Truist Financial Corporation (NYSE: TFC) has launched Truist Cares for Western North Carolina, a three-year, $725 million initiative designed to assist the housing, infrastructure and small business efforts in the Western North Carolina communities impacted last month by Hurricane Helene.
The new initiative will allocate $650 million to support rebuilding and resiliency, including $340 million in loans for qualified small businesses, residential mortgages, and commercial real estate, along with $310 million in low-cost, tax-exempt municipal lending for infrastructure projects and $50 million in loans and/or investments in Community Development Financial Institutions by Truist Community Capital. The initiative will also include $25 million in philanthropic grants to local and national nonprofit organizations from Truist Foundation through trusted disaster response partners.
Truist will also encourage its workforce to volunteer in the recovery and rebuilding efforts.
“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.”
Photo: Bill McMannis / Flickr Creative Commons
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