Truist Foundation announced philanthropic funding for 11 nonprofit organizations working to pilot emerging solutions or scale existing successful initiatives into new regions. This comes at a time where there is a gap in the ability for many nonprofits to secure meaningful funding for growing and scaling their work. According to a report from UHY Advisors, well over half of the 116 nonprofits surveyed stated that their organization had created new programs or services in the past year, while nearly half of the organizations surveyed cited challenges with growth and scaling solutions as a top concern.
“As a community-centered bank with roots in neighborhoods across the country, we know that proximity to a community’s challenges is a leading indicator of whether or not the proposed solutions to those challenges are relevant, effective and sustainable,” said Lynette Bell, president of Truist Foundation. “Nonprofits often best understand the communities they’re operating in and corporate philanthropy has to be willing to take a bet on a new idea or that an idea that works in one community just might work in another. This is why Truist Foundation is proud to have a grantmaking strategy that gives us the flexibility to invest in what’s possible.”
Rooted in Truist Foundation’s core focus areas, 11 nonprofits are receiving more than $4 million in grants for programs that aim to support small businesses and create career pathways in underserved communities.
Truist Foundation funding will help the following organizations launch pilot programs:
“With the Truist Foundation’s support, Project Equity is creating strong partnerships in the Southeast to raise awareness of employee ownership as a new wealth building strategy for low-income workers and economically disadvantaged communities,” said Evan Edwards, CEO of Project Equity. “We are working to embed employee ownership in local ecosystems to create thriving communities where workers have a meaningful stake in the success their labor creates.”
Truist Foundation funding will help the following organizations scale promising existing programs:
“LiftFund is grateful for our longstanding partnership with Truist Foundation,” LiftFund President & CEO Laurie Vignaud said. “We are excited about the ability to scale our work and bringing this program, which offers equitable business capital and coaching to Florida small business owners to help them achieve entrepreneurial success.”
These grants are in line with the Truist Foundation’s belief that the role of corporate philanthropy includes catalyzing promising solutions that have not yet achieved outcomes and that solutions that have proven effective in one region can and should be scaled elsewhere. By embracing such funding, corporate philanthropy can help nonprofits address emerging societal issues, test hypotheses and maximize positive outcomes, creating greater impact.
To learn more about Truist Foundation’s grantmaking strategy, visit Truist.com/Foundation.
