Urban Strategies Inc. will launch a small
business loan fund, the USI CDFI, that supports new and
growing locally owned businesses in three new cities
NORFOLK,
Va., July 25, 2023 /PRNewswire/ -- Today,
Truist Foundation announced a $1.5
million grant to Urban Strategies Inc. (USI), a national
nonprofit that focuses on the design and implementation of
human capital development strategies in communities undergoing
physical revitalization across the U.S. USI will use the funding to
support its community development financial
institution (CDFI) in establishing a bridge to capital and
wealth creation for women- and Black-, Latine- and Indigenous-owned
small businesses in Norfolk,
Baltimore, Maryland, and Ft.
Myers, Florida.
Truist Foundation and the USI CDFI will create an equitable loan
fund and application system to attract, support and fund
historically excluded communities in the three cities, equipping
them with the credit, knowledge and tools to start, grow and
sustain their businesses.
"Strengthening the small business ecosystem by eliminating
structural barriers to growth is one of our core focus areas at
Truist Foundation," said Lynette
Bell, president of Truist Foundation. "By providing a loan
fund and training support for small businesses in under-resourced
communities, USI is serving as a bridge to capital, ultimately
helping to close the wealth inequity gap."
Truist Financial Virginia Regional President Thomas Ransom joined USI's president
Esther Shin to formally announce the
grant during a celebration launch event at Black BRAND in
Norfolk.
"The USI CDFI is excited to elevate our support of children and
families in the Norfolk community
as we collaboratively address the racial wealth gap through
strategic partnerships and funding that provides the much-needed
capital and financial services to Black, Latine, and Indigenous
borrowers in community revitalization areas," said Shin. "The USI
CDFI seeks to dismantle persistent barriers to social mobility and
this partnership with Truist Foundation allows us to begin this
important work."
Minority businesses continue to encounter structural obstacles
when trying to access the resources, expertise and markets needed
for growth. USI's CDFI seeks to address this inequity by
propelling entrepreneurs to prosperity and economic liberation
– creating middle-income, wealth-generating jobs and
businesses.
"Truist is committed to supporting pathways for underserved,
minority-owned small businesses and entrepreneurs to access capital
and receive critical training to help achieve stability and
long-term success," said Ransom. "USI CDFI understands the
obstacles that entrepreneurs in communities experiencing
revitalization face and provides tailored solutions. Our
partnership is an example of how we live our purpose to inspire and
build better lives and communities."
Through this partnership, USI and Truist Foundation seek to
affect the root causes that hinder inclusivity and ultimately
prevent families from thriving. USI has 45 years of experience
working with families focused on personal and neighborhood equity
and justice, ensuring all children and families can become stable
and thrive.
About Urban Strategies Inc.
Founded in 1978,
Urban Strategies, Inc. is a national nonprofit leader with
extensive experience in implementing results-based human
capital development strategies in communities that are
undergoing physical revitalization. USI supports
communities while working with partners to develop economic
opportunities, cradle-to-college/career success, high quality
health services and a range of comprehensive service supports. The
organization is leading people efforts and neighborhood
transformation in 41 cities and 24 neighborhoods across the
nation. USI's mission is to help ensure that all
families will be stable and thriving. For more information
www.urbanstrategiesinc.org.
About USI CDFI
The USI Community
Development Financial Institution (CDFI) Certification
is a designation given by the CDFI Fund to specialized
organizations that provide financial services in low-income
communities and to people who lack access to financing. The
USI CDFI provides equitable access to affordable financial
products and services in underserved communities.
Community-based CDFIs are located throughout the
country and are dedicated to serving market niches that are
often underserved by traditional financial
institutions.
About Truist Foundation
Truist Foundation is committed to Truist
Financial Corporation's (NYSE: TFC) purpose to
inspire and build better lives and communities. Established in
2020, the foundation makes strategic investments in nonprofit
organizations to help ensure the communities it serves have more
opportunities for a better quality of life. Truist
Foundation's grants and activities focus on building career
pathways to economic mobility and strengthening small businesses.
Learn more at Truist.com/Foundation.
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SOURCE Truist Foundation