The Fifth Third Foundation has announced that it will provide $1.2 million to launch a new program called Innovation meets Main Street: Boosting Black Women-Owned Businesses—and Cincinnati is one of seven markets benefiting from the program. Fifth Third is awarding grants to the Local Initiatives Support Corporation (LISC) and the Association of Enterprise Opportunity (AEO).
LISC received $1 million, which will go toward funding small businesses ($630,000) and investing in the Fearless Fund ($250,000), a VC firm that invests in businesses owned by women of color. The remaining funding will be used to deliver technical assistance.
AEO received $200,000, earmarked for providing business owners with access to Mainstreet RISE, which offers capital and services for underserved entrepreneurs.