Truist Financial Corporation has revealed its commitment to help individuals, businesses, and local governments recover from the devastation caused by Hurricane Helene in North Carolina by providing substantial financial assistance.
The bank, headquartered in Charlotte, announced on Wednesday that it plans to offer over $650 million in loans, alongside additional grants and investments spread over a three-year period.
In tandem with Truist’s efforts, state legislators have sanctioned hundreds of millions of dollars to support relief and recovery from Hurricane Helene; however, the governor’s office indicates that further assistance is necessary.
Historically, the disaster recovery process can span several years, as seen in the ongoing struggles following hurricanes that impacted the eastern region of the state previously.
As part of this initiative, Truist is earmarking $340 million specifically for small business loans, home mortgages, and commercial real estate needs.
Additionally, the bank plans to provide $310 million in low-cost, tax-exempt loans to local governments aimed at infrastructure improvements.
From its Truist Community Capital subsidiary, an additional allocation of $50 million will support loans or investments, along with $25 million in charitable grants from the Truist Foundation.
These financial resources are set to be accessible beginning in December.
Bill Rogers, Chairman and CEO of Truist, highlighted that this initiative aims to target critical needs across Western North Carolina, prioritizing small businesses and key housing and infrastructure projects.
Hurricane Helene caused extensive damage throughout western North Carolina, affecting vital infrastructure such as roads and water systems, while also temporarily disrupting power and cellular services across a significant number of counties.
The transportation system faced severe setbacks as the hurricane damaged approximately 6,000 miles (9,650 kilometers) of roads along with over 1,000 bridges and culverts, as per the state budget office. Tragically, the hurricane claimed more than 100 lives in North Carolina.
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