Fifth Third to Invest $20 Million to South Chicago through Neighborhood Investment Program
CHICAGO, October 14, 2021 /3BL Media/ - Fifth Third Bank and Enterprise Community Partners today announced the establishment of a neighborhood program to support and revitalize the South Chicago neighborhood. The Neighborhood Investment Program will focus over three years on the Claretian Associates and cross-sector collaborations.
“Fifth Third is thrilled to invest in the transformation of South Chicago, working with our highly committed and collaborative partners,” said Mark Hoppe, regional Fifth Third president. “While revitalizing South Chicago, this supports Fifth Third’s goal to advance racial equity and build upward mobility. This investment also represents a strong vote of confidence in the City’s INVEST South/West corridor improvement program, and forms part of our commitment to the 5/25: Move to Action Initiative.”
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. South Chicago was one of the locations selected. 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. 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."
“We are committed to providing strategic insight that will help establish an upward trajectory for communities that have historically had limited investment opportunities,” said Rob McGhee, Regional Manager of Community Development and Social Responsibility at Fifth Third. “This is more than giving Bank dollars and programs to communities in need. Through the Neighborhood Investment Program, we’ll help connect all the right resources to move from planning to action. This will develop a foundation of equity to reduce and eventually eliminate racial disparities.”
Fifth Third intends to commit up to $20 million in lending, investments and philanthropic support, including grants from the Fifth Third Foundation to South Chicago. The funds, which will include a combination of capital, products and services will be invested in small business, mortgages, and neighborhood revitalization loans and investments, as well as philanthropic efforts.
Claretian Associates was invited to apply for the program for South Chicago 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.
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 Community Partners and make this a healthy community of choice where people can thrive,” she 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 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.
- Buckeye, Cleveland: Cleveland Neighborhood Progress.
- East Tampa, Tampa, Florida: Corporation to Develop Communities of Tampa, Inc.
- Grove Park, Atlanta: Grove Park Foundation.
- 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.
CONTACTS
Larry Magnesen
Communications Director (Media Relations)
Larry.Magnesen@53.com | 513-646-5255
Angela Hurlock
Executive Director, Claretian Associates
angelah@claretianassociates.org | 773-734-9181 ext. 2027
Jordan Miller
Media Relations, Enterprise Community Partners
JMIller@GroupGordon.com | 212-784-5703
