Truist commits $2M to small businesses hurt by pandemic

Truist Financial Corp. is donating $2 million to community development financial institutions to support grants to small businesses impacted by the COVID-19 pandemic in states served by the bank.

“Small businesses are significantly affected by the steps the nation is taking to combat COVID-19, and it’s important we support them,” said Truist Chief Community Reinvestment Act Officer Sharon Jeffries-Jones. “Our purpose is to inspire and build better lives and communities, and small businesses contribute to our nation’s economic growth through job creation and innovation of products and services. Grants from LiftFund and Natural Capital Investment Fund will offer small businesses in our communities the relief they need to thrive during this difficult time.”

Qualifying small businesses in Virginia will be able to apply online for grants ranging from $5,000 to $25,000 from Natural Capital Investment Fund (NCIFund). The online grant form will launch by the end of the day, Thursday, March 26, according to an NCIFund executive. To qualify, businesses must employ fewer than 10 full-time employees and have annual gross revenue no more than $1 million from all business activities at all business locations.

The $2 million commitment is part of the financial services company’s Truist Cares initiative, with a focus on Truist Cares for Small Businesses. Truist Cares is a $25 million philanthropic pledge to support basic needs, medical supplies and financial hardship relief due to COVID-19.

NCIFund will provide grants to small businesses in Virginia, Maryland, New Jersey, North Carolina, Pennsylvania, South Carolina, West Virginia, Washington, D.C., and parts of Ohio. LiftFund will provide grants to small businesses in Alabama, Florida, Georgia, Kentucky, Tennessee, Texas and parts of Arkansas and Missouri.

“We’re proud to partner with Truist to serve small businesses in this time of unprecedented need,” said Marten Jenkins, president and CEO of NCIFund. “Small businesses provide the lion’s share of jobs in the U.S. and bring diversity and innovation to our communities; they deserve our support.”