Truist Foundation to give $20M for Western NC Helene recovery. It’s just the start of aid
The Truist Foundation will give over $20 million for Hurricane Helene recovery in Western North Carolina.
The Charlotte-based bank’s foundation is partnering with Center for Disaster Philanthropy to provide disaster recovery grants in Western North Carolina for housing and small business recovery, Truist Foundation said Wednesday.
The partnership will pull resources together to help support families with rebuilding homes and entrepreneurs with restoring their businesses, Truist Foundation president Lynette Bell said in a statement.
Hurricane Helene hit Western North Carolina in September, causing historic flooding that destroyed or damaged more than 250,000 homes across 39 counties. There are 104 verified storm-related deaths as of Dec. 23, according to NC Department of Health and Human Services.
The over $20 million in grants is part of Truist Cares for Western North Carolina, a three-year, $725 million commitment to support small business, housing and infrastructure recovery needs, according to the foundation.
The initiative includes loans for small businesses, residents and municipalities from Truist Bank and other humanitarian support.
Other support for WNC
Truist Foundation and Center for Disaster Philanthropy’s effort joins other Charlotte-area companies and organizations supporting recovery efforts in Western North Carolina. Contributions include Mooresville-based Lowe’s with over $20 million since October and the Duke Endowment with over $14 million.
In November, FEMA approved over $213 million for more than 126,000 households and other types of assistance in Western North Carolina as part of the Biden-Harris Administration’s $2.7 billion recovery assistance for hurricanes Helene and Milton.
FEMA also approved more than $202 million for debris removal and reimbursement of emergency protective measures for.
Last month, Congress passed a bill where North Carolina is set to gain $9 billion in aid to help those impacted by Helene, The News & Observer in Raleigh reported.
How Truist Foundation grants will work
Truist Foundation Western North Carolina Recovery and Resiliency Fund will provide grants over the next several years to address medium- and long-term needs. Grantmaking decisions will be guided by Center for Disaster Philanthropy’s assessments. Nonprofit groups also may apply for funding.
Truist Foundation also will provide grants to The Community Foundation of Western North Carolina for its Emergency and Disaster Response Fund, which will help nonprofits, like the American Red Cross’ long-term recovery program.
The foundation, established in 2020, has an operating budget independent of Truist Financial Corp. Its focus is on economic mobility and strengthening small businesses.