Truist Foundation made a $2.25 million grant to Community First Fund in Philadelphia, a nonprofit community development financial institution (CDFI) that deploys capital to low-income communities and low-wealth individuals.
The grant will be used to help launch Community First Fund’s Economic Justice Fund that will support lending to Black and Latine entrepreneurs in eastern and central Pennsylvania, including the Philadelphia region.
Community First Fund’s mission is to create sustainable prosperity for low-wealth communities and individuals by providing loans and investments to entrepreneurs and small businesses, as well as real estate financing to nonprofit developers and entrepreneurs for commercial and affordable housing projects.
“The Truist Foundation grant helps us close the opportunity gap for small business owners and entrepreneurs to start, grow, and expand their businesses, create jobs, advance economic mobility, and increase financial stability in their community,” says Daniel Betancourt, president and CEO of Community First Fund.
Truist Foundation made the grant as part of a $120 million commitment to strengthen small businesses and promote financial inclusion, with an emphasis on women- and diverse-owned businesses.
“The Truist Foundation supports intermediaries which provide capital at favorable rates and terms for small business owners and individuals in historically excluded communities,” says Lynette Bell, president of the Truist Foundation. “The work of Community First Fund provides essential financial and technical assistance to help diverse entrepreneurs scale their businesses.”
Truist contributed more than half a million dollars in grants to Pennsylvania and the Philadelphia region in 2021, while teammates gave more than 4,400 volunteer hours.