed up the application process.