The amount includes $35 million account philanthropic grants and $85 million for investments in debt and equity.

Truist Financial Corporation (NYSE: TFC) along with Truist Foundation and Truist Charitable Fund, announced $120 million in assistance for small businesses, with a focus on Black, Latinx and women-owned businesses. Bill Rogers, Truist chairman and CEO, made the announcement at Truist’s Innovation and Technology Center in Charlotte, NC. He was joined by Lynette Bell, president of Truist Foundation, and Alethia Mendez, division president for Elevating Black Women Entrepreneurs at Grameen America. (CISION PR NEWSWIRE)

The investment will be divided into the following categories: $85 million to support companies’ debt and equity, $30 million in philanthropic grants for nonprofits that support diverse small businesses and $5 million for “technical assistance.”

“Small businesses are a vital part of our economy and are core to the health and vibrancy of our communities,” said Rogers. “Our purpose is to inspire and build better lives and communities. This commitment exemplifies our purpose—it is focused on capitalizing small businesses and reaching diverse communities by providing financing as well as support and training to help minority-owned small businesses thrive and grow.”

“Together, Grameen America and Truist stand to enact transformative change in Charlotte and across the United States as we remove barriers to access affordable capital for women of color,” said Andrea Jung, president and CEO of Grameen America.

In 2021, U.S. startups founded solely by women raised nearly $6.4 billion in venture funding, according to PitchBook data – comprising only 2% of overall investment dollars that year, which was $330 billion.

In April, Amazon Web Services (AWS), an Amazon.com, Inc. company (NASDAQ: AMZN), said it had earmarked a spend of $30 million over three years to support early-stage startups led by Black, Latino, LGBTQIA+, and women founders. The AWS Impact Accelerator will invest up to $225,000 in the form of combined cash and credits, and provide training, mentoring, and technical guidance, as well as introductions to Amazon leaders and teams, networking opportunities with investors, and advisory support.

Related Story: AWS Launches $30M Accelerator Fund For Underrepresented Entrepreneurs

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