CINCINNATI — Fifth Third Bank announced a $180 million neighborhood investment program to accelerate revitalization in majority-Black communities. The bank along with Enterprise Community Partners chose nine locations across seven states and the historic Russell neighborhood in Louisville was chosen.
Enterprise is assisting each neighborhood in developing and implementing a plan tailored to the unique challenge they each face. Additionally, they will look to improve the economic well-being of residents and locally owned businesses.
“This opportunity allows Fifth Third to invest in a unique way by taking a thoughtfully structured approach to solve real-world systemic issues,” Fifth Third chairman and CEO Greg Carmichael said. “This program goes beyond infusing capital into neighborhoods. We are working to make a significant impact by targeting investments in specific areas, collaborating with communities and their leading organizations and driving change through tangible place-based methods.”
The investment heading to the Russell neighborhood plans to call for a creation and expansion of residential and business ownership for its residents. The home-ownership rate in the neighborhood stands at 18%.
Dubbed "Russell: A Place of Promise," includes investing and building in new homes, expansion of existing small businesses and offering equity-based and flexible lending.
Fifth Third lays out their goals for 10 years and the next 25 years. Some of which include increased home-ownership among Black residents and creating a proven national model for Black wealth.
To read more about the $20 million investment to Louisville's Russell neighborhood, click here.
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