Fifth Third Bank is introducing a new initiative offering thousands of dollars in loans and grants to Atlanta entrepreneurs.
The bank, which focuses on supporting small businesses in local communities in its 11-state footprint, is offering a total of $7.8 million through its Small Business Catalyst Fund.
In metro Atlanta, the initiative offers loans ranging from $5,000 to $750,000 to small business owners and separate grants in the amount of $5,300, specifically for businesses in the Grove Park community.
“We are hopeful that we will see everything from mom-and-pop stores that are in our communities to retail and franchise [businesses] and others,” said Tara Campbell, director of Community Development Operations & Strategy. “If they have been operating for at least two years, this is an opportunity that they would want to inquire about.”
The Small Business Catalyst Fund is part of Fifth Third Bank’s Neighborhood Reinvestment program. Funders include the Fifth Third Foundation, the Fifth Third Bank Community Development Corporation, and Rockefeller Philanthropy Advisors.
Fifth Third is also partnering with the nonprofit Community Reinvestment Fund for the initiative. Both organizations work to increase economic success in local communities.
“Despite the access to capital barriers faced by small businesses, they contribute to the success and vibrancy of communities across the country,” said Alexis Dishman, a senior vice president at Community Reinvestment Fund.
The loans and grants aim to assist small business owners with critical needs such as operating expenses, inventory, and equipment, helping them accelerate their growth and sustainability, Fifth Third officials said.
Applicants could potentially receive both a grant and a loan from the fund. The deadline to apply for a grant is Dec. 13. There is currently no deadline for the loan applications.
No repayment is required for the grant. The loans have a 5-year term.
Fifth Third Bank has years of commitment to the Grove Park community with investments in small businesses and affordable housing initiatives. In 2021, the bank’s separate Strategic Neighborhood initiative committed $20 million to Grove Park through affordable housing financing, grants, and small business loans.
Esther Marshall, a community impact territory manager for Fifth Third, said that since the pandemic, some Grove Park business owners have had to pivot and operate out of their homes.
“Small businesses form the foundation of our communities, and when they succeed, we all succeed,” said Fifth Third’s Chief Corporate Responsibility Officer, Kala Gibson, in a statement.
