Truist, NC Rural Center partner on $40M fund to support minority-owned businesses


Truist Financial in Charlotte, N.C., has committed $40 million to help establish a new nonprofit loan fund intended to support diverse and women-owned businesses, with a particular focus on Black-owned small businesses.

The loan fund, CornerSquare Community Capital, will support community development financial institutions by purchasing 25% loan participations. Doing so essentially frees up capital so that CDFIs can make more loans to more small businesses. Read more.

This article appeared in American Banker.