Truist Financial Corporation, together with Truist Foundation and Truist Charitable Fund, has announced a $120 million commitment to strengthen and support small businesses, focusing on Black, Latinx and women-owned businesses.
The commitment includes $30 million in philanthropic grants to support nonprofits that assist small businesses and diverse entrepreneurs and $5 million in philanthropic grants, which will support technical assistance, small businesses and volunteerism.
In addition, $85 million in investments support debt and equity. Company officials said Charlotte-based Truist is especially focused on partnering with CDFIs, as they are uniquely centered around providing credit and financial services to underserved populations.
“Small businesses are a vital part of our economy and are core to the health and vibrancy of our communities,” said Bill Rogers, Truist chairman and CEO.
“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.”
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.