Launch of a Transformational Community Investment Strategy
Fifth Third Bancorp has formally introduced a new chapter in its community development journey with the unveiling of its Small Towns & Small Cities initiative, a targeted, place-based program designed to drive economic revitalization in communities that have historically experienced disinvestment and uneven growth patterns. The initiative reflects a strategic evolution in how financial institutions approach community engagement, moving beyond traditional lending and philanthropy toward integrated, long-term partnerships that align capital deployment with locally defined priorities. The city of Lima has been selected as the inaugural beneficiary of this multi-year commitment, marking a significant milestone both for the bank and for the community itself. Over the course of four years, the initiative will channel financial resources, technical expertise, and collaborative partnerships into key sectors such as housing, workforce development, infrastructure modernization, and small business growth, all guided by a community-centered framework that emphasizes sustainable and inclusive economic mobility.
Building on the Legacy of the Neighborhood Program
The Small Towns & Small Cities initiative is not an isolated effort but rather a continuation and expansion of the momentum generated by Fifth Third’s earlier community investment platform, the Fifth Third Neighborhood Program. Since its launch in 2021, the program has deployed nearly $410 million across urban markets in the United States, catalyzing an additional $200 million in co-investment from public and private partners. This track record underscores the bank’s capacity to leverage its financial strength to stimulate broader economic participation and community transformation. By extending this model into smaller and mid-sized communities like Lima, Fifth Third is broadening the geographic scope of its impact while adapting its strategies to address the unique challenges and opportunities present in these environments. The transition from urban-focused initiatives to a more inclusive framework signals a recognition that economic disparities are not confined to major metropolitan areas and that smaller cities often require equally robust and tailored interventions.
Strategic Selection of Lima as the First Partner Community
The choice of Lima as the inaugural community under this initiative reflects a careful evaluation of both need and opportunity. Known for its industrial heritage and resilient population, Lima has experienced economic fluctuations over the years but has also demonstrated a strong commitment to revitalization through proactive leadership and community engagement. The city’s selection highlights its readiness to collaborate with institutional partners and its ability to translate strategic investments into tangible outcomes. Local leadership has played a crucial role in positioning Lima as a viable partner, with a clear vision for growth that aligns closely with Fifth Third’s objectives. By choosing a community that already possesses a foundation of momentum, the initiative aims to amplify existing efforts rather than impose external solutions, thereby ensuring that development remains locally driven and contextually relevant.
Alignment with Local Leadership and Visionary Planning
A cornerstone of this partnership is its alignment with the Better Together Plan spearheaded by Sharetta Smith. This comprehensive roadmap outlines the city’s priorities for economic development, housing expansion, workforce advancement, and infrastructure improvement. By synchronizing its investment strategy with this locally developed plan, Fifth Third ensures that its resources are deployed in a manner that directly supports community-defined goals. This alignment also fosters a sense of ownership among residents and stakeholders, as the initiatives being implemented are rooted in their own aspirations and needs. The collaboration between the bank and municipal leadership exemplifies a model of public-private partnership that prioritizes transparency, accountability, and measurable impact, setting a precedent for future engagements in other communities.
Strengthening Housing and Neighborhood Stability
One of the primary focus areas of the initiative is the enhancement of housing accessibility and neighborhood stability. Through its Community Development Company and Tax Credit Lending Group, Fifth Third will finance a range of housing projects aimed at increasing both the availability and affordability of residential options. These efforts include the expansion of special purpose credit programs designed to lower barriers to homeownership, particularly for populations that have been historically underserved by traditional financial systems. By addressing housing challenges at multiple levels—from financing new developments to supporting existing homeowners—the initiative seeks to create stable, thriving neighborhoods that serve as the foundation for broader economic growth. Additionally, neighborhood revitalization efforts will be closely integrated with infrastructure improvements, ensuring that housing developments are supported by adequate services and amenities.
Revitalizing Small Business Ecosystems
Small businesses are widely recognized as the backbone of local economies, and the initiative places significant emphasis on revitalizing commercial corridors and supporting entrepreneurial activity in Lima. Through the Fifth Third Small Business Catalyst Fund, the bank will provide a combination of grants, loans, and technical assistance to help local businesses start, grow, and sustain their operations. A key component of this effort is the introduction of a small business pitch competition, which will award $53,000 in grants along with capacity-building scholarships to promising entrepreneurs. This approach not only injects capital into the local economy but also fosters innovation and competitiveness among business owners. Special purpose credit programs will further ensure that businesses disproportionately affected by past disinvestment have access to the resources they need to succeed, thereby promoting a more inclusive and equitable economic landscape.
