Truist teams with N.C. Rural Center on $40 million minority lending program


Truist Financial announced a $40 million initial donation to help establish CornerSquare Community Capital, a new multistate fund formed by the nonprofit N.C. Rural Center based in Raleigh. CornerSquare will support selected community development financial institutions (CDFIs) by purchasing 25% loan participations.

All of the funding will be directed to racially and ethnically diverse small business owners, women and individuals in low- and moderate-income communities, with a focus on Black-owned small businesses. It’s the largest commitment to the CDFI sector in the history of  Charlotte-basedTruist, which was formed last year by the merger of Atlanta-based SunTrust Banks and Winston-Salem-based BBT.

It’s also a big expansion for the N.C. Rural Center, which has offered a variety of lending and small business development programs over the last 30 years, mostly within the state. Read more.

This article appeared in Business NC .