Truist Financial Commits $725 Million for Disaster Recovery

Truist Financial Corp. has announced a $725 million initiative over three years to support recovery efforts in Western North Carolina following Hurricane Helene. The funding will focus on small businesses, housing, and infrastructure, with $340 million allocated for small business loans, residential mortgages, and commercial real estate, and $310 million for low-cost municipal infrastructure loans. Additionally, $50 million will be directed towards Community Development Financial Institutions, and $25 million in philanthropic grants to nonprofits. Truist will engage with community partners to assess needs and tailor programs effectively, also committing 10,000 hours of volunteer support by employees. The initiative, starting in December 2024, aims to establish long-term resiliency in the affected region. Truist's CEO Bill Rogers emphasized the bank's commitment to making a meaningful difference by leveraging their expertise and partnerships.