Fifth Third aims to commit up to $20 million in lending, investments, and philanthropy in each neighborhood, along with grants from the Fifth Third Foundation. A mix of capital, products, and services will be invested in small businesses, mortgages, philanthropic efforts, and neighborhood revitalization loans and investments.
The bank reported recipient neighborhoods and lead organizations driving each community’s efforts are:
- Avondale, Cincinnati, OH: Avondale Development Corp.
- South Chicago, Chicago, IL: Claretian Associates.
- Buckeye, Cleveland, OH: Cleveland Neighborhood Progress.
- East Tampa, Tampa, FL: Corporation to Develop Communities of Tampa, Inc.
- Grove Park, Atlanta: Grove Park Foundation.
- Arlington Woods, Indianapolis: Jewell Human Services Corp.
- Historic West End, Charlotte, NC: LISC.
- Near East Side, Columbus, OH: Partners Achieving Community Transformation.
- Russell, Louisville, KY: Russell: A Place of Promise.
Fifth Third and Enterprise reportedly co-managed an invitation-only application process to pick the nine majority-Black neighborhoods in the bank’s footprint. 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.“This opportunity allows Fifth Third to invest in a unique way by taking a thoughtfully structured approach to solve real-world systemic issues,” Greg Carmichael, Fifth Third chairman and CEO, said.
“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.”
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.He explained plans include lending for home mortgages, small businesses, and commercial properties, and 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,” Coney said. “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.”
The action is part of Fifth Third Bank’s $2.8 billion commitment to speed up racial equity, equality, and inclusion. The Cincinnati-based bank reported it will provide $2.2 billion in lending, $500 million in investments, and $60 million in financial accessibility. Some $40 million in philanthropy will come from the Fifth Third Foundation as part of Fifth Third’s Accelerating Racial Equality, Equity and Inclusion initiative.
More details on the bank’s Neighborhood Investment Program are here; additional comments about its latest effort can be found here.