Ongoing rural initiatives, a core part of Truist’s $60 billion Community Benefits Plan
CHARLOTTE, North Carolina, July 27, 2022 /PRNewswire/ — Truist Financial Corporation (NYSE:TFC) today shared key updates on the progress of its long-term rural development strategy. As an essential component of the $60 billion Community Benefits Plan (CBP) announced in July 2019, Truist is committed to developing and implementing lending, investment and service strategies to meet the unique needs of rural and historically underserved communities. CBP’s current three-year commitment will end on December 31, 2022and from May 31, 2022Truist is 112%—or $54.5 billion — of the prorated goal, despite the effects of the pandemic.
As part of its CBP, Truist has provided over $80 million Between January 1, 2020 and June 30, 2022, equity and below-market capital to community development financial institutions (CDFIs) and CDFI-managed initiatives addressing critical issues such as affordable housing, workforce development, access to small business capital and programming to help address food insecurity and health care, to name a few. Since the last Community Reinvestment Act review period, during which Truist received the highest possible rating of “outstanding” from the FDIC, Truist teammates have driven a 70% increase in community development loans and a 130% increase in grants to organizations working in rural areas. communities.
To help develop its rural strategy and ensure that Truist can better respond to the specific needs of the rural community, third-party facilitated sessions were held from early 2021 with civic and community experts representing a diverse set of organizations of rural services through Alabama, Georgia, Kentucky, North Carolina, Caroline from the south, Tennessee, Virginia and West Virginia. As a result of these fundamental stakeholder meetings, the most impactful rural needs are:
- Workforce development, specifically linked to the economic development of rural communities, to help combat declining manufacturing and agricultural jobs
- Expanding Affordable Housing Options in Rural Areas
- Community development infrastructure, including health care facilities, broadband services, recreation, and downtown redevelopment efforts
- Small business development, including access to capital and strengthening the entrepreneurial ecosystem to positively impact rural livelihoods and local economies
“While we have identified broad categories of needs for rural communities, we recognize that implementing a rural strategy requires taking a more personalized approach that recognizes the diversity and unique characteristics of individual rural communities across markets we serve,” said Weekly Anthony, Truist’s Chief CRA and Community Development Officer. “With Truist’s focus as the driver of our rural development strategy, we have wisely expanded existing partnerships and forged new ones with CDFIs to provide strategic lending, investment and outreach solutions in rural communities that we serve.”
Truist also offers grants to support rural organizations offering workforce development, access to technical assistance and services – including active volunteerism and participation on boards and advisory committees in communities. Rural – for small businesses, women-owned businesses, minority-owned businesses and other entrepreneurs who face barriers to starting businesses that can create local jobs, create wealth and strengthen local communities.
“At Truist, we are excited to continue to build partnerships and support solutions that help strengthen our rural communities and create economic opportunity for the individuals and families who call these communities home, including our own teammates,” said added Heidi SchoonoverTruist Director General of CRA Strategic Programs and Initiatives.
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 nationwide and offers a wide range of services including retail, small business and corporate banking; asset Management; capital markets; commercial real estate; corporate and institutional banking; Insurance; mortgage; Payments; specialized loans; and wealth management. Headquartered in Charlotte, North Carolina, Truist is a top 10 U.S. commercial bank with total assets of $545 billion as of June 30, 2022. Truist Bank, Member FDIC. Learn more at Truist.com.
SOURCE Truist Financial Corporation