CHARLOTTE, NC (WBTV) - The Fifth Third Bank Foundation announced grant winners for its Strengthening Our Communities Fund. The bank handed out $200,000 in grant money Friday at the Mint Museum. The money went to local non profits that focus on affordable housing, financial stability, and small business development. Fifth Third Bank officials say they want to build on its communities fund. Officials say at the end of 2019, $10.5 million will have been invested across Fifth Third’s footprint through the Strengthening Our Communities Fund.
Grant recipients were excited about receiving the money. They believe it will be a game changer for many. Some of the recipients include Habitat for Humanity, The Urban League, Inlivian ( formerly known as the Charlotte Housing Authority), Cleveland County Community Development Corporation, Triangle Family Services and Central Piedmont Community College.
The college has plans for some of the money. It will hold a 53 Ideas Pitch Competition to help develop a small business. People will submit a 53 second video describing their business plan. The top 53 participants will be chosen and then the top three contestants will be chosen. The winners will get $10,000 in seed money to bring life to their business idea. CPCC says this will be a game changer.
“Studies show that four out of five entrepreneurs do not access bank loans or venture capital,” Executive Director of Central Piedmont Small Business Center Renee Hode said. “Rather, their sources of funding are personal net worth, family wealth or connections to networks.”
The deadline for the pitch competition is Feb. 20, 2020. For more information about this competition click here