Grant will further advance economic mobility,
strengthen small business ecosystem
PHILADELPHIA, Aug. 25,
2023 /PRNewswire/ -- Truist Foundation today
announced a $1.2 million grant to
National Association for Latino Community Asset Builders (NALCAB),
a national network of more than 200 nonprofit organizations and a
community development financial institution (CDFI) dedicated to
advancing economic mobility. With the grant funds, NALCAB will
bolster the capacity of its network members by connecting them to
public policy advocacy resources and technical assistance that will
help them directly access or prepare to access federal funding
opportunities.
As part of this effort, NALCAB will offer curriculum for its
CDFI certification program, help members apply for federal
programs, support members in identifying their ability and
readiness to apply for CDFI certification, and provide subgrants to
organizations for their capacity-building efforts.
"CDFIs are proximate to the challenges many small business
owners and entrepreneurs face, and as a result of supporting CDFIs,
underserved communities experience economic growth and greater
access to job opportunities," said Lynette
Bell, president of Truist Foundation. "Truist Foundation is
proud to be partnering with an organization like NALCAB that is
devoted to uplifting communities and businesses that face barriers
to financing."
During an event earlier today, Truist Financial Chairman
and CEO Bill Rogers joined NALCAB
Director of Resource Development Alejandra
Amaroli, as well as leaders from NALCAB member organizations
Norris Square Community Alliance and Greenline Access Capital, to
formally announce the grant and to explore the impact of this
work.
"NALCAB is so grateful for Truist Foundation's generous gift and
its commitment to helping Latino-led and Latino-serving nonprofit
organizations to access federal funding opportunities," said
Marla Bilonick, president and CEO of
NALCAB. "Through our CDFI-certification program and expanded
capacity building support, our nonprofit members will be able to
achieve greater community economic impact in Philadelphia and beyond."
NALCAB has a strong track record of partnering with national and
regional organizations to pursue more positive economic policies
and impacts. The NALCAB Network deployed more than $240 million in federal funding to stabilize
neighborhoods and support affordable housing after the Great
Recession, which resulted in more than $90
million in investments in businesses and commercial
projects.
About NALCAB
The National Association for
Latino Community Asset Builders (NALCAB) is the hub of
a national network of 200+ member organizations that are anchor
institutions in geographically and ethnically diverse Latino
communities in 46 states, Washington
DC and Puerto Rico.
NALCAB supports its member institutions through funding,
training, research and advocacy, enabling them to invest in their
communities by building affordable housing, ensuring equitable
neighborhood development, supporting small business growth, and
providing financial counseling on issues including credit building
and homeownership. As a grant maker and US Treasury
certified CDFI lender with offices in San Antonio and Washington DC, the NALCAB Network
serves hundreds of thousands of low- to moderate-income people,
advancing economic equity and inclusivity in the
communities we serve.
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