- - - - 2021 ESG Report ECONOMIC Access to Capital Fifth Third has committed to supporting small business owners with capital access programs. Fifth Third and the Fifth Third Foundation have committed $1 million over three years to the Accion Opportunity Fund for its Strengthening Support for Black-Owned Businesses program. The program helps expand access to capital for Black-owned businesses. Through this support, AOF aims to serve at least 1,500 Black-owned businesses with small business loans totaling $30 million over three years, with an average loan size of $20,000. AOF also aims to create a business coaching hub to support women of color small business owners. Additionally, the Association for Enterprise Opportunity received $250,000 from the Fifth Third Foundation to support its Black Women Access Capital Program. This program provides Black women business owners an increased path to entrepreneurship. The 40 program participants were provided access to up to $50,000 in capital and assistance with building credit. Financial Inclusion and Education Ensuring that our Black consumers and business owners have access to the fnancial resources they need to be successful as well as the education they need to grow is a key part of the Bank’s AREEI initiative. Fifth Third and the Fifth Third Foundation took signifcant steps with both through a new workforce development program in collaboration with the National Urban League and a new certifcate program Fifth Third established with the National Minority Supplier Development Council (see feature in this section and in supplier diversity section for details). Additionally, as part of ARREI, the Bank opened nine branches in low- and moderate-income or high minority-population census tracts in 2021, and has slated opening or redesigning an additional nine branches in the nine Fifth Third Empowering Black Futures neighborhoods. Also, the Bank’s expansion plan in the Southeast calls for about 25% of new branches to be built in LMI communities or minority tracts. Social Justice and Advocacy Fifth Third’s involvement with Project REACh, as mentioned earlier in this section, is set to make a signifcant impact in our communities as we engage with various entities to enable greater participation among minorities in the economy, especially through the creation of afordable housing, small business lending and supporting minority depository institutions. The OCC announced Project REACh in July 2020 with goals to: • Reduce the number of people left behind because they lack useful credit scores. • Increase access to afordable housing. • Support the vitality of minority depository institutions and small businesses. Contents Introduction Economic Environment Social Governance FE ATU RE New Urban League Workforce Development Program to Provide Upskilling, Re-skilling Services The Fifth Third Foundation and the that these jobs ofered no pathway to career advancement and were disproportionately National Urban League launched a flled by low wage workers of color. new workforce development program to provide career advancement The program will be ofered in Charlotte, North Carolina; Chicago; Cincinnati, Cleveland opportunities through services that and Dayton, Ohio; Grand Rapids, Michigan; provide new and improved skills to Indianapolis; Louisville, Kentucky, and under employed participants over Nashville, Tennessee. The afliate cities were the next two years. selected for their experience and the strength of their career advancement employment This $1 million investment from the Fifth opportunity programs, the number of local Third Foundation will help individuals underemployed and unemployed workers, and across eight selected afliate Urban League strong community partnerships. organizations gain meaningful employment and earn a livable wage. The program will provide career counseling services and connect participants to career Studies show that occupations and industries advancement credentialing and certifcation such as retail, hospitality and food services opportunities. It also will provide training were vulnerable to workplace changes such as through existing oferings provided by the increased automation. Those studies also showed National Urban League. “Low-wage workers were made even more vulnerable by the pandemic. With strategic intervention from opportunities such as the Workforce Development Program, these individuals can fnd a pathway to economic stability. Fifth Third Bank’s partnership with the National Urban League will create brighter fnancial outcomes for those most in need.” MARC H. MORIAL, NATIONAL URBAN LEAGUE PRESIDENT AND CEO. 31