Fifth Third Bank will invest $20 million over three years in the North Nashville area, aiming to create more economic mobility for residents and businesses, the company announced June 20.
The investment plan is part of Fifth Third’s Neighborhood Program, which is active in multiple cities including Chicago, Charlotte, Louisville and Atlanta. The community development initiative launched in 2021 with a focus on historically under-invested neighborhoods.
The North Nashville area was negatively impacted by the construction of Interstate 40, which sliced the Jefferson Street business district in half and separated the neighborhood, causing property values to suffer. The area was also hit by the 2020 tornado outbreak and has been subject to decades of intense gentrification.
“We’ve been trying to shift how we invest in North Nashville,” Mayor Freddie O’Connell said in a news release. “Recently, we’ve taken a special budgeting process and directed hundreds of thousands of dollars into four North Nashville council districts.”
O’Connell said the investment from Fifth Third will bolster the efforts already made by the city and other partners.
“Now we will amplify those investments with a $20 million commitment from Fifth Third that will result in community development through housing preservation, small business assistance, and vacant lot activation,” O’Connell said. “Community members will see the results starting later this year.”
The program’s overall plan for community development in North Nashville includes growing housing options and improving pathways to home ownership, investing in small businesses and community-based wealth building and implementing infrastructure solutions.
Strategies could include providing capital for small businesses, advising residents on financial planning, developing and preserving affordable housing and addressing lasting tornado damage and highway impacts.
The Fifth Third Foundation has committed $1 million in funding each to Affordable Housing Resources and the United Way of Greater Nashville as a part of the total investment program.
Fifth Third’s chief corporate responsibility officer Kala Gibson said the Neighborhood Program, now active in nine neighborhoods, has been a conduit for transformative change.
“We’re thrilled about the opportunity to apply what we’ve learned and help North Nashville realize similar outcomes and impact,” she said in a news release.
The investments made by Fifth Third could build on recent progress made in the area. Metro recently invested $1 million into a program at the Matthew Walker Comprehensive Health Center focused on lowering blood pressure, and the Dr. Ernest Rip Patton, Jr. North Nashville Transit Center opened last year.
“I am thrilled that North Nashville has been selected for Fifth Third’s Neighborhood Program,” said Fifth Third’s Tennessee region president David Briggs. “The North Nashville community embodies both the rich history of this city and the promise and challenges…
Read More: North Nashville to gain $20M investment fund for community development
