Through strategic funding, Truist Foundation helps drive economic mobility and strengthen small businesses in diverse communities.
NORTHAMPTON, MA / ACCESSWIRE / November 4, 2024 / Nonprofits are tackling a variety of critical issues like female empowerment, mental health, and wealth building for underserved groups. But scaling impactful programs remains a challenge. In 2024, 71% of nonprofits have seen an increase in demand for their programs and services, while 42% report a lack of adequate finances or resources.
To address these challenges, Truist Foundation recently donated $4 million in grants to 11 nonprofits across the country that are using innovative programs to create career pathways and support small businesses in underserved communities. This concentrated impact aligns with the Foundation's strategic pillars: building career pathways to economic mobility and strengthening small businesses.
"Proximity to a community's challenges is a leading indicator of whether the proposed solutions are relevant, effective, and sustainable," says Lynette Bell, president of Truist Foundation. "We've found that nonprofits often best understand the communities they're operating in, and by partnering together, Truist Foundation can have a more meaningful impact."
Empowering Communities: Pilot programs for emerging solutions
Truist Foundation's funding is helping organizations launch pilot programs designed to test innovative solutions in their respective communities. One standout example is Project Equity, which focuses on transitioning businesses to employee-owned companies in Atlanta, Birmingham, and Miami. Doing so provides wealth-building opportunities for low- and moderate-income workers, including in communities of color.
Project Equity uses detailed data analysis to identify regions with a high density of low- and moderate-income workers and legacy businesses. This analysis guides their outreach and engagement strategies, ensuring they effectively target the communities that can most benefit by transitioning to employee ownership.
"Our data analysis helps us understand the unique characteristics of each region, allowing us to tailor our messaging and build awareness effectively," says Evan Edwards, chief executive officer of Project Equity. "Truist's funding has been crucial in broadening and deepening our awareness-raising efforts and developing partnerships in key regions."
In Miami, for example, Edwards discovered that using terms like "co-ops" wasn't effective due to cultural perspectives of many local residents. Truist's funding helped Project Equity adjust their language to better connect with the local community.
Expanding Impact: Scaling existing nonprofit programs
Truist Foundation is also committed to scaling existing programs to expand their reach and impact.
For example, LiftFund provides affordable small business loans and technical assistance to underserved communities. This approach not only gives small business owners access to capital-it also equips them with the tools needed to manage their finances effectively and sustain growth through one-on-one business counseling, workshops, and webinars.
"Truist Foundation's grant helps us enhance our capabilities and our capacity in a couple of different ways," says Amy Hereford, chief executive officer at LiftFund. "The grant is used for our Dream Makers Fund, a revolving business loan fund, which allows us to offer lower interest rate loans, and supports educational programs and community outreach in Florida."
So far, Truist Foundation's funding has helped five businesses, including a pressure washing business and a carpentry business. The pressure washing business received a 0% interest loan to purchase a truck and trailer, allowing the owner to begin work and plan for future expansion. The carpentry business also received a 0% interest loan to purchase additional equipment and hire more help as the business grows.
The grant funding also helps LiftFund engage with community partners to amplify impact. By collaborating with local chambers of commerce, development groups, and other nonprofits, LiftFund can broaden its reach and support more small businesses.
By helping organizations launch and scale programs, Truist Foundation is empowering nonprofits to create lasting change in communities nationwide.
Learn more about how Truist Foundation is helping nonprofits expand their work.
Read the full press release: Truist Foundation fills gap, distributes grants to pilot and scale nonprofit solutions nationwide
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SOURCE: Truist
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