Truist Financial Corporation (NYSE: TFC) today announced the initial recipients of its Truist Community Catalyst Initiative, a three-year Community Reinvestment Act program supporting local efforts with statewide impact. This initiative will support 17 efforts across 13 states, impacting 54 communities, allowing local nonprofit organizations to better respond to critical community needs within their state.
The funding, provided by the Truist Charitable Fund—a donor-advised fund administered by The Winston-Salem Foundation, totals $5 million and will create significant impacts including placing over 1,000 individuals into livable wage jobs, developing or preserving 700 affordable housing units, deploying $65 million in loan capital through 500 small business and home loans, and providing 3,100 low- to moderate-income individuals with new access to essential community services.
“The goal of Truist’s Community Catalyst Initiative is to understand a state’s top critical needs and partner with nonprofits to address the issues by driving meaningful collaboration and change for the benefit of the community,” said Truist Chief CRA/Community Development Officer Anthony Weekly. “These organizations focus on creating innovative, scalable and sustainable ideas, and we look forward to positively impacting the lives of more than 10,000 individuals.”
The 2023-25 Truist Community Catalyst Initiative focuses on issues within four key focus areas: affordable housing, small business access to capital, workforce development and essential community services. As each program expands, grant recipients will have the opportunity to reapply for additional funding annually through 2025.
“Collaborating with the 17 lead organizations and their more than 100 partners will expand existing programs or help introduce new services to multiple communities across each state and bring to life our purpose of inspiring and building better lives and communities,” added Truist…
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