Commitment will Create Transformational
Impact across Footprint
Fifth Third Bank, National Association, and Enterprise Community
Partners today announced the launch of a $180 million neighborhood
program to accelerate revitalization in nine key majority-Black
communities across seven states that have experienced
disinvestment. Over a three-year period, the program will focus on
organizations that create cross-sector partnerships to serve the
communities within Fifth Third’s retail banking footprint.
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Fifth Third Bank, National Association,
and Enterprise Community Partners are announcing the launch of a
$180 million neighborhood program to accelerate revitalization in
nine key majority-Black communities across seven states that have
experienced disinvestment. (Photo: Business Wire)
“This opportunity allows Fifth Third to invest in a unique way
by taking a thoughtfully structured approach to solve real-world
systemic issues,” said Greg Carmichael, Fifth Third chairman and
CEO. “This program goes beyond infusing capital into neighborhoods.
We are working to make a significant impact by targeting
investments in specific areas, collaborating with communities and
their leading organizations and driving change through tangible
place-based methods.”
Fifth Third is collaborating with Enterprise Community Partners,
a national nonprofit that exists to make a good home possible for
the millions of families without one. Together, they managed a
criteria-based, invitation-only application process to select nine
majority-Black neighborhoods that have seen a sustained period of
disinvestment. Enterprise will provide technical assistance to
support each neighborhood in developing and implementing a plan
tailored to the unique challenges it faces. Enterprise will then
assist with assessing the plan’s effectiveness at improving the
economic well-being of residents and small locally owned
businesses. Among other solutions, the program will include
investments in small businesses, homeownership and workforce
development to create successful outcomes such as increased
employment, economic stability and growth.
“The Fifth Third neighborhood program shows what is possible
when we make intentional investments that center on Black life and
legacy," said Priscilla Almodovar, president and chief executive
officer of Enterprise Community Partners. "Enterprise is so excited
to join Fifth Third and this group of committed neighborhood
partners on an initiative that powerfully aligns with our goals as
an organization: increase the housing supply, advance racial equity
and build resilience and upward mobility."
“We are committed to providing strategic insight that will help
establish an upward trajectory to create economic opportunities in
communities that have historically had limited investment,” said
Jada Grandy-Mock, Fifth Third’s chief corporate community and
economic development officer. “Through the Neighborhood Investment
Program, we’ll connect comprehensive assistance to build
relationships within these communities, developing a foundation of
equity to help eliminate racial disparities and level the playing
field.”
Fifth Third intends to commit up to $20 million in lending,
investments and philanthropic support, including grants from the
Fifth Third Foundation, depending on each neighborhood’s
aspirations, opportunities, and economic mobility plan. A
combination of capital, products and services will be invested into
small businesses, mortgages, philanthropic efforts, and
neighborhood revitalization loans and investments.
The recipient neighborhoods and lead organizations that will
drive each community’s efforts are:
- Avondale, Cincinnati, Ohio: Avondale
Development Corp.
- South Chicago, Chicago, Illinois:
Claretian Associates.
- Buckeye, Cleveland, Ohio: Cleveland
Neighborhood Progress.
- East Tampa, Tampa, Florida:
Corporation to Develop Communities of Tampa, Inc.
- Grove Park, Atlanta, Georgia: Grove
Park Foundation.
- Arlington Woods, Indianapolis,
Indiana: Jewell Human Services Corp.
- Historic West End, Charlotte, North
Carolina: LISC.
- Near East Side, Columbus, Ohio:
Partners Achieving Community Transformation.
- Russell, Louisville, Kentucky:
Russell: A Place of Promise.
Organizations were invited based on their ability to meet
specific criteria, including collaboration with the neighborhood’s
Black residents, existing civic infrastructure in the neighborhood
and the organization’s capacity to manage equitable investment and
wealth-building opportunities. The program’s funds will cultivate
investments and resources from additional stakeholders to support
the economic mobility of low- to moderate-income residents in the
target neighborhoods.
