Truist Financial Corp. (TFC) has unveiled a new three-year initiative valued at $725 million aimed at bolstering essential small business, housing, and infrastructure projects in Western North Carolina. Dubbed "Truist Cares for Western North Carolina," this ambitious plan involves several key components: new capital dedicated to local small businesses, residents, and municipalities; impact capital from Truist Community Capital; philanthropic contributions from the Truist Foundation; and direct humanitarian assistance from Truist employees.
The initiative will channel $650 million into new capital to support rebuilding efforts and enhance resilience. This includes $340 million earmarked for loans to eligible small businesses, residential mortgages, and commercial real estate ventures. Additionally, $310 million will be allocated for low-cost, tax-exempt municipal loans intended for infrastructure improvements.
Moreover, Truist Community Capital will provide $50 million in loans and/or investments to Community Development Financial Institutions (CDFIs). Alongside this, the Truist Foundation will distribute $25 million in philanthropic grants to both local and national nonprofit organizations.
Truist is also encouraging its team members to actively engage with the community by volunteering a collective total of 10,000 hours.
The company emphasized its commitment to collaborating closely with local partners, encompassing civic and business leaders as well as disaster response agencies, to precisely evaluate the region's needs and fine-tune their programs accordingly. Resources from this initiative are scheduled to be accessible starting December 2024.
