Resources to be focused on critical areas of
need: small business assistance, housing and infrastructure
Truist to engage community partners to help
identify highest-impact investments
CHARLOTTE, N.C., Nov. 20,
2024 /PRNewswire/ -- Truist Financial Corporation
(NYSE: TFC) today announced a new initiative, Truist Cares for
Western North Carolina, a
three-year, $725 million commitment
to support critical small business, housing and infrastructure
efforts in Western North Carolina
as communities impacted by Hurricane Helene recover and
rebuild.
The commitment will include new, dedicated capital for local
small businesses, residents and municipalities, impact capital from
Truist Community Capital, philanthropic giving from Truist
Foundation and additional on-the-ground humanitarian support from
Truist teammates to help establish long-term resiliency in this
devastated region. To optimize this new initiative, Truist will
work closely with community partners, including key civic and
business stakeholders, and disaster response organizations, to help
assess specific needs in the region and tailor programs in direct
response to community feedback. These program resources are
expected to be available beginning in December 2024.
"Western North Carolina, a
community Truist has proudly served for decades, has begun the
journey to recovery, and today, we are sharing the depth of
Truist's long-term commitment to supporting those efforts," said
Truist Chairman and CEO Bill Rogers.
"Our purpose is to inspire and build better lives and communities.
Through this new initiative, Truist will address areas of critical
need in Western North Carolina,
including a focus on small businesses as well as housing and
infrastructure projects. By listening to the needs of the community
and leveraging our expertise, capital and partnerships, we believe
we can make a meaningful difference."
Truist Cares for Western North
Carolina will include the following dedicated support over
three years:
- $650 million in new, dedicated
capital to support rebuilding and resiliency, including:
- $340 million in dedicated lending
for qualified small businesses, residential mortgages, and
commercial real estate
- $310 million in low-cost,
tax-exempt municipal lending for infrastructure projects
- $50 million in loans and/or
investments in Community Development Financial Institutions (CDFIs)
by Truist Community Capital
- $25 million in philanthropic
grants to local and national nonprofit organizations from Truist
Foundation through trusted disaster response partners
- Rallying Truist teammates to serve the community with a
challenge to volunteer 10,000 hours
The regional need for small business, housing and infrastructure
support over the long term is clear. Small businesses contribute
immensely to the economic backbone and social vibrancy of
Western North Carolina and are
particularly financially vulnerable in the recovery period of a
natural disaster. Additionally, Hurricane Helene caused billions of
dollars in home and property damage, while also devastating
critical infrastructure including roads, bridges and water
systems.
To express interest in participating in the Truist Cares for
Western North Carolina initiative,
nonprofits, local small businesses, government offices and
consumers can call 844-4TRUIST, contact their relationship manager
or visit their local Truist branch. More information can be found
at Truist.com/truistcares.
About Truist
Truist Financial Corporation is a
purpose-driven financial services company committed to inspiring
and building better lives and communities. As a leading U.S.
commercial bank, Truist has leading market share in many of the
high-growth markets across the country. Truist offers a wide range
of products and services through our wholesale and consumer
businesses, including consumer and small business banking,
commercial banking, corporate and investment banking, wealth
management, payments and specialized lending businesses.
Headquartered in Charlotte, North
Carolina, Truist is a top-10 commercial bank with total
assets of $523 billion as of
Sept. 30, 2024. Truist Bank, Member
FDIC. Learn more at Truist.com.
About Truist Foundation
Truist Foundation is
committed to Truist Financial Corporation's (NYSE: TFC) purpose to
inspire and build better lives and communities. The foundation, an
endowed private foundation established in 2020 whose operating
budget is independent of Truist Financial Corporation, makes
strategic investments in a wide variety of nonprofit organizations
centered around two focus areas: building career pathways to
economic mobility and strengthening small businesses to ensure all
communities have an equal opportunity to thrive. Embodying these
focus areas are the foundation's leading initiatives — the Inspire
Awards and Where It Starts. Learn more at
Truist.com/Foundation.
About Truist Community Capital
Truist Community
Capital, LLC (TCC) is a wholly owned subsidiary of Truist Bank with
a diversified set of debt and equity capital products that are
designed to improve and revitalize communities across the bank's
footprint. As an investor in the New Markets Tax Credit (NMTC)
program, TCC has invested in over $4
billion of Qualified Equity Investments (QEIs). Its
subsidiary, Truist Community Development EnterprisesLLC (TCDE), is
a certified Community Development Entity (CDE) with the CDFI Fund,
a division of the U.S. Treasury, and has been granted 12 awards of
NMTC allocation authority, totaling $768
million and generating new jobs and enhancing access to
critical services for low-income persons and low-income
communities.
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