Expanding Workforce Development and Employment Pathways
Workforce development is another critical pillar of the initiative, reflecting the understanding that sustainable economic growth depends on a skilled and adaptable labor force. Fifth Third will collaborate with JobsOhio and other local stakeholders to create training programs that align with the evolving needs of the regional economy. These programs will focus on equipping residents with the skills required for in-demand industries, thereby enhancing employability and income potential. In addition to training initiatives, the program will emphasize financial empowerment and employer partnerships to increase workforce participation rates. By addressing both the supply and demand sides of the labor market, the initiative aims to create a more dynamic and resilient economic environment in which individuals and businesses can thrive together.
Advancing Infrastructure Modernization and Resiliency
Infrastructure plays a vital role in supporting economic activity and quality of life, and the initiative includes targeted efforts to modernize and strengthen Lima’s existing systems. Investments will focus on improving water and energy affordability, ensuring that essential services remain accessible to all residents. At the same time, the program will support projects aimed at upgrading aging infrastructure, thereby enhancing reliability and efficiency across neighborhoods. These improvements are expected to have a multiplier effect, attracting additional investment and fostering a more conducive environment for business development and residential growth. By prioritizing infrastructure resiliency, the initiative also addresses long-term sustainability concerns, positioning Lima to better withstand future economic and environmental challenges.
Enhancing Financial Access and Literacy
Financial inclusion is a key component of the initiative’s broader mission to promote economic mobility. Fifth Third will expand access to its financial education programs, providing residents with the knowledge and tools needed to make informed financial decisions. The deployment of the Financial Empowerment Mobile will bring these resources directly into the community, offering convenient access to banking services, credit counseling, and educational workshops. This mobile approach ensures that even underserved areas can benefit from the bank’s offerings, reducing barriers to participation in the formal financial system. By empowering individuals with financial literacy and access, the initiative seeks to create a more inclusive economy in which all residents have the opportunity to build wealth and achieve financial stability.
Strengthening Community Partnerships and Philanthropic Support
Collaboration with local organizations is essential to the success of any community development effort, and the initiative includes a strong focus on supporting community partners through philanthropic contributions. The Fifth Third Foundation will provide funding to organizations working in areas such as housing stability, youth development, and neighborhood revitalization. These partnerships enable the initiative to leverage existing expertise and networks within the community, ensuring that resources are used effectively and efficiently. By investing in organizations that are already making a difference, Fifth Third enhances the overall impact of its program while fostering a collaborative ecosystem that can sustain progress over the long term.
Community-Driven Insights and Listening Sessions
The priorities guiding the initiative were shaped through extensive community engagement, including a series of listening sessions conducted in 2025. During these sessions, Fifth Third representatives engaged directly with residents, local leaders, and stakeholders to gain a deeper understanding of the challenges and opportunities facing Lima. This participatory approach ensures that the initiative is grounded in real-world insights and reflects the lived experiences of those it aims to serve. By incorporating community feedback into its planning process, the bank demonstrates a commitment to transparency and responsiveness, reinforcing trust and strengthening its relationship with the community.
A Comprehensive Approach to Place-Based Development
At its core, the Small Towns & Small Cities initiative represents a holistic approach to economic development that integrates multiple strategies into a cohesive framework. Rather than addressing individual issues in isolation, the program combines investments in housing, small business support, workforce development, infrastructure, and financial access to create a synergistic effect. This comprehensive model recognizes the interconnected nature of economic challenges and seeks to address them in a coordinated manner. By aligning its efforts across these various domains, Fifth Third aims to create a self-sustaining cycle of growth and opportunity that can continue long after the initial investment period has concluded.
Long-Term Vision for Sustainable Economic Mobility
The four-year commitment to Lima is designed not only to deliver immediate benefits but also to lay the groundwork for sustained progress over the long term. By focusing on capacity building, partnership development, and systemic improvements, the initiative seeks to create lasting change that extends beyond the duration of the program. This forward-looking approach reflects a broader shift in the financial industry toward impact-driven strategies that prioritize long-term outcomes over short-term gains. As the initiative unfolds, it is expected to serve as a model for similar efforts in other communities, demonstrating the potential of place-based investments to drive meaningful and measurable improvements in economic mobility and quality of life.
About the City of Lima
Founded in 1831, Lima is the county seat of Allen County and a regional hub for government, industry, and culture in northwest Ohio. The City of Lima is committed to building a vibrant, inclusive community through strategic investment, collaboration, and service to residents.
About Fifth Third
Fifth Third is a bank that’s as long on innovation as it is on history. Since 1858, we’ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it’s one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere’s World’s Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation’s highest performing regional bank, but to be the bank people most value and trust.
Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank and its common stock is traded on the NASDAQ® Global Select Market under the symbol “FITB.” Investor information and press releases can be viewed at www.53.com. Deposit and credit products provided by Fifth Third Bank, National Association. Member FDIC.
