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Fifth Third Bank Co-Launches $180m Neighbourhood Investment Program

New program will focus on nine majority-Black communities across seven states

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  • Written by  Banking Exchange staff
Fifth Third Bank Co-Launches $180m Neighbourhood Investment Program

Fifth Third Bank, National Association, and housing nonprofit Enterprise Community Partners have launched a $180m neighbourhood program to support nine majority-Black communities across seven states that have experienced disinvestment.

The trio managed a criteria-based, invitation-only application process to select nine majority-Black neighbourhoods that have seen a sustained period of disinvestment.

Recipient neighborhoods include Avondale, South Chicago, Buckeye, East Tampa, Grove Park, Arlington Woods, Historic West End, Near East Side and Russell.

Enterprise will provide technical assistance to support each neighbor in developing and implementing a tailored plan for its unique challenges. It will also help improve the economic wellbeing of residents and small locally owned businesses.

The program will also include investments in small businesses, home ownership and workforce development to boost employment, economic stability, and growth. Fifth Third will commit up to $20m in lending, investments, and philanthropic support.

Greg Carmichael, Fifth Third chairman and CEO said: “This opportunity allows Fifth Third to invest in a unique way by taking a thoughtfully structured approach to solve real-world systemic issues.

“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.”

The program will also include investments in small businesses, home ownership and workforce development to boost employment, economic stability, and growth. Fifth Third will commit up to $20m in lending, investments, and philanthropic support.

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 program also aligns with Enterprise’s new strategic plan and three central goal - to increase housing supply, advance racial equity and build resilience and upward mobility.

In July, Fifth Third Bank announced it joined the OCC’s Project REACh which tackles financial inclusion cross Los Angeles, Washington DC, Dallas, and Detroit.

The project aims to reduce the number of people with no credit history, improve access to affordable housing, as well as strengthen minority depository institutions and increase capital and credit for minority-owned small businesses.

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