Truist Financial Corp. said Wednesday it will commit $725 million over three years toward lending initiatives to aid in disaster recovery efforts in western North Carolina. Lending is projected to commence in December.
Truist Cares for Western N.C. will be focused on supporting small business, housing and infrastructure efforts.
The commitment will dedicate capital for local small businesses, residents and municipalities, as well as feature philanthropic giving from Truist Foundation and a pledge of 10,000 hours of volunteer humanitarian support from Truist employees.
Truist Cares for Western North Carolina will include the following dedicated support over three years:
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The largest funding effort will be $340 million in dedicated lending for qualified small businesses, residential mortgages, and commercial real estate, along with $310 million in low-cost, tax-exempt municipal lending for infrastructure projects.
There will be $50 million for loans and/or investments in Community Development Financial Institutions by Truist Community Capital, as well as $25 million in philanthropic grants to local and national nonprofit organizations from Truist Foundation through disaster response partners.
Truist will work 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.
"We are sharing the depth of Truist's long-term commitment to supporting those efforts," Truist chairman and chief executive Bill Rogers said in a news release. "By listening to the needs of the community and leveraging our expertise, capital and partnerships, we believe we can make a meaningful difference."
For more information about the initiative or to participate, call 844-4TRUIST or go to Truist.com/truistcares.
336-727-7376
@rcraverWSJ
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