Truist announces $120 million commitment to strengthening small businesses
Truist Financial Corporation (NYSE: TFC) has committed $120 million to enhance small businesses, focusing on Black, Latinx, and women-owned enterprises. The plan includes $30 million in grants to nonprofits aiding diverse entrepreneurs and $5 million in technical assistance. Additionally, $85 million will support debt and equity investments, particularly through partnerships with Community Development Financial Institutions (CDFIs). Truist's aim is to provide crucial capital access and training, promoting economic growth within underserved communities.
- $120 million commitment to small businesses
- $30 million in philanthropic grants for nonprofits aiding small businesses
- $5 million for technical assistance and volunteerism
- $85 million in debt and equity investments through CDFIs
- Support for women entrepreneurs through Grameen America with $5 million investment
- None.
Truist's partnerships aim to improve access to capital and technical assistance for small business owners with a focus on Black, Latinx and historically underserved communities
CHARLOTTE, N.C., June 27, 2022 /PRNewswire/ -- Truist Financial Corporation (NYSE: TFC), together with Truist Foundation and Truist Charitable Fund, today announced a
The commitment includes
Truist shared details of this commitment today in Charlotte, North Carolina, inside its Innovation and Technology Center at Truist's headquarters. Bill Rogers, Truist chairman and CEO, and Lynette Bell, president of Truist Foundation, were joined by Alethia Mendez, division president for Elevating Black Women Entrepreneurs at Grameen America.
"Small businesses are a vital part of our economy and are core to the health and vibrancy of our communities," said Bill Rogers. "Our purpose is to inspire and build better lives and communities. This commitment exemplifies our purpose—it is focused on capitalizing small businesses and reaching diverse communities by providing financing as well as support and training to help minority-owned small businesses thrive and grow."
As part of the company's overall commitment to small businesses, Truist will make a
Truist's 2022 national commitment includes loans, investments and grants to organizations across the country, including:
- Florida Community Loan Fund (FCLF) –
$10 million - Local Initiatives Support Corporation (LISC) –
$10 million - Empower the Change –
$10 million - Grameen America –
$5.5 million - Entrepreneur Backed Assets Fund (EBA) –
$5 million - Minority Business Accelerator Fund (in conjunction with Cincinnati USA Regional Chamber) –
$3 million - Asset Funders Network –
$300,000 - CommunityWorks –
$300,000
"Truist Foundation is pleased to work alongside Truist Bank to further our commitment in strengthening small businesses and generating career pathways for underserved communities," said Bell. "This
"Together, Grameen America and Truist stand to enact transformative change in Charlotte and across the United States as we remove barriers to access affordable capital for women of color," said Andrea Jung, president and CEO of Grameen America. "Truist's new support through a
Truist's recent 2022 Annual Small Business Owners Survey results indicate that while small businesses have faced challenges these last few years, they remain resilient. Small businesses have proven they know how to pivot and make contingency plans for any unplanned events that come their way, and they are better prepared now more than ever to make the right investments to achieve their long-term goals. Funding like Truist's will help small businesses get access to the right capital and advice to help them plan and grow their businesses.
About Truist
Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Truist has leading market share in many high-growth markets in the country, and offers a wide range of services including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending; and wealth management. Headquartered in Charlotte, North Carolina, Truist is a top-10 U.S. commercial bank with total assets of
About Truist Foundation
The Truist Foundation is committed to Truist Financial Corporation's (NYSE: TFC) purpose to inspire and build better lives and communities. Established in 2020, the foundation makes strategic investments in nonprofit organizations to help ensure the communities it serves have more opportunities for a better quality of life. The Truist Foundation's grants and activities focus on building career pathways to economic mobility and strengthening small businesses. Learn more at Truist.com/Purpose/Truist-Foundation.
About Grameen America
Founded by Nobel Peace Prize recipient Muhammad Yunus, Grameen America is a 501(c)(3) nonprofit microfinance organization dedicated to helping women who live in poverty build small businesses to create better lives for their families. The organization offers microloans, training and support to transform communities and fight poverty in the United States. Since opening in January 2008, Grameen America has invested over
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SOURCE Truist Financial Corporation
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