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Truist launches 'Truist Cares for Western North Carolina'--a three-year, $725 million commitment to support and sustain hurricane recovery and resiliency
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.
Truist Cares for Western North Carolina
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.
