Fifth Third investing up to $20 million in South Chicago neighborhood

Fifth Third Bank is planning to invest up to $20 million in the South Chicago neighborhood with the goal of revitalizing the small business sector and increasing the availability of affordable housing, the financial institution said Tuesday.

“Fifth Third is thrilled to invest in the transformation of South Chicago, working with our highly committed and collaborative partners,” Mark Hoppe, regional Fifth Third president, said in a statement. “While revitalizing South Chicago, this supports Fifth Third’s goal to advance racial equity and build upward mobility. This investment also represents a strong vote of confidence in the City’s INVEST South/West corridor improvement program, and forms part of our commitment to the 5/25: Move to Action Initiative.”

The bank said the money will come in the form of loans, investments and philanthropic support to South Chicago, including the Fifth Third Foundation.

Fifth Third is partnering with Enterprise Community Partners, a national nonprofit that, among other things, helps make home ownership possible for low-income families.

“The Fifth Third Neighborhood Investment Program shows what is possible when we make intentional investments that center on Black life and legacy,” said Priscilla Almodovar, president and CEO of Enterprise Community Partners. “Enterprise is so excited to join Fifth Third and this group of committed neighborhood partners on an initiative that powerfully aligns with our goals as an organization: increase the housing supply, advance racial equity and build resilience and upward mobility.”

The South Chicago initiative is part of the bank’s $2.8 billion commitment from the Fifth Third Foundation as part of Fifth Third’s Accelerating Racial Equality, Equity and Inclusion initiative.