Truist makes $120M donation to support small businesses

Truist on Monday announced a $120 million investment in small businesses across the country with a focus on those owned by people from historically marginalized groups.

The investment includes $5 million for Grameen America, a nonprofit that helps low-income women launch businesses. Of that sum, $500,000 is earmarked to be invested in Charlotte businesses.

At a Monday event announcing the investment at Truist’s Charlotte headquarters, CEO Bill Rogers spoke about the “incredible resiliency” of small business owners throughout the pandemic, especially people of color.

With this investment, Rogers said, “We can build better lives and building better lives will build better communities.”

The investment will be divided into several categories: $85 million to support companies’ debt and equity, $30 million in philanthropic grants for nonprofits that support diverse small businesses and $5 million for “technical assistance.”

The money will be distributed by nonprofits that work with small businesses and is available in its entirety for those organizations to access as of Monday, according to Truist Foundation President Lynette Bell.

Bell said the goal is to have all the money distributed by the end of this year.

Alethia Mendez, the division president for elevating Black women entrepreneurs at Grameen America, said Truist’s investment will allow the organization to continue supporting entrepreneurs who have gotten off the ground while also helping new businesses launch.

“We believe women entrepreneurs are the greatest source of untapped potential for our economies and for the communities they’re a part of,” Mendez said, adding that the additional funds will “ensure that these women can continue to depend on that reliable access to capital to continue investing and growing.”

The investment follows similar initiatives by other Charlotte-based banks. Bank of America announced last year it would contribute $25 million to Mayor Vi Lyles’ Racial Equity Initiative. Wells Fargo contributed $20 million to the fund, and Truist donated $8 million.