Toledo firm benefits from SBA loans through Fifth Third BankWritten by Duane Ramsey | | email@example.com
A Toledo company was among many businesses that benefited from more than $13 billion in new and renewed credit Fifth Third Bank extended to business customers during the fourth quarter of 2012. The bank lent nearly $34 billion to businesses throughout its multi-state footprint last year.
Electro Prime Group LLC, a parts assembly and metal coating company based in Toledo, received the first loan from Fifth Third Bank through the CAPLines Program of the U.S. Small Business Administration (SBA).
The CAPLines SBA loan for $2 million will help Electro Prime finance short-term and cyclical working capital needs in 2013.
The CAPLines program provides loans of up to $5 million at a 75 percent guarantee. It is designed to finance working lines of credit and to turn receivables into cash for companies that need working capital, said Steven Smits, associate administrator in SBA’s Office of Capital Access.
Electro Prime also secured an additional SBA loan for $1.5 million along with treasury management, commercial card and deposit account services from Fifth Third Bank.
The SBA loans and amounts were confirmed by James Donato, deputy district director of the SBA district office in Cleveland.
Electro Prime is using the funds to efficiently refinance the company’s debt and to fund additional growth in its business with the automotive industry, according to John Lauffer, a partner in the business with Kevin Meade.
The company has operated in Toledo since 1993. It has added to its workforce during the past three years and now employs a total of 300 people at its coating operations plant in Rossford and assembly operations plant in Toledo, Lauffer said.
Electro Prime is focused on growing its business by being a high-quality, efficient supplier to the automotive industry. The company pursues its goals for growth by concentrating its resources on efficiency in its operations, responsiveness to customer priorities, product quality while meeting customer and regulatory requirements.
The company’s Executive Management Committee sets both quality and environmental objectives and targets at the start of each fiscal year. Those objectives and targets are reviewed quarterly to determine effectiveness, according to the company’s web site.
Electro Prime communicates its objectives, policies and targets through direct employee training, plant-wide postings and on its website at electroprime.com.
“Fifth Third is focused on actively listening to our business customers to help address their changing needs,” John Bultema, executive vice president and head of Business Banking for Fifth Third Bank, stated in the press release announcing the bank’s new and renewed credit for the fourth quarter of 2012.
“We remain committed to providing credit and financial services to help businesses within our footprint expand and create jobs,” Bultema stated.
Fifth Third Bank is one of the largest money managers in the Midwest with $308 billion in assets under care of which it managed $27 billion for individuals, corporations and non-profit organizations as of Dec. 31.
Fifth Third Bankcorp, a diversified financial services company based in Cincinnati, has $122 billion in assets. The company operates 15 affiliates with 1,324 full-service banking centers, including 106 Bank Mart locations open seven days a week inside select grocery stores in Ohio and 11 other states in the Midwest and Southeast.