Truist Announces $725 Million Initiative to Support Western North Carolina’s Recovery
CHARLOTTE, N.C., Nov. 20, 2024 /PRNewswire/ – Truist Financial Corporation has unveiled the "Truist Cares for Western North Carolina" initiative, committing $725 million over three years to bolster critical areas in the aftermath of Hurricane Helene. This initiative aims to assist small businesses, housing restoration, and infrastructure rebuilding as communities work towards recovery.
In a focused effort to enhance long-term community resiliency, Truist will engage local partners, civic organizations, and disaster response groups to determine the specific needs of the region. Resources from the program will be made available starting in December 2024, encompassing new capital allocations and philanthropic efforts.
"This commitment reflects our dedication to the communities we serve," stated Truist Chairman and CEO Bill Rogers. "By listening to community needs and leveraging our expertise, we strive to make a meaningful impact in areas hit hardest by the disaster."
The financial breakdown of the initiative includes $650 million focused on rebuilding and recovery, comprising $340 million in dedicated loans for small businesses, mortgages, and commercial properties, and $310 million directed towards tax-exempt municipal lending for vital infrastructure projects. Additionally, Truist Community Capital will invest $50 million in Community Development Financial Institutions (CDFIs), while the Truist Foundation will grant $25 million to local and national nonprofits responding to the disaster.
Truist is also rallying its employees to contribute 10,000 volunteer hours to support the community. The initiative underscores the urgent requirement for small business support and infrastructure revitalization in the wake of the hurricane, which inflicted billions in damages.
For more information on participation, organizations can contact Truist directly or visit Truist.com/truistcares.
This initiative represents a significant investment in the future of Western North Carolina, reinforcing Truist’s commitment to rebuilding lives and communities impacted by natural disasters.
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