Fifth Third Empowering Black Futures
Fifth Third Bank, National Association, and Enterprise Community Partners launched the $180 million Empowering Black Futures Neighborhood Program in 2021 to accelerate revitalization in nine key majority-Black communities across seven states that have experienced disinvestment. 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.
Fifth Third collaborated with national nonprofit Enterprise Community Partners on the program. 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. Enterprise 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, home ownership and workforce development to create successful outcomes such as increased employment, economic stability and growth.
Fifth Third intends to commit up to $20 million in lending, investments and philanthropic support, including grants from the Fifth Third Foundation, depending on each neighborhood’s aspirations, opportunities, and economic mobility plan. A combination of capital, products and services will be invested into small businesses, mortgages, philanthropic efforts, and neighborhood revitalization loans and investments. 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.
The Bank is committed to ensuring that its human capital is inclusive and diverse. The Bank is increasing its efforts to support diverse suppliers, minority-owned, women-owned and veteran-owned businesses. Fifth Third Impact programming also includes the delivery of Fifth Third’s L.I.F.E. (Lives Improved through Financial Empowerment®) programs.
The mission of the Community and Economic Development team at Fifth Third Bank is to responsibly empower underserved individuals, families and communities through the delivery of responsible and innovative financial solutions, leading to financially healthy people and sustainable communities. Community and Economic Development officers are active in the regions Fifth Third serves, collaborating with local community and business leaders to develop comprehensive and holistic solutions that address a community’s most important needs. Fifth Third is committed to increasing access to financial services, increasing mortgage lending in low- and moderate-income communities, increasing small business lending, and helping consumers enhance financial capability.
The Federal Reserve Bank of Cleveland rated it "Outstanding" for CRA performance for its most recent examination period: January 1, 2014 to June 30, 2016. The Bank earned an ‘Outstanding’ rating on the Lending and Investment tests and ‘High Satisfactory’ on the Service test resulting in an overall ‘Outstanding’ rating. You may find our statement about the rating and our CRA commitment, as well as a copy of our public evaluation here.
Community & Economic Development Offices
Click on each state to contact Fifth Third’s regional Community & Economic Development Officers.