HOUSTON, Dec. 1, 2022
/PRNewswire/ -- Truist Foundation today announced a
$3.5 million grant to PeopleFund, a
Texas-based Community Development
Financial Institution (CDFI) and nonprofit 501(c)(3) that strives
to create economic opportunity and financial stability for
underserved people by providing access to capital, education and
other resources to build healthy small businesses.
Truist Foundation's grant provides long-term sustainability for
PeopleFund's Black, Indigenous, Person of Color (BIPOC) Small
Business Accelerator, a program that provides business owners the
capital, resources and network to start and grow their businesses
and attain economic mobility. The accelerator was piloted in 2021
with a $100,000 grant from Truist
Foundation and a $3 million
low-interest loan from Truist Community Capital. These seed
investments acted as catalysts for additional support.
Truist Chairman and CEO Bill
Rogers, Truist Foundation President Lynette Bell and Truist Regional President
Bill Toomey joined PeopleFund
President and CEO Gustavo Lasala for
the grant announcement at East End Maker Hub today.
"The COVID-19 pandemic disproportionately devastated underserved
Black and racially diverse small business owners. We are honored to
support PeopleFund, an organization working to provide funding and
unique services for diverse small business owners across
Texas," said Lynette Bell, president of Truist Foundation.
"PeopleFund shares our belief that small businesses are the key to
a healthy economy and that every person should have equitable
access to the tools they need to become a successful entrepreneur
with financial stability."
These Texas-based grants are a
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. By generating greater equity for small
business owners, PeopleFund can continue to create jobs, economic
opportunity and generational wealth in communities across
Texas where these small businesses
operate.
"PeopleFund's BIPOC Small Business Accelerator could not have
been possible without the leading support of Truist. This program
boldly brought together institutions and individuals across
Texas and beyond to lift barriers
that impede underserved people of color attain financial freedom
through entrepreneurship," said Gustavo
Lasala, President and CEO of PeopleFund. "We are deeply
grateful and proud of Truist's partnership. This grant will help
this program scale and continue making a positive difference in
underserved communities for years to come."
Truist's purpose of inspiring and building better communities in
the Houston area and the state is
further exemplified by two additional community grants announced
today. Truist Foundation contributed $500,000 to SERJobs and, together with
Truist Charitable Fund and Truist's Community Reinvestment Act
department, donated $500,000 to
Junior Achievement. These grants will fund programs that allow the
organizations to strengthen small businesses and build career
pathways to economic mobility through education, training,
employment and empowerment services for underserved communities in
Texas.
About PeopleFund
PeopleFund is a nonprofit Community Development Financial
Institution, an SBA lender and serves as the managing member of the
Veteran Loan Fund. Established in 1994, PeopleFund has almost 30
years of experience helping thousands on the path to financial
security. PeopleFund programs focus on advancing economic
opportunities for people of color, veterans, women and individuals
of low-to-moderate income by providing capital, training and other
resources needed to grow healthy small businesses. Since inception,
PeopleFund has delivered almost $200
million in financial assistance to over 4,650 small
businesses and $150 million in New
Market Tax Credit allocations that attracted $750 million in investments—putting the direct
impact in the Texas economy as
approaching $1 billion. PeopleFund
has also helped create and retain 20,000 jobs and delivered over
130,000 hours of business education. To learn more about PeopleFund
please visit www.peoplefund.org.
About Truist Charitable
Fund
The Truist Charitable Fund is a donor-advised fund, advised by
Truist, administered by The Winston-Salem Foundation.
About Truist Foundation
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. Truist Foundation grants and activities focus on building
career pathways to economic mobility and strengthening small
businesses. Learn more at Truist.com/Foundation.
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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