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.
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.
SOURCE Truist Foundation
Originally published at https://www.prnewswire.com/news-releases/truist-foundation-grants-national-association-for-latino-community-asset-builders-1-2m-to-support-communities-across-the-us-301910371.html
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