#United States #Charlotte #disaster relief #Hurricane Helene #Truist Foundation

Truist Foundation Partners with Center for Disaster Philanthropy

On January 15, 2025, Truist Foundation announced its significant partnership with the Center for Disaster Philanthropy (CDP) to facilitate more than $20 million in disaster recovery grants aimed at revitalizing Western North Carolina post-Hurricane Helene. This initiative is a part of the larger "Truist Cares for Western North Carolina" campaign, which strives to rebuild affected communities by focusing on housing, small businesses, and long-term resilience.

The Impact of Hurricane Helene

The region had faced devastating impacts following the flooding due to Hurricane Helene that struck in September 2024. This catastrophic event resulted in the destruction or damage of over 250,000 homes across 39 counties, with economic losses spiraling to an astonishing $53 billion. The grants will serve as a vital resource for the recovery efforts that aim to restore not just houses, but also the local business landscape crucial for economic stability.

Lynette Bell, president of Truist Foundation, highlighted the organization's commitment to assisting communities in the aftermath of disasters. "This collaboration represents a significant step forward in our effort to help Western North Carolina recover from the impacts of Hurricane Helene," she stated. By working alongside CDP and other partners, Truist Foundation aims to address various critical needs, ranging from housing reconstruction to supporting entrepreneurs in restoring their businesses.

Funding Through the Recovery and Resiliency Fund

Through the Truist Foundation Western North Carolina Recovery and Resiliency Fund, the CDP will oversee grant distributions over the forthcoming years to address both medium- and long-term recovery needs. The evaluation for grant approvals will primarily depend on an assessment of the damages by CDP, the community's capacity, and the unmet needs within affected areas. Nonprofit organizations will be invited to apply for the funding based on these assessments, promising a tailored approach to recovery.

"We are incredibly grateful to the Truist Foundation for its commitment to the recovery needs of communities devastated by Hurricane Helene," said Patricia McIlreavy, President and CEO of CDP. "This significant investment allows us to address the long-term needs of the area through comprehensive solutions that ensure survivors can rebuild stronger, better positioned to face future disasters."

Additional Support and Commitment

As part of the ongoing "Truist Cares for Western North Carolina" initiative, the Truist Foundation will also allocate substantial grants to the Community Foundation of Western North Carolina and the American Red Cross. These grants will aid their respective programs addressing emergency responses and long-term recovery needs resulting from Hurricane Helene.

The Truist initiative encompasses a massive three-year commitment of $725 million focused on supporting essential small business, housing, and infrastructure requirements in Western North Carolina, ensuring that communities impacted by Hurricane Helene can recover and rebuild effectively. This includes dedicated loan capital from Truist Bank, philanthropic contributions from Truist Foundation, and on-ground humanitarian support from Truist employees.

About the Truist Foundation

Established in 2020, the Truist Foundation operates independently of Truist Financial Corporation's budget and focuses on making investments in nonprofit organizations. Prioritizing career pathways to economic mobility and supporting small businesses, the foundation aims to ensure that all communities have equal opportunities to thrive. Notable initiatives include the Inspire Awards and Where It Starts, which align with their mission.

Company Overview

Truist Financial Corporation, headquartered in Charlotte, North Carolina, is a purpose-driven financial services entity that prioritizes inspiring and enhancing the lives of communities. It operates as a leading commercial bank, boasting a total asset portfolio of $523 billion as of September 30, 2024, and offers a comprehensive suite of banking and financial services.