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Truist Launches $725 Million Initiative to Rebuild WNC
WNC -- November 22, 2024: Truist Financial Corporation (NYSE: TFC) has announced a bold three-year initiative,
"Truist Cares for Western North Carolina," committing $725 million to aid
the region’s recovery and rebuilding efforts following the devastating impact of Hurricane Helene. The program, set to launch in December 2024, is designed to bolster critical infrastructure, expand housing opportunities, and support small businesses, ensuring long-term community resilience.
Breakdown of the Initiative
$650 Million in Dedicated Capital
$340 Million: Specifically allocated for lending to small businesses, residential mortgages, and commercial real estate.
$310 Million: Earmarked for low-cost, tax-exempt municipal lending to fund infrastructure projects such as roads, schools, and water systems.
$50 Million for Community Financial Institutions
Through Truist Community Capital, the bank will channel $50 million in loans and investments to Community Development Financial Institutions (CDFIs). These funds aim to empower local lenders and nonprofit developers to accelerate community recovery.
$25 Million in Philanthropic Grants
The Truist Foundation will distribute $25 million to local and national nonprofit organizations that focus on disaster relief, affordable housing, and economic development.
Employee Volunteer Hours
Truist employees will dedicate 10,000 volunteer hours to assist with rebuilding efforts in affected communities, underscoring the bank’s hands-on commitment to recovery.
A Vision for Resilience
Truist Chairman and CEO William H. Rogers Jr. emphasized the company’s commitment to standing with Western North Carolina during its recovery process. "Our goal is to create meaningful and lasting change in the communities we serve. With Truist Cares, we aim to help families rebuild their lives and businesses thrive again," said Rogers.
Community-Centric Recovery
Truist’s initiative reflects a collaborative approach, with plans to work closely with community leaders, nonprofits, and disaster-response organizations to tailor funding and programs to specific regional needs. This holistic strategy ensures that the allocated resources will have a maximum impact where they are needed most.
Driving Economic Growth
Western North Carolina's small businesses and housing sectors are expected to see significant benefits, boosting local employment and stimulating economic growth. The infrastructure investments will enhance the region’s long-term stability and attractiveness to residents and businesses alike.
With "Truist Cares for Western North Carolina," Truist Financial Corporation is not just offering financial aid but creating a pathway for communities to rebuild stronger and more resilient than ever. This initiative underscores the power of public-private partnerships in fostering recovery and ensuring long-term economic growth.
Image: WNCTimes