Fifth Third to Invest $ 20 Million in South Chicago as Part of Neighborhood Investment Program

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Northampton, MA –News Direct – Fifth Third Bancorp

Chicago Regional President Mark Hoppe (left) and Rob McGhee (right), regional director of community development and social responsibility, Fifth Third Bank in Chicago.

CHICAGO, October 14, 2021 / 3BL Media / – Fifth Third Bank and Enterprise Community Partners today announced a neighborhood program to support and revitalize the South Chicago neighborhood. The neighborhood investment program will focus over three years on Claretian associates and intersectoral collaborations.

“Fifth Third is excited to invest in transforming South Chicago, working with our highly engaged and collaborative partners,” said Mark Hoppe, regional president of Fifth Third. “While revitalizing South Chicago, this supports Fifth Third’s goal of advancing racial equity and strengthening upward mobility. This investment also represents a strong vote of confidence in the City’s South / West INVEST corridor improvement program and is part of our commitment to the 5/25 initiative: Taking action.

Fifth Third is collaborating on the initiative with Enterprise Community Partners, a national non-profit organization that exists to make a good home possible for the millions of families who don’t have one. Together, they managed a criteria-based, invitation-only application process to select nine predominantly black neighborhoods that have experienced an extended period of divestment. South Chicago was one of the selected locations. 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 help assess the plan’s effectiveness in improving the economic well-being of local residents and small businesses. Positive outcomes will include investing in small businesses, home ownership, and workforce development to create positive outcomes such as increased employment, economic stability, and growth.

“The Fifth Third Neighborhood investment program shows what is possible when we make intentional investments focused on black lives and legacies,” said Priscilla Almodovar, President and CEO of Enterprise Community Partners. A group of neighborhood partners committed to an initiative that aligns powerfully with our goals as an organization: to increase the supply of housing, advance racial equity, and strengthen resilience and upward mobility. “

“We are committed to providing strategic information that will help establish an upward trajectory for communities that have historically had limited investment opportunities,” said Rob McGhee, regional director of community development and social responsibility at Fifth Third. “It’s more than giving dollars and Bank programs to communities in need. Through the Neighborhood Investment Program, we’ll help you connect all the right resources to move from planning to action. This will develop a basis of equity to reduce and eventually eliminate racial disparities. “

Fifth Third intends to commit up to $ 20 million in loans, investments and philanthropic support, including grants from the Fifth Third Foundation in South Chicago. The funds, which will include a mix of capital, products and services, will be invested in small businesses, mortgages and neighborhood revitalization loans and investments, as well as philanthropic efforts.

Claretian Associates was invited to apply to the South Chicago program based on its ability to meet specific criteria, including working with black residents in the neighborhood, existing civic infrastructure in the neighborhood, and its ability to manage investments. fair trade and wealth creation opportunities. Program funds will cultivate investments and resources from other stakeholders to support the economic mobility of low- and moderate-income residents in target neighborhoods.

Angela Hurlock, executive director of Claretian Associates, said her organization will use the funds to launch several segments of her organization’s “We’re Steel Here: Working Together to Reinvigorate South Chicago” initiative. “This crucial and critical investment will close our funding gap and make this plan happen. We are excited to link our local, regional and federal partners with our great national partners at Fifth Third and Enterprise Community Partners and make them a healthy community of choice where people can thrive, ”she said.

The Neighborhood Investment Program is part of Fifth Third’s $ 2.8 billion pledge that will provide $ 2.2 billion in loans, $ 500 million in investments, $ 60 million in affordability and $ 40 million in philanthropy from the Fifth Third Foundation as part of the Fifth Third Racial Equality Acceleration, Equity and Inclusion Initiative. The engagement is focused on four strategic pillars that have a direct impact on clients and communities with targeted results enabling the Bank to monitor progress and measure success in the areas of strategic investments, access to capital , financial inclusion and education, as well as social justice and advocacy. This program also aligns with Enterprise’s new strategic plan and its three main goals: increasing housing supply, advancing racial equity, and building resilience and upward mobility.

Additional beneficiary neighborhoods and lead organizations that will lead community efforts under the neighborhood program are:

  • Avondale, Cincinnati: Avondale Development Corp.

  • Buckeye, Cleveland: Progress of the Cleveland neighborhood.

  • Tampa East, Tampa, Fla .: Corporation to Develop Communities of Tampa, Inc.

  • Bosquet Park, Atlanta: Grove Park Foundation.

  • Arlington Wood, Indianapolis: Jewell Human Services Corp.

  • Historic West End, Charlotte, North Carolina: LISC.

  • East Coast, Columbus, Ohio: Partners Achieving Community Transformation.

  • Russell, Louisville, Kentucky: Russell: A place of promise.

To learn more about the Neighborhood Investment Program, please visit 53NeighbourhoodInvest.org.

About corporate community partners

Enterprise is a national non-profit organization that exists to make a good home possible for the millions of families who don’t have one. We support community development organizations on the ground, aggregate and invest capital to make an impact, advance housing policy at all levels of government, and build and manage communities ourselves. Since 1982, we’ve invested $ 44 billion and created 781,000 homes in all 50 states, all to make homes and communities places of pride, power and belonging. Join us on EnterpriseCommunity.org.

About the 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 operated 1,096 full-service banking centers and 2,369 Fifth Third-branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, the North. Carolina and South Carolina. In total, Fifth Third provides its customers with access to approximately 53,000 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 one of the largest fund managers in the Midwest and, as of June 30, 2021, had $ 483 billion in assets under watch, including $ 61 billion for individuals, corporations and nonprofits. through its Trust and Registered Investment Advisory Firms. Investor information and press releases can be found at www.53.com. The common shares of Fifth Third trade on the NASDAQ® Global Select Market under the symbol “FITB”.

About the Fifth Third FoundationEstablished 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 health and social services, education, community development and the arts in states where Fifth Third Bank operates.

CONTACTS

Larry MagnesenDirector of Communications (Media Relations) [email protected] | 513-646-5255

Angela HurlockExecutive Director, Claretian [email protected] | 773-734-9181 ext 2027

Jordan MillerMedia Relations, Corporate Community [email protected] | 212-784-5703

See additional media and more ESG storytelling from Fifth Third Bancorp at 3blmedia.com

See the source version on newsdirect.com: https://newsdirect.com/news/fifth-third-to-invest-20-million-to-south-chicago-through-neighbourhood-investment-program-612724425


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