The company announced on Thursday that it will provide up to $ 20 million in various financial support to the historic West and Third Bank.

The grant will come from small business loans, loans, investments and charitable support, including grants from the Fifth Foundation.

Commitment is still one of the largest black community in the history of black and white investment in recent years.

Nationally, the Bank has allocated $ 2.8 billion to help communities in 11-state. Charlotte is one of nine cities to receive a third and third aid this week.

Officials at the bank made the announcement under a large tent at the West Complex, which was surrounded by local officials.

In Charlotte, the Fifth Third Bank, in partnership with LISC Charlotte, administers the funds to three local companies operating in the western part of the city.

LISC Charlotte is a New York-based non-profit environmental arm working in low-income communities to support affordable housing and economic development.

Lee Fite, president of the Fifth Atlantic Central Region, described the three-year commitment as a “study-oriented approach to addressing real issues.”

“This program goes beyond providing capital; it is working directly with communities to create a lasting, mutually beneficial impact,” he said in a statement.

He said the bank is looking to make a “significant impact” at the end of the historic West by targeting investments in certain areas and working with neighbors and leaders.

Expenditure plans

In addition to LISC, most of the funding for the fifth quarter will find its way to three organizations – Historic West & Partners, Economic Development Group; For the struggle, community access organization; And West Side Community Land Trust is working to protect affordable housing in West Charlotte.

Charlotte Mayor Willils said of the women who run the three organizations: “You are all soldiers in the army that are changing this society.

Charis Blackmon, who runs the landlord, said the donation will help her acquire additional assets and support the overall non-profit growth. A.D. Since its inception in 2017, Land Trust has provided nine permanent affordable homes and commercial public spaces in Anderley Park. The land now consists of 17 plots and the land lease has prepared 20 residents for home ownership, Blackmon said.

For The Struggle, it uses funds to expand its seniors’ programs, feeds the elderly, provides free home repairs, tax challenges, and plans for life, such as wills and trusts.

“This is going to make a difference because it looks like fairness,” said Alisha Brown, the group’s director general. “This community is in dire need of investment. This community has been neglected.”

Jetanya Adams, who heads Historic West End Partners, said her company had not finalized a plan to use the money. However, bringing a full-service grocery store to the corridor – especially the five-point Weaver Street Common Market – could have a significant impact on the money.

“It has taken more than 50 years for the corridor to regain food security,” she said. “If there’s enough money to do this, it’s a big thing for me to do.”

This story is growing.