Truist Financial Corporation, together with Truist Foundation and Truist Charitable Fund, has announced a $120 million commitment to strengthen and support small businesses, focusing on Black-, Latinx-, and women-owned businesses.

The commitment includes $30 million for nonprofits that assist small businesses and diverse entrepreneurs and $5 million to support technical assistance, small businesses, and volunteerism.

In addition, Truist will invest $85 million in efforts to support debt and equity, with a focus on partnering with CDFIs, which are are uniquely positioned to provide credit and financial services to underserved populations. Community Development Financing Initiative will provide $5 million in flexible funding to Grameen America to expand access to capital for women entrepreneurs who live below the federal poverty line and for whom the mainstream financial system is currently out of reach. The national commitment includes loans, investments and grants, including to the Florida Community Loan Fund ($10 million), Local Initiatives Support Corporation ($10 million), and Empower the Change ($10 million).

“Small businesses are a vital part of our economy and are core to the health and vibrancy of our communities,” said Truist chairman and CEO Bill Rogers. “Our purpose is to inspire and build better lives and communities. This commitment exemplifies our purpose—it is focused on capitalizing small businesses and reaching diverse communities by providing financing as well as support and training to help minority-owned small businesses thrive and grow.”

(Photo credit: Getty Images/gorodenkoff)