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The Charlotte-based bank said in a news release Wednesday that
it will lend more than $650 million and offer more in grants and
investments over three years.
Meanwhile, state legislators have approved hundreds of millions
of dollars in aid for Helene relief and recovery, while the
governor’s office says more is needed. Disaster recovery can
take years, as evidenced by ongoing needs from hurricanes that
affected the eastern part of the state years ago.
The Truist initiative includes $340 million in lending for small
businesses, home mortgages and commercial real estate. It will
offer another $310 million in low-cost, tax-exempt loans to
municipalities for infrastructure.
Meanwhile, another $50 million in loans or investments will come
from its Truist Community Capital subsidiary and $25 million in
charitable grants will come from the Truist Foundation.
The resources will be made available starting in December.
“Through this new initiative, Truist will address areas of
critical need in Western North Carolina, including a focus on
small businesses as well as housing and infrastructure
projects,” Truist Chairman and CEO Bill Rogers said in a news
release.
Helene brought widespread devastation to western North Carolina,
damaging roads and water systems and temporarily knocking our
electricity and cellular service to a wide swath of counties. It
also disrupted transportation networks across the region by
damaging at least 6,000 miles (9,650 kilometers) of roads and
more than 1,000 bridges and culverts, the state budget office
has said. More than 100 people were killed in North Carolina.
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