Fifth Third Bank announces $20 million to transform Cleveland's largely Black Buckeye neighborhood as part of Mayor Frank Jackson's Neighborhood Transformation Initiative....By Clevelandurbannews.com and Kathywraycolemanonlinenewsblog.com, Ohio's Black digital news leader

 
Clevelandurbannews.com and Kathywraycolemanonlinenewsblog.com  

By Kathy Wray Coleman, associate publisher, editor-in-chief

Cleveland, Ohio- Fifth Third Bank and Enterprise Community Partners recently announced the establishment of a $20 million neighborhood program to support and revitalize the Buckeye neighborhood in Cleveland, an effort initiated as part of Mayor Frank Jackson's Neighborhood Transformation Initiative.

The monies for the program are being made available through Fifth Third Foundation, which was established in 1948 and is one of the first charitable foundations created by a financial institution.The investment will include $2 million in grants and $18 million in affordable financing from housing to small business loans.

The  $20 million Neighborhood Investment Program for the Buckeye community is part of Fifth Third’s $2.8 billion commitment that will provide $2.2 billion in lending, $500 million in investments, $60 million in financial accessibility and $40 million in philanthropy from the Fifth Third Foundation as part of Fifth Third’s Accelerating Racial Equality, Equity and Inclusion initiative.

According to Fifth Third media relations spokesperson Laura Passerallo, Cleveland's program will encompass roughly three years and is a partnership with Cleveland Neighborhood Progress, Burten, Bell, Carr Development, Inc., CHN Housing Partners and cross-sector collaborations.

Top administrative officials of Fifth Third said the revitalization effort in one of the city's poorest neighborhoods has broader implications.

“This opportunity allows Fifth Third to invest in a unique way by taking a thoughtfully structured approach to solve real-world systemic issues,” said Joe DiRocco, regional president at Fifth Third Bank of Northern Ohio. “This program goes beyond infusing capital into neighborhoods. We are working to make a significant impact by targeting investments in specific areas, collaborating with communities and their leading organizations and driving change through tangible place-based methods.”

Dana Capers, community and economic development manager for Fifth Third Bank of Northern Ohio, agreed and added that Fifth Third seeks also to build community relationships with marginalized Black communities that have been routinely disenfranchised by the business and housing markets.

"We are committed to providing strategic insight that will help establish an upward trajectory for communities that have historically had limited investment opportunities," Capers said. "This is more than giving bank dollars and programs to communities in need. Through the Neighborhood Investment Program, we’ll connect comprehensive assistance to build relationships within these communities. This will develop a foundation of equity to help eliminate racial disparities and level the playing field.”

Buckeye neighborhood residents and businesses can  apply for the program based loans and grants based on the ability to meet specific criteria, including partnering with the neighborhood’s Black residents, existing civic infrastructure in the neighborhood and capability to manage equitable investment and wealth-building opportunities.

Tania Menesse, CEO and president at Cleveland Neighborhood Progress, a community development corporation in the Buckeye area and community partner in the project that will expand businesses and increase home ownership through grant initiatives and financial loan programs, thanked Fifth Third for what she says is a viable investment in Cleveland's inner city communities that need it most.

“There’s been so much work done to get to this point," said Menesse. We’re so appreciative of Fifth Third and Enterprise Community Partners recognizing the momentum and our ability to take this work in the southern part of the neighborhood, which we’ve all been anxious to embark on. This investment gives us the chance to do that.”

Also planned is a pilot program to help residents purchase and rehabilitate single-family and two-story homes. New owners will be able to live in one unit while providing a quality affordable home to another family. The additional income will help new homeowners thrive, build wealth and prevent displacement of Black residents. They’ll also have access to landlord and small business training over the first 18 months.

Clevelandurbannews.com and Kathywraycolemanonlinenewsblog.com, the most read Black digital newspaper and Black blog in Ohio and in the Midwest. Tel: (216) 659-0473. Email: editor@clevelandurbannews.com. We interviewed former president Barack Obama one-on-one when he was campaigning for president. As to the Obama interview, CLICK HERE TO READ THE ENTIRE ARTICLE AT CLEVELAND URBAN NEWS.COM, OHIO'S LEADER IN BLACK DIGITAL NEWS.