Community First Fund Receives $2.25 Million Grant From The Truist Foundation To Launch Support Fund For Minority-Owned Small Business Owners
Published 12 minutes ago
Proposed by Truist
PHILADELPHIA, Aug. 29, 2022 /CSRwire/ — The Truist Foundation today announced a $2.25 million commitment to Community First Fund, a nonprofit community development financial institution (CDFI) dedicated to aligning the capital on social justice. The grant will help launch Community First Fund’s Economic Justice Fund (EJFund) which will support lending activities to minority-owned entrepreneurs, with a focus on Black and Latinx small business owners, across Community First Fund’s service footprint in eastern and central Pennsylvania, including the Greater Philadelphia area.
Truist President and CEO Bill Rogers and Truist Foundation President Lynette Bell joined Joan M. Brodhead, Senior Executive Vice President of Community First Fund, Jonathan Bowser, Chairman of the Board , and Dragan Dodik, Senior Vice President and Chief Loans Officer, to officially announce the grant award and discuss the future of Community First Fund’s EJFund. Community First Fund is launching a campaign to grow this fund to $50 million over the next five years.
“The Truist Foundation supports intermediaries who provide capital at favorable rates and terms to small business owners and individuals in historically excluded communities,” Bell said. “The work of Community First Fund provides essential financial and technical assistance to help various entrepreneurs grow their businesses in Greater Philadelphia.”
The $2.25 million grant is part of Truist’s recent program $120 million commitment to strengthening and supporting small businesses nationwide, with a focus on women and diverse business owners. Community First Fund’s work to create financial equity through wealth-building opportunities embodies Truist’s commitment to the diverse communities it serves.
Community First Fund’s work is focused on creating sustainable prosperity for communities and individuals by providing small business loans and investments, and real estate financing to non-profit developers and entrepreneurs for housing projects. commercial and affordable.
“The $2.25 million grant from The Truist Foundation is helping us bridge the opportunity gap for small business owners and entrepreneurs to start, grow and grow their businesses, create jobs, advance economic mobility and increase financial stability in their community,” said the President and President of the Community First Fund. CEO Daniel Betancourt.
Truist’s commitment to Pennsylvania and the Philadelphia area goes beyond its partnership with Community First Fund; Truist has paid out more than half a million dollars in grants while its employees volunteered 4,434 hours in the Philadelphia area in 2021.
“This grant and partnership with Community First Fund underscores our commitment to supporting entrepreneurs throughout Pennsylvania,” said Travis Rhodes, Delaware Valley and Lehigh Valley Regional President for Truist. “Small businesses are the foundation of Philadelphia’s economy, and Community First Fund’s work is creating opportunity for more people while supporting Greater Philadelphia area employees, families and neighborhoods.”
About the Truist Foundation
The Truist Foundation is committed to fulfilling the Truist Financial Corporation (NYSE: TFC) goal of inspiring and building better lives and communities. Established in 2020, the foundation makes strategic investments in nonprofits to help ensure the communities it serves have more opportunities for a better quality of life. Truist Foundation grants and activities focus on creating career paths to economic mobility and strengthening small businesses. Learn more at Truist.com/Purpose/Truist-Foundation.
About the Community First Fund
Community Fund First is a private, independent, not-for-profit Community Development Financial Institution (CDFI) whose mission is to provide capital where it is not usually available. We seek to create positive change in the community by providing entrepreneurs, commercial real estate and affordable housing developers, and non-profit organizations with access to loans for projects that generate jobs, create housing opportunities , essential community facilities and help revitalize communities. For more information, visit www.communityfirstfund.org.
SOURCE Truist Financial Corporation
For further information: Alison van Harskamp, Truist, [email protected]
Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Truist holds a dominant market share in many high-growth markets nationwide. The company offers a wide range of services, including retail, small business and corporate banking; asset Management; capital markets; commercial real estate; corporate and institutional banking; Insurance; mortgage; Payments; specialized loans; and wealth management. Based in Charlotte, North Carolina, Truist is one of America’s top 10 commercial banks. Truist Bank, Member FDIC. Learn more about Truist.com.