Fifth Third Foundation Announces Second Year of Strengthening Our Communities Awards
November 08 2018 - 11:48AM
Business Wire
Total Investment Reaches $5.5 Million
The Fifth Third Foundation has announced the second year of the
Strengthening Our Communities fund awards, bringing the total
amount invested over the last two years to $5.5 million. The fund
has awarded $3 million for 2018.
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The Fifth Third Foundation has announced
the second year of the Strengthening Our Communities fund awards,
bringing the total amount invested over the last two years to $5.5
million. The fund has awarded $3 million for 2018. (Photo: Business
Wire)
The fund is a part of Fifth Third Bank’s $32 billion Community
Commitment, which provides investments to designated nonprofit
programs that support homeownership, affordable housing, small
business development and financial stability for individuals and
families. The five-year Community Commitment, launched in 2016 at
$30 billion, last month was increased by $2 billion.
“The Strengthening Our Community grants are impactful.
Regardless of the neighborhood where one lives or works, every
community is an ever-evolving, all-encompassing entity, created by
the people who call those neighborhoods home,” said Heidi Jark,
managing director, Fifth Third Foundation. “We are intentional
about building communities because we know that as their residents
become empowered, their entire surroundings will flourish.”
The fund allows the opportunity to positively affect communities
through strategic philanthropic partnerships that align with the
Fifth Third Bank community impact focus area priorities and
Community Reinvestment Act objectives. This year, the fund awarded
$1.2 million to help entrepreneurs grow their businesses and to
create jobs. The Florida Community Loan Fund received $50,000 of
that.
“The Fifth Third Foundation’s Strengthening Our Communities
grant will support our community development financing programs and
will help lead $15 million in direct financing by FCLF,” said
Ignacio Esteban, the FCLF’s CEO. “Our financing creates
opportunities for low-income Floridians including decent, safe and
affordable housing. We thank Fifth Third for supporting our vision
that every person in every community in Florida has an opportunity
to live with dignity.”
The fund in 2018 had an impact on more than 2,000 people through
neighborhood revitalization projects that included assistance with
resources for home repair and rehab programs that helped senior
citizens maintain their homes and through homeowner assistance
programs that helped people achieve the American dream of
homeownership. More than 8,500 received workforce development and
financial education services. Nearly 4,870 more people were helped
by economic development programs, including technical assistance
and micro-lending for small businesses. Since 2017 more than 150
nonprofits have benefited from the fund.
In addition to the investments in small business, the SOC
program provided $700,000 to organizations that supported
affordable housing and over $1.1 million to nonprofit partners for
financial empowerment programs. Nationally, SOC grants were awarded
to nearly 80 organizations across Fifth Third’s 10-state footprint
in three areas of focus. Those organizations include:
Affordable Housing
- Kentucky: Rebound Inc.,
Foundation for Affordable Housing Inc. and the Urban League of
Lexington-Fayette County.
- North Carolina: DHIC Inc.,
Habitat for Humanity Charlotte and Prosperity Unlimited Inc.
- Northwest Ohio: Maumee Valley
Habitat for Humanity and the Local Initiatives Support Corporation
in Toledo (LISC).
- Georgia: Urban League of Greater
Atlanta.
- Tennessee: Affordable Housing
Resources Inc.
- Eastern Michigan: Wayne
Metropolitan Community Action Agency.
Economic Development
- Cincinnati/Dayton: Community
Action Partnership of the Greater Dayton Area; City Wide
Neighborhood Development Corp.; LISC Cincinnati; IFF; Cincinnati
USA Regional Chamber Foundation - Minority Business
Accelerator.
- Florida: Tampa Bay Black
Business Investment Corporation Inc. and Florida Gulf Coast
University Foundation Inc.
- Georgia: Women’s Entrepreneurial
Opportunity Project Inc.
- Tennessee: Pathway Lending (also
known as the Southeast Community Capital Corp.).
Financial Empowerment
- Eastern Michigan: LISC Detroit,
LISC Flint and The Empowerment Plan.
- Florida: Children’s Home Society
of Florida, LIFT Orlando, Start Right Now Inc. and Affordable
Homeownership Foundation Inc.
- Northwest Ohio: Adelante Inc.,
Cherry Street Mission Ministries and Goodwill Industries of
Northwest Ohio Inc.
- Tennessee: Dismas Inc. and the
Urban Housing Solutions Inc.
- Western Michigan: Grand Rapids
Community College Foundation and Literacy Center of West
Michigan.
“The Bank strives to have a positive impact in our communities
through inclusive lending, investments and services. This allows us
to create new opportunities and to help people thrive and achieve
some of their most significant goals,” said Byna Elliott, senior
vice president and chief corporate community and economic
development officer. “By partnering with various community
organizations that are dedicated to bringing effective change, we
are demonstrating our commitment to doing what’s right by improving
lives one person and one community at a time.
The Fifth Third Foundation invites nonprofit organizations to
apply for SOC funding. Awards are made four times per year. Grant
awards begin at $25,000 and are for a one-year period. The maximum
grant amounts per region depend on the program and demonstrated
need.
About The Fifth Third
Foundation
Established in 1948, the Fifth Third Foundation was one of the
first philanthropic foundations established by a financial
institution. The Fifth Third Foundation supports worthwhile
organizations in the areas of education, health and human services,
community development and the arts.
About Fifth Third
Bancorp
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio and the indirect parent company
of Fifth Third Bank, an Ohio-chartered bank. As of Sept.30, 2018,
Fifth Third had $142 billion in assets and operated 1,152
full-service Banking Centers and 2,443 ATMs with Fifth Third
branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida,
Tennessee, West Virginia, Georgia and North Carolina. In total,
Fifth Third provides its customers with access to approximately
53,000 fee-free ATMs across the United States. Fifth Third operates
four main businesses: Commercial Banking, Branch Banking, Consumer
Lending and Wealth & Asset Management. Fifth Third is among the
largest money managers in the Midwest and, as of Sept. 30, 2018,
had $376 billion in assets under care, of which it managed $38
billion for individuals, corporations and not-for-profit
organizations through its Trust and Registered Investment Advisory
businesses. Investor information and press releases can be viewed
at www.53.com. Fifth Third’s common stock is traded on the Nasdaq®
Global Select Market under the symbol “FITB.” Fifth Third Bank was
established in 1858. Deposit and Credit products are offered by
Fifth Third Bank. Member FDIC.
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