Fifth Third Financial institution is planning to speculate as much as $20 million within the South Chicago neighborhood with the purpose of revitalizing the small enterprise sector and rising the supply of inexpensive housing, the monetary establishment stated Tuesday.
“Fifth Third is thrilled to spend money on the transformation of South Chicago, working with our extremely dedicated and collaborative companions,” Mark Hoppe, regional Fifth Third president, stated in an announcement. “Whereas revitalizing South Chicago, this helps Fifth Third’s purpose to advance racial fairness and construct upward mobility. This funding additionally represents a powerful vote of confidence within the Metropolis’s INVEST South/West hall enchancment program, and kinds a part of our dedication to the 5/25: Transfer to Motion Initiative.”
The financial institution stated the cash will come within the type of loans, investments and philanthropic assist to South Chicago, together with the Fifth Third Basis.
Fifth Third is partnering with Enterprise Group Companions, a nationwide nonprofit that, amongst different issues, helps make residence possession potential for low-income households.
“The Fifth Third Neighborhood Funding Program exhibits what is feasible after we make intentional investments that heart on Black life and legacy,” stated Priscilla Almodovar, president and CEO of Enterprise Group Companions. “Enterprise is so excited to hitch Fifth Third and this group of dedicated neighborhood companions on an initiative that powerfully aligns with our objectives as a corporation: enhance the housing provide, advance racial fairness and construct resilience and upward mobility.”
The South Chicago initiative is a part of the financial institution’s $2.8 billion dedication from the Fifth Third Basis as a part of Fifth Third’s Accelerating Racial Equality, Fairness and Inclusion initiative.