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Truist Foundation partners with Center for Disaster Philanthropy to provide over $20M in disaster recovery grants in Western North Carolina

1. Truist Foundation pledges over $20 million for disaster recovery in WNC. 2. Hurricane Helene caused damage to over 250,000 homes, economic loss at $53 billion. 3. Truist Cares initiative commits $725 million for long-term community resilience. 4. Grants will aid small business and housing recovery in affected areas. 5. Collaboration with Center for Disaster Philanthropy enhances effective resource allocation.

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Why Bullish?

Truist's significant investment in community recovery can enhance brand loyalty and client trust, potentially increasing market perception. A similar past initiative led to improved customer sentiment and stock performance.

How important is it?

The article discusses TFC's strategic investments and community rebuilding, closely tying its mission to financial performance. Community engagement often reflects positively on financial institutions' reputations.

Why Long Term?

The recovery efforts outlined will take years to fully implement, positioning TFC positively in the longer horizon. Historical examples show such investments often lead to sustained growth in community markets.

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Grants will support post-Hurricane Helene housing and small business recovery, long-term resiliency , /PRNewswire/ -- Truist Foundation today announced it will partner with Center for Disaster Philanthropy to provide over $20 million in disaster recovery grants in Western North Carolina as part of the Truist Cares for Western North Carolina initiative. Flooding in the aftermath of Hurricane Helene, which hit in September 2024, destroyed or damaged more than 250,000 homes across 39 counties in Western North Carolina with economic impacts reaching $53 billion. The grants will provide resources to help support and sustain critical housing and small business recovery and long-term resiliency in the region. "Truist Foundation is dedicated to helping communities after disasters strike, and this collaboration represents a significant step forward in our effort to help Western North Carolina recover from the impacts of Hurricane Helene," said Lynette Bell, president of Truist Foundation. "By joining forces with Center for Disaster Philanthropy and other trusted partners, we can leverage our collective resources and expertise to address critical areas of need, including supporting families with rebuilding homes and entrepreneurs with restoring their businesses. Together, we are committed to making community-driven grants to create an even stronger, more resilient region." Through the Truist Foundation Western North Carolina Recovery and Resiliency Fund, CDP will provide grants over the next several years to address medium- and long-term needs to help strengthen the region's housing and small businesses. Grantmaking decisions will be guided by CDP's assessment of damages as well as community capacity and unmet needs to support the area's recovery. Nonprofit organizations will be invited to apply for funding based on the results of CDP's assessments. To learn more or to submit a nonprofit organization interest form, click here. "We are incredibly grateful to Truist Foundation for its commitment to the recovery needs of communities devastated by Hurricane Helene," said President and CEO of the Center for Disaster Philanthropy Patricia McIlreavy. "This significant investment in the people of Western North Carolina allows us to strategically support the long-term needs of the area through comprehensive solutions that address the many aspects of recovery so that survivors can rebuild stronger. In taking this approach, we also ensure that communities are better positioned to withstand the next disaster." As part of the Truist Cares for Western North Carolina initiative, Truist Foundation will also provide significant grants to The Community Foundation of Western North Carolina for its Emergency and Disaster Response Fund, which will help nonprofits mitigate impacts of Hurricane Helene, and the American Red Cross for its long-term recovery program, which helps families and communities continue to rebuild in the months and years after disasters, including hurricanes.  Truist Cares for Western North Carolina is a three-year, $725 million commitment to support critical small business, housing and infrastructure needs in Western North Carolina as communities impacted by Hurricane Helene recover and rebuild. The commitment includes new, dedicated loan capital for local small businesses, residents and municipalities from Truist Bank, impact capital from Truist Community Capital, philanthropic giving from Truist Foundation and additional on-the-ground humanitarian support from Truist teammates to help establish long-term resiliency in this devastated region. For more information on this initiative, visit Truist.com/TruistCares. About Truist FoundationTruist Foundation is committed to Truist Financial Corporation's (NYSE: TFC) purpose to inspire and build better lives and communities. The foundation, an endowed private foundation established in 2020 whose operating budget is independent of Truist Financial Corporation, makes strategic investments in a wide variety of nonprofit organizations centered around two focus areas: building career pathways to economic mobility and strengthening small businesses to ensure all communities have an equal opportunity to thrive. Embodying these focus areas are the foundation's leading initiatives — the Inspire Awards and Where It Starts. Learn more at Truist.com/Foundation. About TruistTruist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. As a leading U.S. commercial bank, Truist has leading market share in many of the high-growth markets across the country. Truist offers a wide range of products and services through our wholesale and consumer businesses, including consumer and small business banking, commercial banking, corporate and investment banking, wealth management, payments and specialized lending businesses. Headquartered in Charlotte, North Carolina, Truist is a top-10 commercial bank with total assets of $523 billion as of Sept. 30, 2024. Truist Bank, Member FDIC. Learn more at Truist.com SOURCE Truist Foundation WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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