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Truist doubles commitment to COVID relief

Margie Manning

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Truist Financial Corp. is providing financial help for nonprofits and small businesses throughout its footprint, including in the west Florida area.

Truist (NYSE: TFC), the bank created in the merger between SunTrust and BB&T, last week pledged $25 million to help underserved communities recover from the COVID-19 pandemic. That pledge followed an earlier $25 million commitment from the bank for its Truist Cares initiative.

Jim Daly

“From our initial round of Truist Cares funding, the $25 million announced in March, there were 15 grants in the West Florida area totaling $575,000 in support. Specifically in Tampa-St. Petersburg area, these grants included the Salvation Army, United Way Suncoast and Feeding America Tampa Bay Inc., just to name a few,” said Jim Daly, West Florida regional president for Truist. “This new wave of Truist Cares funding will support nonprofits and small businesses across our footprint, much like our initial $25 million did. We’ll work with our intermediary partners to identify eligible local organizations who can benefit from these funds.”

Truist has donated $3 million to the Local Initiatives Support Corporation (LISC) to support business with fewer than 10 employees as well as those owned by women and minorities.

“Through our partnership with LISC, West Florida’s small businesses owners can apply for grant applications starting the first week of June,” Daly said.

Get more information about those grants by clicking here.

Truist said there are three key areas for funding from the latest pledge:

Truist Cares to Connect. Truist will donate $9 million to bring technology services to communities in need – including $1.5 million to the Community Education Alliance, in partnership with Dell and Hotwire, to provide Chromebook laptops and enable private LTE networks over MiFi devices for home internet connectivity

Truist Cares for Small Businesses. Truist will give $10 million to aid small businesses and community development financial institutions (CDFIs) through access to capital and technical support – including the $3 million pledged to LISC.

Truist Teammates Care. Truist will allocate $6 million to nonprofit organizations where Truist teammates live and work. The funding will also be allocated to reinforce volunteer-led efforts by teammates.

Truist, headquartered in Charlotte, North Carolina, is the sixth-largest commercial bank in the United States, with  total assets of $506 billion as of March 31.

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