Truist Financial Corporation in Charlotte, North Carolina, has announced an additional $25 million commitment in support of COVID-19 relief efforts.
The funds will support the Truist Cares initiative, which the bank holding company launched earlier this year with an initial $25 million commitment. The latest commitment from the company includes $10 million for small businesses and community development financial institutions (CDFIs); $9 million to engage leading industry partners and bring technology services and devices to underserved communities; and $6 million in support of nonprofits in communities where the company's employees live and work.
The latest commitment also includes $1.5 million to the Community Education Alliance, which is working with Empowering Communities Corp to provide Chromebook laptops and connect more than twenty-one hundred underserved households to the Internet; $2 million to the Local Initiatives Support Corporation (LISC) in support of its Rapid Relief & Resiliency Fund; and an additional $3 million to LISC to provide funding and technical assistance to small businesses, with an emphasis on those with fewer than ten employees and/or owned by women and minorities.
"Since announcing the Truist Cares initiative, we have quickly mobilized with our partners to meet critical needs in our communities with a focus on supporting youth, seniors, small businesses, connectivity, and the workforce, including vulnerable, hourly workers," said Truist chair and CEO Kelly S. King. "This additional phase of funding will have a special emphasis on serving the communities who may feel forgotten. It's not just about surviving the crisis — it's about rebuilding our communities with an even stronger foundation to help our country's ongoing recovery."