Grant provides comprehensive support services for local women entrepreneurs through tools, training, mentoring and a results-oriented curriculum
NASHVILLE, Tennessee., July 14, 2022 /PRNewswire/ — The Truist Foundation announced today a $1.25 million commitment to the Nashville Business Incubation Center (NBIC), a nonprofit organization focused on cultivating the growth and development of local women-owned, racially and ethnically diverse, and veteran-owned small businesses. Specifically, the grant will provide tools, training, mentoring and support for NBIC’s RISE UP Academy curriculum, which works directly with women-owned businesses. This grant will also support NBIC’s expansion to Huntsville and Birmingham, Alabama; Louisville, Kentucky; and other rural communities in Tennessee.
At the National Museum of African American Music Truist Chairman and CEO Bill Rogerspresident of the Truist Foundation Lynette Belland regional president of Truist Tennessee Johnny B. Moore Jr joined Angela Crane-JonesCEO of NBIC, and Nashville mayor John Cooper to present a panel discussion on how the grant will provide critical support for small business growth in Nashville. In addition, the panel also looked at the overall economic recovery of the area given the impact of the pandemic and March 2020 tornado that caused severe damage to parts of the city and Middle Tennessee.
“The Truist Foundation is committed to generating systemic change to support small business owners from underserved communities,” Bell said. “NBIC’s work provides essential training and ongoing support, especially to women entrepreneurs, creating opportunities for underserved communities in Nashville.”
The $1.25 million grant is part of Truist’s recent engagement announcement 120 million dollars to strengthen and support small businesses nationally, with an emphasis on women and diverse business owners.
“According to 2019 Report, women are the fastest growing group of people starting businesses. However, black women earned an average income of only 24,000 dollarscompared to $142,900 among all women-owned businesses,” said Crane-Jones. “The Truist Foundation’s investment will allow us to support the equitable growth of minority women-owned businesses through programs to open doors to generate more revenue and create jobs places to help reduce this wealth gap. ”
Truist has a long-standing commitment to support Nashvilleincluding provision 1.1 million dollars in charitable donations, loans and grants from the Truist Foundation and the Truist Charitable Fund in 2021. Truist and the Truist Foundation partner with a number of Nashville-focused nonprofits, including the Tennessee Affordable Housing Coalition, Habitat for Humanity of Greater NashvilleYMCA of Nashville and Middle Tennessee, Project Return and the Nashville Boys and Girls Club, among others, to help address affordable housing, support inclusive economic mobility and workforce readiness throughout the region.
“Small business is a cornerstone of Nashville economy, so it’s critical that we invest in their success,” said Moore. “Our partnership with NBIC strengthens opportunities for women and minority entrepreneurs to start and grow their businesses, and it’s how we fulfill Truist’s goal of inspiring and we build better lives and communities.”
About the Truist Foundation
The Truist Foundation is committed to Truist Financial Corporation’s (NYSE: TFC) mission to inspire and build better lives and communities. Established in 2020, the foundation makes strategic investments in nonprofit organizations to ensure that the communities it serves have more opportunities for a better quality of life. The Truist Foundation’s grants and activities focus on building career pathways to economic mobility and strengthening small businesses. Learn more at Truist.com/Purpose/Truist-Foundation.
About the Nashville Business Incubation Center
Founded in 1986, the Nashville Business Incubation Center (NBIC) is a non-profit incubator with a successful track record of launching well-known companies such as Zycron, The Grilled Cheeserie and Christie Cookie. The center has provided business development resources to entrepreneurs to help them grow their businesses, create jobs and generate wealth in their respective communities. NBIC plays a vital role in strengthening Middle Tennessee’s entrepreneurial ecosystem and growing small businesses from tiny acorns to mighty oaks. Learn more at https://nbiconline.com/.
SOURCE Truist Financial Corporation