The Truist Foundation awards $2.25 million to Black and Latino entrepreneurs
On August 25, 2022, The Truist Foundation announced a new $2.25 million grant to the Community First Fund, a non-profit organization that supports low-income communities and individuals in the Central and Eastern Region. eastern Pennsylvania, including Philadelphia.
The grant is dedicated to launching the Community First Fund’s Economic Justice Fund (EJFund), which will lend money to Black and Latino entrepreneurs.
Leaders of the Truist Foundation and Community First Fund gathered at the Fund’s site in Philadelphia to announce the award and the Community First Fund’s campaign to grow the new fund to $50 million within five years.
“Our mission is to create financial fairness…We are truly honored to launch our Economic Justice Fund today,” said Joan M. Brodhead, Senior Executive Vice President and Director of Strategic Initiatives at Community First Fund, during the grant announcement event.
“This is going to help the most disadvantaged people and help them on their journey to wealth creation and financial equity,” she added.
In a statement, the president of the Truist Foundation, Lynette Bell, underlined the mission of the organization and its value.
“The Truist Foundation supports intermediaries who provide capital at favorable rates and terms to small business owners and individuals in historically excluded communities,” she said.
“The work of Community First Fund provides critical financial and technical assistance to help various entrepreneurs grow their businesses in Greater Philadelphia,” she continued.
In the Philadelphia area, the Truist Foundation has awarded more than half a million dollars in grants alongside its employees who volunteer 4,434 hours in the area in 2021.
The $2.25 million grant is part of the Truist Foundation’s $120 million commitment to strengthen and support small businesses nationwide, with a focus on their efforts for women and various business owners.