CHARLOTTE – Truist Financial Corporation and Truist Foundation said Aug. 27 they have surpassed the halfway point of a three-year, $725 million Western North Carolina recovery commitment established after Hurricane Helene.
The Charlotte-based bank said small-business, commercial real estate and home-mortgage lending are ahead of the initiative’s targets to date. The Truist Foundation Western North Carolina Recovery and Resiliency Fund has completed four rounds of grantmaking and entered its final deployment phase, with all available grant funding expected to be distributed by the second anniversary of Hurricane Helene.
Truist said its employees have contributed more than 5,000 volunteer hours. The company did not disclose the exact dollar amount deployed through the broader commitment.
Truist announced the initiative Nov. 20, 2024, with $650 million in new dedicated capital. That included $340 million for qualified small businesses, residential mortgages and commercial real estate and $310 million for low-cost, tax-exempt municipal lending. The commitment also included $50 million in loans or investments through Community Development Financial Institutions and $25 million in philanthropic grants.
The initiative supports small-business, housing and infrastructure recovery across Western North Carolina. Truist Financial Corporation is headquartered in Charlotte.