Driving Impact: Truist Foundation Invests in Scaling, Piloting Nonprofit Initiatives
Truist Foundation has donated $4 million in grants to 11 nonprofits nationwide to support economic mobility and small businesses in underserved communities. The funding addresses challenges faced by nonprofits, as 71% report increased service demand while 42% lack adequate resources in 2024. The initiative supports organizations like Project Equity, which helps transition businesses to employee ownership, and LiftFund, which provides affordable small business loans and technical assistance. LiftFund's Dream Makers Fund offers 0% interest loans and has already supported five businesses, including pressure washing and carpentry ventures.
La Fondazione Truist ha donato 4 milioni di dollari in sovvenzioni a 11 organizzazioni nonprofit in tutto il paese per sostenere la mobilità economica e le piccole imprese nelle comunità svantaggiate. Il finanziamento affronta le sfide che devono affrontare le nonprofit, poiché il 71% riporta un aumento della domanda di servizi mentre il 42% non dispone di risorse adeguate nel 2024. L'iniziativa supporta organizzazioni come Project Equity, che aiuta a trasformare le imprese in proprietà dei dipendenti, e LiftFund, che fornisce prestiti a piccole imprese a condizioni accessibili e assistenza tecnica. Il Fondo Dream Makers di LiftFund offre prestiti a interesse zero e ha già supportato cinque imprese, tra cui attività di lavaggio a pressione e falegnameria.
La Fundación Truist ha donado 4 millones de dólares en subvenciones a 11 organizaciones sin fines de lucro en todo el país para apoyar la movilidad económica y las pequeñas empresas en comunidades desatendidas. La financiación aborda los desafíos que enfrentan las organizaciones sin fines de lucro, ya que el 71% informa un aumento en la demanda de servicios mientras que el 42% carece de recursos adecuados en 2024. La iniciativa apoya a organizaciones como Project Equity, que ayuda a la transición de empresas a la propiedad de los empleados, y LiftFund, que proporciona préstamos asequibles para pequeñas empresas y asistencia técnica. El Fondo Dream Makers de LiftFund ofrece préstamos a 0% de interés y ya ha apoyado a cinco empresas, incluidas actividades de lavado a presión y carpintería.
트루이스트 재단은 400만 달러를 11개의 비영리 단체에 기부하여 소외된 지역 사회의 경제적 이동성과 소기업을 지원하고 있습니다. 이 자금은 비영리 단체가 직면한 문제를 해결하며, 2024년에는 71%가 서비스 수요 증가를 보고하고 42%는 적절한 자원이 부족하다고 합니다. 이 이니셔티브는 Project Equity와 같은 조직을 지원하며, 이들은 기업을 직원 소유로 전환하는 데 도움을 주고, LiftFund는 합리적인 소기업 대출 및 기술 지원을 제공합니다. LiftFund의 Dream Makers Fund는 0% 이자 대출을 제공하며 이미 압력 세척 및 목공업체를 포함한 5개 기업을 지원했습니다.
La Fondation Truist a fait don de 4 millions de dollars à 11 organisations à but non lucratif à travers le pays pour soutenir la mobilité économique et les petites entreprises dans les communautés mal desservies. Ce financement répond aux défis auxquels font face les organisations à but non lucratif, car 71 % d'entre elles signalent une augmentation de la demande de services, tandis que 42 % manquent de ressources adéquates en 2024. L'initiative soutient des organisations comme Project Equity, qui aide à la transition des entreprises vers la propriété des employés, et LiftFund, qui fournit des prêts abordables pour les petites entreprises et une assistance technique. Le fonds Dream Makers de LiftFund offre des prêts à 0% d'intérêt et a déjà soutenu cinq entreprises, y compris des activités de lavage à pression et de menuiserie.
