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The grant will help launch BBIF’s Revolving Loan Fund to finance small business loans to BIPOC and small businesses.
Orlando, Fla., October 27, 2022 /PRNewswire/ — The Trust Foundation and The Trust Charitable Fund today announced 2 million dollars The Black Business Investment Fund Inc. is a Community Development Financial Institution (CDFI) created to create and expand black businesses by providing loans, education and training services. (BBIF) Give. The grant will help create a BBIF revolving credit fund targeting small business loans, BIPOC and underserved small businesses. Central Florida.
Truist Chairman and CEO Bill RogersTruist Central Florida Region President Steve Fisherand Trust Foundation Senior Vice President and Head of Strategy Meghan Pietrantonio joins BBIF President and CEO Inez Long To share the impact on local businesses during the announcement of the support given by the Truist office Orlando.
“The Trust has had a long-standing relationship with BBIF, and we are honored to help expand their operations at such a critical time for many small businesses. Florida They are looking for recovery support after Hurricane Ian,” he said. Lynette BellPresident of the Truist Foundation. “BBIF shares our vision to support underserved communities and provide a sustainable source of funding for racially and ethnically diverse—and women-owned—businesses that have previously had no access to traditional credit markets.”
This grant is part of Truist and Truist Foundation’s. 120 million dollars A shared commitment to strengthen and support small businesses nationwide, with a focus on Black, Latino, and women-owned businesses. Truist and BBIF’s partnership has existed since BBIF’s inception, and this grant will help enhance BBIF’s work for historically underserved small businesses in 14 counties. Central Florida.
“BIF is committed to building the resilience and capacity of BIPOC businesses,” he said. Inez Long, president and CEO of BBIF. “With the funding from Truist, we are empowered to continue our mission of providing our customers with access to fair and flexible loan capital when they need it most.”
Funding from the Trust Foundation and the Trust’s Charitable Fund comes as small businesses need additional support in the aftermath of Hurricane Ian. A BBIF study for small businesses in Florida 60% of the respondents indicated the need for working capital 50,000 dollars or less if storm-related economic impacts persist beyond October. Revolving credit funds can help create and maintain jobs and provide flexible term capital to help businesses that have been affected by the crisis improve their resilience.
About BBIF | Black Business Investment Fund, Inc.
In the year Created in 1987, the BBF’s mission is to promote black business enterprises through education, training, loans, investments and other activities and to significantly promote the favorable environment for their development. A mission-driven lender, BBIF helps communities and businesses thrive by providing loan capital and specialized financial technical assistance services. BBIF is a CDFI (Community Development Financial Institution) and CDE (Community Development Enterprise) certified by the U.S. Department of the Treasury, a community benefit and microcredit lender certified by the U.S. Small Business Administration as a Smart Money for Small Business Affiliate. The Deposit Insurance Corporation (FDIC) and AERIS are rated three stars, A-minus. Since its inception, BBIF has granted a total of more than 1,000 loans 81 million dollars and used 292 million dollars Community Investments in New Markets Tax Credit (NMTC). BBIF investments have helped create/maintain more than 13,884 jobs with a historical loan loss rate of 3.5 percent. Learn more at www.BBIF.com.
About the Trust Foundation
The Trust Foundation is committed to the purpose of Truist Financial Corporation (NYSE: TFC) to build better lives and communities. In the year Founded in 2020, the foundation makes strategic investments in nonprofit organizations to ensure that the communities it serves have more opportunities for a better quality of life. The Trust Foundation’s grants and activities focus on building career pathways to economic activity and strengthening small businesses. Learn more at Truist.com/Foundation.
About Trust Charitable Fund
The Trust Charitable Fund is a donor-advised fund managed by the Winston-Salem Foundation and advised by Truist.
About Truist
Trust Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. The Trust has leading market share in high growth markets in the country. The company offers a wide range of services including retail, small business and commercial banking; property management; capital markets; commercial real estate; Corporate and Institutional Banking; insurance; mortgage; Fees: special loan and wealth management. In the headquarters Charlotte, North Carolina, Trust is a top 10 American commercial bank. Truist Bank, Member FDIC. Learn more at Truist.com.
Source Truist Financial Corporation
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