Your Bank Can Help
Contact your banker and have a conversation about your business and what is happening with it. They may be able to adjust your current loans to add months to the end of the loan to by-pass making payments now. If you have existing SBA Loans you may have a way to differ payments for up to 6 Months. Again, contact your banker and talk with them.
Sooner is Better then Later.
Express Bridge Loan can be done for up to $25,000 for while you wait for your SBA Loan to come though. This is through your existing banking relationships.
Example of what 5/3 Bank is doing with Existing accounts. Others may also:
New Needs:
Fifth Third Fast Capital
Standard fee at $175 annually for a line of credit
Parameters:
Approval Matrix:
Sooner is Better then Later.
Express Bridge Loan can be done for up to $25,000 for while you wait for your SBA Loan to come though. This is through your existing banking relationships.
Example of what 5/3 Bank is doing with Existing accounts. Others may also:
- Vehicle Payment Deferral Program: We are offering a payment deferral for up to 90 days and no late fees during the deferral period.
- Credit Card Deferral Program: We are offering a payment deferral for up to three payments and no late fees during the deferral period.
- Mortgage and Home Equity Program: We are offering 90-day payment forbearance with no late fees.
- Small Business Payment Deferral Program: We are offering a payment deferral program for up to 90 days, no late fees and a range of loan modification options. We are waiving all fees on our Fifth Third Fast Capital loans for 6 months.
- Fee Waiver Program: We are offering to waive fees for up to 90 days for a range of consumer and small business deposit products and services.
- We are suspending initiating any new repossession actions on vehicles for the next 60 days.
- We are suspending all foreclosure activity on homes for the next 60 days.
New Needs:
Fifth Third Fast Capital
- Fifth Third Fast Capital refers to our suite of Unsecured Small Business Term loans and lines of credit up to $100,000.
- Approval generally within 24 hours and close soon after
- Current special – no loan fee and prime for the first 6 months on our Fast Capital Lines of credit:
Standard fee at $175 annually for a line of credit
Parameters:
- Must be a legal entity or DBA certified
- For profit businesses, Two years in business
- 10-15% of annual revenues
- Need to have a Fifth Third Banking account
Approval Matrix:
- Personal credit score (we only take one owner on application)
- Time in business, Type of business, Other factors apply
