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GRAND RAPIDS(WZZM) - Fifth Third Bank is partnering with several local organizations to fund a business competition among Grand Rapids residents.

The bank is working with Seeds of Promise and Grand Rapids Opportunities for Women to provide funds for local business start-up ideas. Fifth Third and its partners will launch a money management plan for all members of the neighborhood where residents can earn funds for community improvement projects of their choice.

"Innovation really comes through with diversity of thought, diversity of walks of life," said Andrea Rowland with Fifth Third Bank. "We are really looking at how we can help each other peer to peer. So when they have a great idea and not really sure how they can get if off the ground or maybe looking for mentorships in terms of how to grow those establishments, as we bring those diversity of thoughts together, it really works to bring about a better, more vibrant business community in Grand Rapids."

Fifth Third's grant is worth $25,000 and project organizers say it will help create jobs, feed innovation and spark entrepreneurialism in the community.