Fifth Third Bank announced a Neighborhood Investment Program in collaboration with Enterprise Community Partners, making a $20 million commitment to support and revitalize the Avondale community. The program will focus over three years with the Avondale Development Corporation (ADC) and cross-sector collaborations.
Downtown Cincinnati-based Fifth Third, the largest locally based bank and ninth largest U.S.-based consumer bank, intends to commit the $20 million in lending, investments, and philanthropic support, including grants from the Fifth Third Foundation to Avondale. The combination of capital, products, and services will be invested into small businesses, mortgages, philanthropic efforts, and neighborhood revitalization loans and investments.
“This opportunity allows Fifth Third to invest in a unique way in Avondale by taking a thoughtfully structured approach to address systemic issues,” said Tim Elsbrock, Fifth Third’s Cincinnati region president. “This is more than infusing up to $20 million of capital into the neighborhood. We are working to make a significant impact that goes beyond the dollars by collaborating with the Avondale Development Corporation to improve the livelihood of the community that will have lasting impact for generations to come.”
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. The two organizations managed a criteria-based, invitation-only application process to select nine majority-Black neighborhoods that have seen a sustained period of disinvestment.
Avondale was invited to apply for the program based on its ability to meet specific criteria, including collaborating with the neighborhood’s Black residents, existing civic infrastructure, 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.
Russell Hairston, executive director of ADC, said his organization will build off a quality-of-life plan and a housing strategy. The plan includes support for the next generation of homeowners, improvements to the housing stock, small business development, and infrastructure initiatives like Uptown Consortium, Inc. (UCI) Innovation Greenway project and separately UCI’s Burnet Avenue Revitalization project.
“The Avondale Development Corporation, on behalf of the Avondale Neighborhood, seeks equitable growth that will ensure intergenerational economic mobility,” he said. “It will involve equitable housing, small business development and assistance, education, income security, and wealth accumulation. Together, we will grow Avondale.”
“We are proud to be a community partner to Avondale. It is a key area of Uptown — its improvements, developments, and successes play a vital role in our mission,” said Uptown Consortium, Inc. (UCI) President and CEO Beth Robinson.
Enterprise will be providing technical assistance to support each neighborhood in developing and implementing a plan tailored to the unique challenges it faces before assisting with assessing the plan’s effectiveness at improving the economic well-being of residents and small locally owned businesses. The goal is to improve investments in small businesses, homeownership, and workforce development to create successful outcomes such as increased employment, economic stability, and growth.
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. Additional recipient neighborhoods and lead organizations including South Chicago, Buckeye Cleveland, Arlington Woods Indianapolis, and Russell Louisville.
Learn more about the Neighborhood Investment Program here.
Read more about the Fifth Third grant in the Cincinnati Business Courier here.