Yesterday, Bill Rogers, Chairman & CEO of Truist Financial Corporation, and Lynette Bell, President of Truist Foundation announced the bank’s $120 million commitment to strengthening and supporting Black, Latinx and women-owned small businesses across the country during an event at their Uptown Charlotte headquarters.
As part of that overall commitment to small businesses, the company will make a $5 million national investment in Grameen America, including a $500,000 grant to Grameen America’s Charlotte portfolio, which will ultimately help generate $1.4 million in disbursements via 270 microloans to women entrepreneurs in one year.
- Small businesses employ 47% of the private sector workforce, and have accounted for 65% of net new job creation since 2000.
- However, Black-owned businesses are seven times less likely than white-owned businesses to obtain loans in their founding year.
The bank’s new 2022 national commitment includes loans, investments and grants to organizations across the country, including:
- Florida Community Loan Fund (FCLF) – $10 million
- Local Initiatives Support Corporation (LISC) – $10 million
- Empower the Change – $10 million
- Grameen America – $5.5 million
- Entrepreneur Backed Assets Fund (EBA) – $5 million
- Minority Business Accelerator Fund (in conjunction with Cincinnati USA Regional Chamber) – $3 million
- Asset Funders Network – $300,000
- CommunityWorks – $300,000