COLUMBUS, Ohio (WCMH)–Fifth Third Bank announced a large investment into a near Eastside Columbus neighborhood of $20 million.
The area has seen development in recent years and this money could make even more happen. 5/3 Bank’s Regional President said they chose this neighborhood for three major reasons: Its people, its history, and its potential.
The program is part of the company’s advancement initiative of racial equity, announced last December.
The bank committed nearly $3 billion over the next three years in areas like lending, financial investments, and philanthropy in predominantly Black neighborhoods.
Fifth Third partnered with PACT, a collaborative group made up of the city, Ohio State University, and the Metro Housing Authority, and community members.
The investments will build on PACT’s community-developed blueprint, which is designed to empower black residents through engagement, decision making, and self-determination.
“We need more housing. We need more affordable and accessible housing. The money’s also going to go toward workforce development. We need people to earn a livable wage so they can take care of their families,” said 5/3 Bank Regional President Francie Henry. “So we can build and grow generational wealth and we’re also going work with businesses, black-owned business, so we can get them to grow and develop and come right here to the Near East Side.”
Pact and Fifth Third are still working on the details of when and how residents and businesses can apply for these funds…but they want this neighborhood to start seeing the changes as soon as possible.