July 26th 2023.
On Monday, July 24, The Truist Foundation announced a $1.5 million grant to support an initiative to fund a small business loan program for historically undercapitalized communities. According to The Virginian Pilot, this program will be a collaboration between St. Louis-based nonprofit Urban Strategies Inc. and People First.
Esther Shin, President and CEO of Urban Strategies, explained why this initiative was so important. “There are so many small businesses out there that can use this financial capital to really take off,” she said. “Without significant economic intervention, families without financial capacity will not only continue to struggle, but the racial wealth gap will continue to widen.” Shin comes from a family of immigrants who relied on the good faith and generosity of those around them to finance their dream of owning a business.
Thomas Ransom, Truist’s Virginia Regional President, has a personal connection to the mission. “When I was a little kid, we started a convenience store, but we never knew a banker, never knew how to get access to capital, never got training on how to run books,” he said. “So, how do you grow?” The initiative hopes to not only help small business owners start their businesses but to help them sustain them. “So these businesses don’t just start, they start, and they thrive. That’s how you change communities,” Ransom continued. “Small businesses are core to the health and vibrancy of our communities.”
The Truist Foundation’s initiative is an important step in the right direction. It hopes to provide resources and capital to Black and minority-owned businesses in Norfolk, Virginia, and beyond, helping to create positive change in the community and close the racial wealth gap.
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