By Tiffaney Hardy
Vice President
Senior Public Relations Manager
Fifth Third Bank
Fifth Third Bank, National Association has announced that its Empowering Black Futures Neighborhood (EBF) Program featured locally in Avondale has in two years already exceeded the program’s $180 million, three-year commitment. The program has invested $187 million in nine low-to-moderate income neighborhoods that have experienced disinvestment. Fifth Third also is extending technical assistance related to the program by an additional year, through 2025, to ensure continued, sustained impact and progress.
“While we have exceeded our original financial commitment of $20 million in the Avondale community, it’s really about our long-lasting commitment to enhancing the lives and providing safe, affordable housing for those who call Avondale home,” said Tim Elsbrock, regional president, Fifth Third Bank of Cincinnati. “We are proud of our partnerships that enable us to strengthen the communities we serve in the Greater Cincinnati region.”
Fifth Third announced comprehensive updates for the neighborhoods, along with progress on additional initiatives to drive transformation in low-to-moderate income areas, in its inaugural Community Impact Report.
The Community Impact Report illustrates Fifth Third’s commitment to building stronger communities and promoting inclusion by partnering directly with individuals in those communities to achieve their plans. Fifth Third’s Empowering Black Futures Neighborhood program effort has five key goals: to create equitable connected systems; improve upward mobility among residents; build inclusive civic infrastructure; promote prosperous small businesses; and develop healthy built environments.
“We’ve been intentional about working with our community stakeholders over the past several years,” said Jada Grandy-Mock, senior vice president and chief community impact officer. “These partnerships have enabled us to pioneer a new model for how we create pathways for economic mobility in low-to-moderate income areas. It’s not just about capital infusion, products and services, but about making connections and bringing the right partners to the table. We’re excited about having a report of sharing our impact in the community across our footprint.”
The Avondale Development Corporation has been integral to the success of this program in Cincinnati’s Avondale neighborhood by serving as a facilitator and collaborator in the community.
“Our partnership with Fifth Third is not merely another project; it’s a testament to our commitment to building a community where everyone, regardless of their socioeconomic status can thrive,” said Avondale Development Corporation Executive Director Russell Hairston. “In the pursuit of a more equitable society, our partnership and community-led approach exemplifies our vision for a brighter future where together, we can redefine what it means to live in dignity and hope. We remain, thrilled to be part of the EBF program.”
Specific projects of investment in Avondale include:
- Blair Lofts (64 units of affordable housing units)
- Avondale Home Improvement Program (made critical repairs on 35 existing homes with the Avondale Development Corp. and the Port of Greater Cincinnati Development Authority)
- Empowering Black Futures Capital Readiness Grant Awardees in Avondale including a $5,300 grant, technical support, business coaching, and business health assessment for the following businesses to prepare for future capital investment:
- Arielle Nelson, Saturday Morning Vibes Cereal Bar owner
- Dr. Jamila Maddox, Cincinnati Healing Arts LLC
“Our Empowering Black Futures Program extends Fifth Third’s goal of building strong neighborhoods and improving the upward mobility by increasing access in the Avondale neighborhood,” said Royce Sutton Fifth Third’s community impact territory manager for the Cincinnati region.“Our place-based approach to community development represents our continued commitment to transform the neighborhoods and empower the residents in the communities we serve as a pivotal step towards a better tomorrow.”
Fifth Third collaborated with Enterprise Community Partners and key community organizations in each of the neighborhoods to foster implementation of community-driven economic mobility plans.
“It’s been a distinct privilege to work with Fifth Third on their transformative neighborhood program,” said Jacqueline Waggoner, president, solutions division, Enterprise Community Partners. “This program represents a unique and innovative approach, and they are leading it in every way. It’s not just their significant financial investments that are making a difference. Their local teams are on the ground helping to lead and contribute to the development of sustainable, community-driven solutions.”
To read the Community Impact Report in full, visit www.53.com/CIR.