Daily News: July 30, 2014

Fifth Third Extends More Than $7.1B in Recent Credit

Fifth Third Bank announced it extended more than $7.1 billion in new and renewed credit to business customers from April through June 2014. It loaned more than $6.9 billion to businesses throughout its footprint during the Q1/14.

Companies who have received loans from Fifth Third Bank during this time period include:

  • Sim-Lohman, the Midwest’s largest distributor of cabinets and fabricator of counter tops. The Cincinnati-based company secured a line of credit and term loan used to fund five acquisitions over recent months.
  • Mansfield Oil Company, a national leader in the dynamic North American energy supply, logistics and services enterprise, is focused on partnering with clients to provide innovative, technology-based solutions to support their energy supply chain. The fuel company received working capital financing to help meet its strategic business goals.
  • Community Action Stops Abuse, Inc. (CASA), a Florida based non-profit organization that supports victims of domestic violence. CASA received loan financing for a new 100 bed shelter in St. Petersburg, Florida.
  • Kentec, a distributor of commercial quality tools located headquartered in Georgia. Kentec secured a revolving line of credit, Commercial Real Estate loan and purchasing card solution.
  • Broadstar Equity, a private cable operator providing cable, internet and phone service to high density properties based in West Palm Beach, FL. Broadstar received a term loan to consolidate existing debt and revolving line of credit. In addition they received a commercial card, lockbox and other treasury services.
  • “Fifth Third remains dedicated to providing business access to credit,” said Greg Kosch, EVP and head of the Wholesale Bank for Fifth Third. “We will continue to work with qualified businesses to help them expand and generate jobs.”