LOUISVILLE, Ky. — Fifth Third Bank announced Tuesday that it plans to commit up to $20 million in the Russell neighborhood in collaboration with Enterprise Community Partners.
The Louisville neighborhood is one of only nine majority Black communities nationwide to be selected.
Jackie Floyd has lived in Russell since the '90s and raised her five children there.
"Russell is a community that sticks together," she told Spectrum News 1, following the announcement. "The people love each other. They work together. They’re proud of their community."
The investment will focus on "increasing sustainable Black homeownership and small business ownership," according to Jada Grandy-Mock of Fifth Third Bank.
"We want to create opportunities for African Americans to create intergenerational wealth and rise out of poverty into prosperity," she said.
Floyd is the lead community outreach specialist for Russell: A Place of Promise, which applied for the investment program.
"I believe the message is being sent that we believe in you, that we believe in the people of Russell, that we have heard you and we want to work with you to make sure that you have what you want in your community," she said.
Floyd would like to see more affordable housing, new businesses and better schools in the neighborhood, she said.
Fifth Third Bank said the investment will go toward philanthropy, access to capital, job creation, workforce development and affordable housing.
Only about 16% of homes owned in Russell are owned by Black families, according to Kim Halbauer, regional Fifth Third president.