The Fifth Third Neighborhood Program is redefining community lending and partnership. The program delivers comprehensive support to nine neighborhoods across seven states in Fifth Third’s footprint.

With over $216 million in investments and direct technical assistance, the neighborhoods are advancing economic mobility and driving community revitalization. Their efforts have produced tangible improvements across all nine neighborhoods – results that would not have been possible but for the Fifth Third Neighborhood Program.

The Commitment

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The Fifth Third Neighborhood Program has brought comprehensive support – including capital, partnerships, and expertise – to nine communities in seven states across Fifth Third’s footprint.

The program launched in 2021 with a clear vision: to create a place-based investment model in culturally rich legacy neighborhoods. Each of the nine participating neighborhoods represents cross-sector partnerships working collectively on behalf of residents, small businesses, and other community stakeholders.

Fifth Third committed up to $20 million in lending, investments, and philanthropic funding to each neighborhood based on their needs, opportunities and economic mobility strategy.

With technical assistance from Enterprise, all nine neighborhoods have launched an economic mobility plan that reflects the five key goals of the Fifth Third Neighborhood Program:

• Improve upward mobility among residents
• Promote prosperous small businesses
• Develop healthy built environments
• Create more equitable, connected systems
• Build an inclusive civic infrastructure

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The Fifth Third Neighborhood Program has been a collaborative effort between the bank and the community, centered on their voice with investments driven by their goals.

Jada Grandy-Mock, Fifth Third Bank Chief Community Impact Banking Officer

The Approach

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The Fifth Third Neighborhood Program is a multiyear economic mobility initiative designed to accelerate racial equity, equality and inclusion. The program has  catalyzed development and drawn investments and resources from a wide range of stakeholders.

An invitation-only application process led by Enterprise selected nine neighborhoods for the Fifth Third Neighborhood Program. Next, the neighborhoods embarked on building an economic mobility roadmap and action planning process with strategic advisory support from Enterprise.

Each of the neighborhoods is on a distinct journey as they continue to implement their plans and track the progress made possible by Fifth Third’s investments and philanthropic support. With that support, they are creating homeownership opportunities, building and preserving rental homes, supporting local small businesses and entrepreneurs, strengthening their operational capacity, and much more.

Peer learning has been an essential component of the program. The cohort engaged in bimonthly meetings, sharing knowledge and expertise, and exploring key topics like community wealth building, anti-displacement strategies, and data collection for storytelling.

An in-person convening at Fifth Third’s Cincinnati headquarters brought together leaders from all nine participating neighborhoods as well as leadership from Fifth Third, Enterprise, and Rockefeller Philanthropy Advisors.

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We've seen businesses being supported, rental homes being developed, and trust and capacity being built to sustain these efforts and achieve the impact the nine neighborhoods want to see.

Chris Kizzie, Enterprise Advisors Vice President

The Impact

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Since its launch, the Fifth Third Neighborhood Program has exceeded its commitment of $180 million to generate over $216 million across the nine neighborhoods in direct people- and place-focused investments. That investment catalyzed over $200 million in additional leverage, resulting in $417 million in total Fifth Third-driven investments.

Fifth Third’s investments in the neighborhoods – combined with sustained technical and advisory support from Enterprise – have catalyzed significant additional leverage for each neighborhood to advance its vision for economic mobility.

Here are highlights of what the nine neighborhoods have achieved collectively since mid-2021.

Homeownership

• 1,449 homeowners assisted through purchase assistance, classes, repairs, and other programs
• 269 mortgage transactions
• 94 new homeownership homes developed
• 40 home purchase loans

Rental Homes

• 584 new affordable homes developed
• 351 homes preserved, preventing displacement

Small Businesses

• 633 small businesses supported through technical assistance and other programs
• 527 job placements
• 118 small business loans

Economic Development and the Built Environment

• 150 vacant parcels acquired or activated
• 9 art installations or streetscapes supported
• 9 commercial developments supported

Organizational Capacity

• 68 positions filled
• 54 new formal partnerships formed

Local Programming

• 8,432 residents engaged in local programming and community events
• 640 community engagement events

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What makes the program so unique is that all nine neighborhoods are moving at a different pace, and it’s good and it’s positive. The program has drawn interest around the entire country.

Kala Gibson, Fifth Third Bank Executive VP & Chief Corporate Responsibility Officer