Truist Commits $2 Million to Support Small Businesses Affected by the COVID-19 Pandemic
Mar 25, 2020 10:14AM
By David Dykes
Truist Financial Corp. (NYSE: TFC) announced a commitment of $1 million each to LiftFund and Natural Capital Investment Fund, community development financial institutions (CDFIs), to support small businesses affected by the COVID-19 pandemic in communities that Truist serves.
The $2 million commitment is part of the financial services company's Truist Cares initiative with a focus on Truist Cares for Small Businesses. The initiative is a $25 million philanthropic pledge to support basic needs, medical supplies and financial hardship relief due to COVID-19.
The CDFIs will provide the $2 million as grants for operating capital shortages and critical needs to small businesses that have endured substantial economic losses in recent weeks. Small businesses can apply for the grants, which will range from $5,000 - $25,000, beginning today on the websites of the CDFIs.
"Small businesses are significantly affected by the steps the nation is taking to combat COVID-19, and it's important we support them," said Truist Chief Community Reinvestment Act Officer Sharon Jeffries-Jones. "Our purpose is to inspire and build better lives and communities, and small businesses contribute to our nation's economic growth through job creation and innovation of products and services. Grants from LiftFund and Natural Capital Investment Fund will offer small businesses in our communities the relief they need to thrive during this difficult time."
Natural Capital Investment Fund (NCIFund) will provide grants to small businesses in Maryland, New Jersey, North Carolina, Ohio (Brown, Butler, Clermont, Hamilton and Warren Counties), Pennsylvania, South Carolina, Virginia, West Virginia and Washington, D.C. Small businesses in these states should apply for a grant by visiting www.ncifund.org.
"We're proud to partner with Truist to serve small businesses in this time of unprecedented need," said Marten Jenkins, president and CEO of NCIFund. "Small businesses provide the lion's share of jobs in the U.S. and bring diversity and innovation to our communities; they deserve our support."
LiftFund will provide grants to small businesses in Alabama, Arkansas (Crittenden County), Florida, Georgia, Kentucky, Missouri (Desoto County), Tennessee and Texas. Small businesses in these states should apply for a grant by visiting www.liftfund.com.
Small businesses that employ fewer than 10 full-time employees and have annual gross revenue no more than $1 million from all business activities at all business locations based on Small Business Association guidelines are eligible to apply for a grant from LiftFund and NCIFund as part of Truist Cares for Small Businesses.