The grant will help launch BBIF's Revolving
Loan Fund to support small business lending for BIPOC and
underserved small businesses
ORLANDO,
Fla., Oct. 27, 2022 /PRNewswire/ -- Truist
Foundation and Truist Charitable Fund today announced a
$2 million grant to Black Business
Investment Fund Inc. (BBIF), a community development financial
institution (CDFI) built to foster the creation and expansion of
Black businesses by providing loans, education and training
services. The grant will help create BBIF's Revolving Loan Fund
that will provide loan capital for small business lending,
targeting BIPOC and underserved small businesses across
Central Florida.
Truist Chairman and CEO Bill
Rogers, Truist Central Florida Regional President
Steve Fisher, and Truist Foundation
Senior Vice President and Head of Strategy Meghan Pietrantonio
joined BBIF President and CEO Inez
Long to share the impact that it will have on local
businesses during a grant announcement at Truist's office in
Orlando.
"Truist has had a long-term relationship with BBIF, and we're
honored to help expand their work during this critical season when
so many small businesses in Florida are looking for recovery support in
the aftermath of Hurricane Ian," said Lynette Bell, president of Truist Foundation.
"BBIF shares our vision to support underserved communities and
provide a sustainable source of funding for racially and ethnically
diverse- and women-owned businesses that haven't had access to the
traditional lending market in the past."
This grant is part of Truist and Truist Foundation's
$120 million joint commitment to
strengthening and supporting small businesses nationwide, with a
focus on Black-, Latine- and women-owned businesses. Truist and
BBIF's partnership has existed since the founding of BBIF, and this
grant will help elevate BBIF's work for historically underserved
small businesses across 14 counties in Central Florida.
"BBIF is committed to developing BIPOC businesses to build their
resilience and capacity," said Inez
Long, president and CEO of BBIF. "With the funds from
Truist, we are empowered to continue our intentional work,
providing access to fair, flexible loan capital at a time when our
clients need it most."
Funding from Truist Foundation and Truist Charitable Fund comes
at a time when small businesses are looking for extra support
following Hurricane Ian. A BBIF survey administered to small
businesses in Florida found that
60% of respondents noted a need for working capital of $50,000 or less if storm-related economic impacts
last beyond October. The Revolving Loan Fund will help provide
flexible term capital that will assist in creating and retaining
jobs and improving resiliency for businesses impacted by
hardships.
About BBIF | Black Business Investment Fund,
Inc.
Created in 1987, BBIF's mission is to develop and
promote Black business enterprises through education, training,
loans, investments, and other activities and to aggressively
promote an atmosphere conducive to their development. A
mission-driven lender, BBIF helps communities and businesses thrive
by providing loan capital and specialized financial technical
assistance services. BBIF is a CDFI (Community Development
Financial Institution) and CDE (Community Development Enterprise)
certified by the U.S. Department of the Treasury, Community
Advantage and Micro Loan lender as certified by U.S. Small Business
Administration, Money Smart for Small Business collaborator
certified by the Federal Deposit Insurance Corporation (FDIC) and
is AERIS rated triple star, A-minus. Since our inception, BBIF has
provided over 1,000 loans totaling $81
million and leveraged $292
million in New Markets Tax Credit (NMTC) community
investments. BBIF's investments have helped to create/sustain over
13,884 jobs all while maintaining a historical loan loss rate of
3.5%. Learn more at www.BBIF.com.
About Truist Foundation
The Truist Foundation is
committed to Truist Financial Corporation's (NYSE: TFC) purpose to
inspire and build better lives and communities. Established in
2020, the foundation makes strategic investments in nonprofit
organizations to help ensure the communities it serves have more
opportunities for a better quality of life. The Truist Foundation's
grants and activities focus on building career pathways to economic
mobility and strengthening small businesses. Learn more at
Truist.com/Foundation.
About Truist Charitable Fund
The Truist Charitable
Fund is a donor-advised fund administered by The Winston-Salem
Foundation and advised by Truist.
About Truist
Truist Financial Corporation is a
purpose-driven financial services company committed to inspiring
and building better lives and communities. Truist has leading
market share in many high-growth markets in the country. The
company offers a wide range of services including retail, small
business and commercial banking; asset management; capital markets;
commercial real estate; corporate and institutional banking;
insurance; mortgage; payments; specialized lending; and wealth
management. Headquartered in Charlotte,
North Carolina, Truist is a top 10 U.S. commercial bank.
Truist Bank, Member FDIC. Learn more at Truist.com.
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SOURCE Truist Financial Corporation