Fifth third bank partners with aeo to invest in black businesses through capital readiness program - saportareport

In partnership with Fifth Third Bank, the Association for Enterprise Opportunity (AEO) is promoting economic mobility in 10 predominantly Black neighborhoods through the EMPOWERING BLACK

FUTURES CAPITAL READINESS PROGRAM. The initiative is part of Fifth Third’s larger Empowering Black Futures Neighborhood Program, a $180 million commitment to deliver comprehensive support in

lending, investments and philanthropy in neighborhoods across the Bank’s retail banking footprint. Focusing on neighborhoods that have historically experienced disinvestment, AEO selected

two entrepreneurs from each neighborhood. The 20 participating entrepreneurs will work closely with AEO over the next several months to stabilize and grow their businesses. Each entrepreneur

will complete Business Health Assessments, access personalized learning plans through AEO’s online learning platform, RESILI™, and receive trusted guidance with AEO’s network of small

business coaches in an effort to strengthen key areas of the business that will better prepare them for additional growth capital. Additionally, the selected entrepreneurs will receive

$5,300 in small business grant funding from Fifth Third’s Empowering Black Futures Initiative. Atlanta’s Grove Park recipients are Prince Uduka of Conrad Shopping LLC and Leah Hernandez of

Young Authors Publishing. Conrad Shopping is a home supplies store. Young Authors Publishing is a children’s and young adult book publisher that exists to share the stories of Black &

Brown children.  “Business ownership is a key driver of wealth in communities and through generations. I could not think of a better way to advance the broader mission of racial equity than

to support wealth creation in communities that have historically experienced wealth extraction,” says Connie Evans, President and CEO of AEO. “By positioning Black-owned businesses to obtain

capital and grow, we are empowering not just individual entrepreneurs, but entire communities to seize control of their own economic futures.” “We are proud to provide capital readiness

grants and technical assistance to minority-owned small businesses to help them grow and thrive,” said Randy Koporc, regional president for Fifth Third Bank Georgia. “We know that small

businesses are the heart of communities, and these impact grants will provide tangible support to help strengthen key areas of their businesses and better prepare them for additional

capital.” The program is part of Fifth Third’s  $2.8 billion Accelerating Racial Equity, Equality and Inclusion Initiative providing $2.2 billion in lending, $500 million in investments, $60

million in financial accessibility and $40 million in philanthropy which encompasses the Empowering Black Futures Neighborhood Program. The initiative is focused on four strategic pillars

to create more equitable outcomes for its customers and communities through strategic investments, access to capital, financial inclusion and education, and social justice and advocacy.

Other Empowering Black Futures Credit Readiness Program grant recipients include: DEONA FRIERSON The Excellent Marriage Historic West End – Charlotte, NC JORIEKA DOWNEY Grits CLT LLC

Historic West End – Charlotte, NC SHIKA MYRICKES Shika & Company Extensions South Chicago – Chicago, IL DOREETHA WHEATLEY South Chicago Hub South Chicago – Chicago, IL ARIELLE NELSON

Saturday Morning Vibes Cereal Bar Avondale – Cincinnati, OH ARTHUR NORMAN JR. Dipped Custom Prints Near East Side – Columbus, OH ANTOINETTE PARKS Chef Butcher’s Creole Kitchen LLC Near East

Side – Columbus, OH RAESHAWN BUMPHERS Pink Poodle Dress Lounge Gratiot -7 Mile – Detroit, MI JAMEELA SIMPSON Crumbs Cookie Station Gratiot -7 Mile – Detroit, MI BRANDON WRIGHT Wright Way

Wrestling Arlington Woods – Indianapolis, IN HOLLY ROBINSON Elite Cleaning Professionals LLC Arlington Woods – Indianapolis, IN TIFFANY JOHNSON Kipani’s Kloset Russell – Louisville, KY

JAMILA MADDOX Cincinnati Healing Arts LLC Avondale – Cincinnati, OH MARTINA THOMPSON Where Futures Begin Buckeye – Cleveland, OH JENNIFER SHERMAN  BeIDT Health Buckeye – Cleveland, OH BENEA

DURRETT Unique Essentials Russell – Louisville, KY KIMBERLY BLACKMON Glowmour Beauty Medispa East Tampa – Tampa, FL NATASHA GOODLEY White & Black Consulting LLC East Tampa – Tampa, FL

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