Die Truist Stiftung hat 4 Millionen Dollar an 11 gemeinnützige Organisationen im ganzen Land gespendet, um die wirtschaftliche Mobilität und kleine Unternehmen in benachteiligten Gemeinden zu unterstützen. Die Finanzierung geht auf Herausforderungen ein, mit denen die gemeinnützigen Organisationen konfrontiert sind, da 71 % von ihnen einen Anstieg der Nachfrage nach Dienstleistungen melden, während 42 % im Jahr 2024 über unzureichende Ressourcen verfügen. Die Initiative unterstützt Organisationen wie Project Equity, die Unternehmen beim Übergang zur Mitarbeiterbeteiligung helfen, und LiftFund, das erschwingliche Kleinstkredite und technische Unterstützung bietet. Der Dream Makers Fund von LiftFund bietet Darlehen mit 0% Zinsen und hat bereits fünf Unternehmen unterstützt, darunter solche für Druckreinigung und Tischlerei.
- Provided $4 million in grants to support 11 nonprofits
- Implementation of Dream Makers Fund offering 0% interest loans to small businesses
- Successfully supported five businesses through LiftFund program
- None.
Insights
The
Through strategic funding, Truist Foundation helps drive economic mobility and strengthen small businesses in diverse communities.
NORTHAMPTON, MA / ACCESSWIRE / November 4, 2024 / Nonprofits are tackling a variety of critical issues like female empowerment, mental health, and wealth building for underserved groups. But scaling impactful programs remains a challenge. In 2024,
To address these challenges, Truist Foundation recently donated
"Proximity to a community's challenges is a leading indicator of whether the proposed solutions are relevant, effective, and sustainable," says Lynette Bell, president of Truist Foundation. "We've found that nonprofits often best understand the communities they're operating in, and by partnering together, Truist Foundation can have a more meaningful impact."
Empowering Communities: Pilot programs for emerging solutions
Truist Foundation's funding is helping organizations launch pilot programs designed to test innovative solutions in their respective communities. One standout example is Project Equity, which focuses on transitioning businesses to employee-owned companies in Atlanta, Birmingham, and Miami. Doing so provides wealth-building opportunities for low- and moderate-income workers, including in communities of color.
Project Equity uses detailed data analysis to identify regions with a high density of low- and moderate-income workers and legacy businesses. This analysis guides their outreach and engagement strategies, ensuring they effectively target the communities that can most benefit by transitioning to employee ownership.
"Our data analysis helps us understand the unique characteristics of each region, allowing us to tailor our messaging and build awareness effectively," says Evan Edwards, chief executive officer of Project Equity. "Truist's funding has been crucial in broadening and deepening our awareness-raising efforts and developing partnerships in key regions."
In Miami, for example, Edwards discovered that using terms like "co-ops" wasn't effective due to cultural perspectives of many local residents. Truist's funding helped Project Equity adjust their language to better connect with the local community.
Expanding Impact: Scaling existing nonprofit programs
Truist Foundation is also committed to scaling existing programs to expand their reach and impact.
For example, LiftFund provides affordable small business loans and technical assistance to underserved communities. This approach not only gives small business owners access to capital-it also equips them with the tools needed to manage their finances effectively and sustain growth through one-on-one business counseling, workshops, and webinars.
"Truist Foundation's grant helps us enhance our capabilities and our capacity in a couple of different ways," says Amy Hereford, chief executive officer at LiftFund. "The grant is used for our Dream Makers Fund, a revolving business loan fund, which allows us to offer lower interest rate loans, and supports educational programs and community outreach in Florida."
So far, Truist Foundation's funding has helped five businesses, including a pressure washing business and a carpentry business. The pressure washing business received a
The grant funding also helps LiftFund engage with community partners to amplify impact. By collaborating with local chambers of commerce, development groups, and other nonprofits, LiftFund can broaden its reach and support more small businesses.
By helping organizations launch and scale programs, Truist Foundation is empowering nonprofits to create lasting change in communities nationwide.
Learn more about how Truist Foundation is helping nonprofits expand their work.
Read the full press release: Truist Foundation fills gap, distributes grants to pilot and scale nonprofit solutions nationwide
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SOURCE: Truist
View the original press release on accesswire.com
FAQ
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