Angela Hurlock, executive director of Claretian Associates, said
her organization will use the funds to initiate several segments of
her organization’s “We’re STEEL Here: Working Together to
Reinvigorate South Chicago” initiative. “This crucial, critical
investment is going to close our funding gap and make this plan
come to fruition. We are so excited to bond our local, regional and
federal partners with our great national partners in Fifth Third
and Enterprise and make this a healthy community of choice where
people can thrive,” she said. The plan includes affordable housing,
safe and accessible community spaces, workforce development
programming and a revitalized business corridor. Bringing together
a wide array of partners, the organization plans to use the
neighborhood program’s investment to revitalize East 91st and 92nd
streets to meet the residents’ needs for affordable housing,
commercial and retail development, tourism and recreational
activities.
Ernest Coney Jr., president and CEO of Corporation to Develop
Communities of Tampa, Inc., said his organization will use the
dollars to limit gentrification in East Tampa, coordinating the
work of two dozen cross-sector partners in six areas: affordable
housing, commercial development, small business growth, homebuyer
development, workforce development and asset growth. Plans include
lending for home mortgages, small businesses and commercial
properties, as well as the development of more than 300 affordable
housing units and 100,000 square feet of new commercial space that
can house entrepreneurs and small businesses. “The residents of
East Tampa have been waiting and hoping for economic inclusion for
a long time. The partnership with Fifth Third will allow us to
significantly increase the economic mobility and redevelopment
process in East Tampa, helping to bring unfilled dreams and
aspirations to reality,” he said.
The Neighborhood Investment Program is part of Fifth Third’s
$2.8 billion commitment that will provide $2.2 billion in lending,
$500 million in investments, $60 million in financial accessibility
and $40 million in philanthropy from the Fifth Third Foundation as
part of Fifth Third’s Accelerating Racial Equality, Equity and
Inclusion initiative. The commitment is focused on four strategic
pillars that directly impact customers and communities with
targeted outcomes enabling Fifth Third to track progress and
measure success in the areas of strategic investments, access to
capital, financial inclusion and education, and social justice and
advocacy. This program also aligns with Enterprise’s new strategic
plan and three central goals: to increase housing supply, advance
racial equity and build resilience and upward mobility.
“This is an opportunity to pioneer a new approach,” said Tim
Spence, Fifth Third Bancorp president. “We believe this is truly an
innovative initiative that will bring resources and expertise from
across our banking teams to focus on building long-term,
sustainable growth for each of these communities. Our aspiration is
to help these neighborhoods create transformational and sustainable
impact.”
To learn more about the Neighborhood Investment Program, please
visit 53NeighborhoodInvest.org.
About Enterprise Community Partners
Enterprise is a national nonprofit that exists to make a good
home possible for the millions of families without one. We support
community development organizations on the ground, aggregate and
invest capital for impact, advance housing policy at every level of
government, and build and manage communities ourselves. Since 1982,
we have invested $44 billion and created 781,000 homes across all
50 states – all to make home and community places of pride, power
and belonging. Join us at enterprisecommunity.org.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio, and the indirect parent company
of Fifth Third Bank, National Association, a federally chartered
institution. As of June 30, 2021, the Company had $205 billion in
assets and operates 1,096 full-service Banking Centers, and 2,369
Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan,
Illinois, Florida, Tennessee, West Virginia, Georgia, North
Carolina and South Carolina. In total, Fifth Third provides its
customers with access to approximately 53,000 fee-free ATMs across
the United States. Fifth Third operates four main businesses:
Commercial Banking, Branch Banking, Consumer Lending, and Wealth
& Asset Management. Fifth Third is among the largest money
managers in the Midwest and, as of June 30, 2021, had $483 billion
in assets under care, of which it managed $61 billion for
individuals, corporations and not-for-profit organizations through
its Trust and Registered Investment Advisory businesses. Investor
information and press releases can be viewed at www.53.com. Fifth
Third’s common stock is traded on the NASDAQ® Global Select Market
under the symbol “FITB.”
About the Fifth Third Foundation
Established in 1948, the Fifth Third Foundation was one of the
first charitable foundations created by a financial institution.
The Fifth Third Foundation supports worthy causes in the areas of
health and human services, education, community development and the
arts in the states where Fifth Third Bank operates.
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version on businesswire.com: https://www.businesswire.com/news/home/20211013005672/en/
Danielle Jones (Media Relations) Danielle.Jones@53.com |
513-534-0162 Chris Doll (Investor Relations)
Christopher.Doll@53.com | 513-534-2345 Jordan Miller (Media
Relations, Enterprise Community Partners) JMiller@GroupGordon.com |
212-784-5703
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