Fifth Third Empowers Small Businesses with $26,500 in Grants

Fifth Third Bank, a leading regional financial institution, has demonstrated its commitment to supporting small businesses across its 11-state footprint by awarding over $26,500 in grants through its 'Swap, Snap, Share' campaign. This initiative, aimed at celebrating and appreciating local small businesses, has not only fostered growth and job creation among recipients but also stimulated local economies and enhanced community development.

The 'Swap, Snap, Share' campaign, now in its second year, invited Fifth Third employees to nominate their favorite local small businesses on social media using the hashtag #Love53. Out of the 2,800 entries, five businesses were randomly selected to receive $5,300 grants each, totaling $26,500 in support. The recipients included Kim's Kakes in Rossford, OH; Salon Impressions in Orland Park, IL; Magic Stitches in Raleigh, NC; The Corner Pizza Bar in Orlando, FL; and The Empanada's Box in Cincinnati, OH.

The Empanada's Box, a fast-growing business offering over 16 unique international flavors of empanadas, plans to use the grant to expand its marketing campaign and support its multiple locations in Price Hill, Covington, and Findlay Market. This investment in small businesses stimulates local economies, creating jobs and driving community development.

Fifth Third's commitment to small businesses extends beyond the 'Swap, Snap, Share' campaign. The bank serves over 320,000 small business clients across the U.S., supporting them through lending, investments, and technical assistance. Additionally, the bank's Neighborhood Investment Program, launched in 2021 with Enterprise Community Partners, aims to accelerate revitalization in nine key majority-Black communities across seven states. The program focuses on organizations that create cross-sector partnerships to serve these communities, with Fifth Third intending to commit up to $20 million in lending, investments, and philanthropic support.

The impact of Fifth Third's small business grants extends beyond the recipients themselves. According to a study by the Kauffman Foundation, for every $100 spent at a local business, $68 remains in the community, compared to just $43 when spent at a national chain. This increased consumer spending boosts local tax revenue, with the U.S. Small Business Administration estimating that small businesses contribute to 57% of all U.S. taxes.

Fifth Third's initiatives, such as the 'Swap, Snap, Share' campaign and the Small Business Catalyst Fund, significantly contribute to small business growth and community development. The 'Swap, Snap, Share' campaign awarded $26,500 in grants, fostering growth and job creation among recipients. The Small Business Catalyst Fund, a $7.85 million investment, empowers small businesses across Fifth Third's 11-state footprint, further stimulating economic development.

In conclusion, Fifth Third's commitment to supporting small businesses and minority-owned businesses has a profound impact on the economic mobility of low- to moderate-income residents in target neighborhoods. By investing in small businesses, homeownership, and workforce development, Fifth Third fosters economic stability and growth, creating successful outcomes such as increased employment and economic mobility. The bank's dedication to community and economic development, along with its support for diverse suppliers and minority-owned businesses, ensures that its human capital is inclusive and diverse, driving progress and prosperity across its footprint.