Truist commits $725M to Helene recovery efforts
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A Truist Financial bank branch in Charlotte. Photo: Logan Cyrus/Bloomberg via Getty Images
Charlotte-based Truist is committing $725 million over the next three years to Helene recovery efforts in western North Carolina.
Why it matters: After the most devastating storm to ever hit the state, a long road to recovery awaits rural towns, small businesses and hundreds of thousands of western North Carolinians who lost their homes and belongings in its path.
Part of the local bank's purpose is to "inspire and build better lives and communities," Truist Chairman and CEO Bill Rogers tells Axios. Truist quickly jumped into the relief effort, he adds, rolling out disaster recovery mobile branches and even building a shower facility in an Asheville branch parking lot.
- "We also really were listening to the community and wanted to be part of a broader, longer-term rebuilding effort," Rogers says.
By the numbers: The "Truist Cares for Western North Carolina" initiative, announced Wednesday, includes:
- $340 million in dedicated lending for qualified small businesses, residential mortgages and commercial real estate;
- $310 million in low-cost, tax-exempt municipal lending for infrastructure projects;
- $50 million in loans and/or investments in Community Development Financial Institutions, which provide "loans to racially and ethnically diverse small-business owners, women, and individuals in low- and moderate-income communities," according to Truist's website;
- and $25 million for nonprofit grants.
Between the lines: Truist is the latest local corporation to support relief efforts for Helene-affected areas. Mooresville-based Lowe's recently launched a $2.5 million initiative that will provide $20,000 grants directly to small businesses in western North Carolina.
What they're saying: Rogers says support for small businesses will be flexible, and they'll be finding out what they need and how support can be coupled with FEMA relief. Circumstances like this also present an opportunity for business owners to rethink their business or even expand, he adds.
- "What we want to do is be at that front door with them as they're reevaluating and be able to move fast and then parallel with them as they're looking to rebuild their businesses," he says.
What's next: Resources are expected to be available beginning in December, according to a press release.
- Truist will work with "community partners, including key civic and business stakeholders, and disaster response organizations," to assess needs and tailor programs, the release states.