- - — — 2021 ESG Report SOCIAL FE ATU RE Empowering Black Women Business Owners When the Women’s Business Enterprise National Council (WBENC) identifed a key issue facing Black women business owners, Fifth Third’s chief inclusion and diversity ofcer, Stephanie Smith, stepped in to help. These business owners were not becoming WBENC certifed because of the cost of certifcation, a problem exacerbated by the pandemic. Stephanie A. Smith, SVP, Chief Inclusion & Diversity Ofcer Smith advocated for a program to help women pay to certify their businesses. She worked with WBENC and Women’s Business Enterprise Corporation, a regional partner organization, to create the program and to identify non certifed Black WBEs to apply. The Fifth Third program covers the certifcation processing fee for the frst year. WBENC certifcation provides access to network and procurement opportunities with corporations and government agencies, facilitates important business growth and connects the more than 17,000 WBEs across the country. The scholarship program was rolled out in seven of the Bank’s 12 regions the Carolinas, Georgia, Kentucky, Ohio, West Virginia and Tennessee and 28 applicants received scholarships. Contents Introduction Economic Environment Social Governance New Certifcate Program to Empower Minority Entrepreneurs In collaboration with the National Minority Supplier Development Council, Fifth Third launched the NMSDC Centers of Excellence Certifcate Program (COECP) in 2021 to help strengthen the corporate supplier selection processes and help minority businesses compete in a global environment. Establishing the program at Fifth Third is also part of the Bank’s AREEI initiative and its commitment to fnancial inclusion. The program is designed to empower minority entrepreneurs and to assist them with securing contracts with Fifth Third and other large companies. The nine-month program is made possible through the Fifth Third Foundation and the Bank’s relationships with the Ohio, Georgia, Michigan, Mid-States and Chicago MSDC regional councils. In 2021, 62 NMSDC-certifed Class II businesses with annual sales between $1 million and $10 million and that had a minimum of fve employees graduated from the program. Outcomes were positive, including 95% of the graduates increasing their revenue as well as landing new clients and contracts. 95% of the NMSDC Centers of Excellence Certifcate Program graduates increased their revenue and landed new clients and contracts. 60