SOURCE: Fifth Third BancorpDESCRIPTION:
ATLANTA, October 26, 2021 /3BL Media/ - Fifth Third and Enterprise Community Partners today announced the establishment of a $20 million neighborhood program to support the continuous revitalization of a local community. The program will focus over three years on the Grove Park community and cross-sector collaborations.
Fifth Third intends to commit up to $20 million in lending, investments, and philanthropic support, including grants from the Fifth Third Foundation to the Grove Park neighborhood. The investment will include $2 million in grants and $18 million in affordable financing from housing to small business loans.
“We are excited to partner with the Grove Park Foundation and invest in a unique way to this historic Westside Atlanta community,” said Randy Koporc, regional president of Fifth Third Bank Georgia. “This program goes beyond infusing capital into neighborhoods. We are working to make a significant impact alongside the Foundation, the City of Atlanta, other business partners and community members to ensure a comprehensive approach to the community’s revitalization efforts.”
Fifth Third is collaborating on the initiative 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 Grove Park 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. Successful outcomes 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 Investment 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."
The Grove Park Foundation was invited to apply for the program based on its ability to meet specific criteria, including collaborating with the neighborhood’s Black residents, existing civic infrastructure in the neighborhood and its capability 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.
Gavin McGuire, newly on board as Executive Director of Grove Park Foundation, said his organization will use the funds to expand and amplify their efforts of equitable revitalization that provides access to opportunity for all residents. The plan includes creating up to 200 affordable home ownership units and stabilizing and supporting as many as 30 new and existing Black businesses in the community. The Neighborhood Opportunities for Wealth Financial Capability partnership will serve 1,500 residents, empowering them to participate in these and other opportunities. McGuire says, “We are grateful for The Neighborhood Investment Program’s generous commitment that will accelerate the work of the Grove Park community to build a thriving neighborhood that retains the legacy of the longtime members of our community and creates new opportunities for our Black residents.”
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 the Bank 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.
The additional recipient neighborhoods and lead organizations that will be driving the community’s efforts as part of the neighborhood program are:
- Avondale, Cincinnati: Avondale Development Corp.
- South Chicago, Chicago: Claretian Associates.
- Buckeye, Cleveland: Cleveland Neighborhood Progress.
- East Tampa, Tampa, Florida: Corporation to Develop Communities of Tampa, Inc.
- Arlington Woods, Indianapolis: 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.
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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Jewanna.Gaither@53.com | 404-934-0790
Director of Development
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KEYWORDS: NASDAQ:FITB, Fifth Third Bancorp