Daily News: June 18, 2012

Fifth Third Bank Extends $28.5 Billion in Credit

Fifth Third Bank announced that the company extended $28.5 billion in new and renewed credit to business customers from July 2011 through March 2012. The company has reached its initial business lending commitment made in July 2011 to provide $28 billion in loans to commercial and small business customers through July 2012.

“Through our lending commitment, Fifth Third remains dedicated to providing businesses access to credit,” said John Bultema, executive vice president and head of Business Banking for Fifth Third Bank. “We will continue to work with qualified businesses to help them expand and generate jobs.”

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

  • Dayton, OH-based Schaefer Group, Inc., which was founded in 1930, is a national provider in high temperature furnace lining supply and work and in the design and building of aluminum molten metal furnaces and delivery systems. The company secured a line of credit through Fifth Third Bank to help increase market share and access to working capital.

  • Square 1 Art, LLC has been owned by the Reid family since 2000. Based in Norcross, GA, the company serves as a provider in arts fundraising for elementary schools across the United States by providing products and services that convert children’s art into keepsakes. Since July 2011, Fifth Third Bank has offered the company an increased line of credit and an equipment loan to facilitate growth. In January 2012, the bank completed a SBA transaction with Square 1 Art, which enabled the company to purchase a building it had previously been renting and begin a five-year plan of expansion.

  • Tampa, FL-based Jagged Peak, Inc., a provider of enterprise-class Ecommerce solutions and supply chain services, entered into a new senior credit facility with Fifth Third Bank in 2012. The facility provides for a two-year revolving line of credit and will be used for working capital. This line of credit allows the company to retire debt, doubles the size and term for its borrowing facility and strengthens its liquidity.

  • Founded in 1997 and headquartered in Riviera Beach, FL, Import-Mex Distributors, Inc. is a food distributor providing Mexican canned foods and perishables to retailers in Florida. Through Fifth Third Bank, the company secured a SBA 504 loan that enabled the company to purchase a new facility, which increased its ability to distribute products more efficiently. Import-Mex also received a revolving line of credit with Fifth Third to allow the company to expand its business and grow revenues.

    “Fifth Third has and will continue to lend to qualified business borrowers,” said Greg Kosch, executive vice president and head of Commercial Banking for Fifth Third Bank. “As our economy continues to recover, we are taking action to help clients grow and get back to business.”