Truist Financial Corporation has unveiled a significant effort to assist residents, businesses, and local governments impacted by Hurricane Helene in North Carolina. The Charlotte-based bank has committed to providing over $650 million in loans, grants, and investments over the next three years to support the recovery and rebuilding process.
The initiative includes $340 million in lending earmarked for small businesses, home mortgages, and commercial real estate. Additionally, Truist will offer $310 million in low-cost, tax-exempt loans to municipalities for infrastructure projects. The Truist Community Capital subsidiary will contribute $50 million in loans or investments, while the Truist Foundation will provide $25 million in charitable grants.
These resources are set to become available in December and will focus on addressing critical needs in Western North Carolina, particularly in the areas of small business support, housing, and infrastructure development.
Hurricane Helene caused extensive damage in western North Carolina, impacting roads, water systems, and essential services. The storm disrupted transportation networks by damaging thousands of miles of roads, as well as numerous bridges and culverts. The state budget office has reported over 100 fatalities in North Carolina as a result of the hurricane.
State legislators have approved significant aid for Helene relief efforts, but more assistance is deemed necessary by the governor's office. Truist's commitment to providing substantial financial support underscores the long-term nature of disaster recovery, with ongoing needs persisting from previous hurricanes that affected the region.
Truist Chairman and CEO Bill Rogers expressed the corporation's dedication to addressing critical needs in the region and emphasized the focus on supporting small businesses, housing initiatives, and infrastructure projects in Western North Carolina.
