Last week, Fifth Third Bank and Enterprise Community Partners announced the launch of a $180 million neighborhood program to accelerate revitalization in nine key majority-Black communities across seven states that have experienced disinvestment – including Grove Park in Atlanta.
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.
“The gift received by the Grove Park Foundation from Fifth Third Bank is a tremendous investment in the amazing residents of Grove Park and a vote of confidence to all who serve each day in this historic community,” said Gavin McKinney, executive director of the Grove Park Foundation. “It is a commitment to youth and families that says we believe in you and your dreams, and we want to provide adequate resources and support to make home ownership, starting a business and wealth building a reality.”
The bank is collaborating with Enterprise Community Partners, a national nonprofit that exists to make a good home possible for 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 each neighborhood in developing and implementing a plan tailored to the unique challenges it faces. The national nonprofit will then assist with assessing the plan’s effectiveness at improving the economic well-being of residents and small locally owned businesses. Among other solutions, the program will include investments in small businesses, homeownership, and workforce development to create successful outcomes such as increased employment, economic stability, and growth.
Over a three-year period, the program will focus on organizations that create cross-sector partnerships to serve the communities within Fifth Third’s retail banking footprint.