Fifth Third Exceeds $180 Million Commitment to Empowering Black Futures Program, Publishes Inaugural Community Impact Report
Orginally published by Fifth Third Bank November 14, 2023.
Focus on Creating Economic Mobility, Building Inclusive Infrastructure
Fifth Third Bank, National Association announced that its Empowering Black Futures Neighborhood Program has in two years already exceeded the program’s $180 million, three-year commitment. The program has invested $187 million in nine low-to-moderate income neighborhoods that have experienced disinvestment. Fifth Third also is extending technical assistance related to the program by an additional year, through 2025, to ensure continued, sustained impact and progress.
Fifth Third announced comprehensive updates for the neighborhoods, along with progress on additional initiatives to drive transformation in low-to-moderate income areas, in its inaugural Community Impact Report.
The Community Impact Report illustrates Fifth Third’s commitment to building stronger communities and promoting inclusion by partnering directly with individuals in those communities to achieve their plans. Fifth Third’s Empowering Black Futures Neighborhood program effort has five key goals: to create equitable connected systems; improve upward mobility among residents; build inclusive civic infrastructure; promote prosperous small businesses; and develop healthy built environments.
“We’ve been intentional about working with our community stakeholders over the past several years,” said Jada Grandy-Mock, senior vice president and chief community impact officer. “These partnerships have enabled us to pioneer a new model for how we create pathways for economic mobility in low-to-moderate income areas. It’s not just about capital infusion, products and services, but about making connections and bringing the right partners to the table. We’re excited about having a report of sharing our impact in the community across our footprint."
Fifth Third collaborated with Enterprise Community Partners and key community organizations in each of the neighborhoods to foster implementation of community-driven economic mobility plans.
“It’s been a distinct privilege to work with Fifth Third on their transformative neighborhood program,” said Jacqueline Waggoner, president, solutions division, Enterprise Community Partners. “This program represents a unique and innovative approach, and they are leading it in every way. It’s not just their significant financial investments that are making a difference. Their local teams are on the ground helping to lead and contribute to the development of sustainable, community-driven solutions.”
“We’re in the business of financing and fostering sound community development,” said Keith Burgess, head, Community Development Banking Group. “By focusing on our efforts on historically underserved neighborhoods, our work is having a lasting impact on the people and small businesses who are the backbone of healthy communities.”
The nine neighborhoods are: Avondale in Cincinnati, Ohio; South Chicago in Chicago, Illinois; Buckeye in Cleveland, Ohio; East Tampa in Tampa, Florida; Grove Park in Atlanta, Georgia; Arlington Woods in Indianapolis, Indiana; West End in Charlotte, North Carolina; Near East Side in Columbus, Ohio, and Russell in Louisville, Kentucky.
To read the Community Impact Report in full, visit www.53.com/CIR.