Strategic partnership targets long-term economic recovery for small businesses in Western North Carolina and priority communities impacted by Hurricane Helene
BREVARD, NC – Grow America today announced a $12.5 million funding commitment from Truist to expand capital access for small business owners. By leveraging the Small Business Administration (SBA) 7(a) loan program, this capital contribution is projected to unlock $50 million in low-cost, long-term financing over the next five years. To ensure help reaches those who need it most, 40% of the funds will be dedicated to priority markets recovering from Hurricane Helene.
This milestone funding contribution builds upon a deeply rooted, collaborative relationship between Truist and Grow America. For years, Truist has championed Grow America’s mission by sponsoring its professional training programs and investing as a legacy partner in its affordable housing LIHTC (Low-Income Housing Tax Credit) Fund.
“Small businesses are more than storefronts. They support families, create jobs and bring communities together,” said Travis Rhodes, Truist regional president for North Carolina West. “Truist’s purpose is to inspire and build better lives and communities, and this partnership with Grow America puts that purpose into action by helping business owners recover, rebuild and plan for the future. We know recovery takes time, and we’re committed to standing with the region for the long term.”
The idea for this expanded partnership came during a pivotal moment of crisis. In late September 2024, Hurricane Helene brought devastating destruction to Western North Carolina and its neighboring areas. Weeks later, leadership teams from both organizations crossed paths at a national industry conference. Well before any official corporate relief funding was finalized or announced, the lending teams sat down together to brainstorm.
“When we first met with the Truist team, the devastation from Hurricane Helene was heavy on everyone’s mind,” said Ann Finnegan, Executive Managing Director of Grow America Lending. “There was an organic, immediate alignment of values and a shared desire to look beyond immediate relief toward real, long-term economic rebuilding. Truist has backed our educational and capacity-building work for years, but this $12.5 million funding partnership scales our collaborative impact to a whole new level.”
Grow America and Truist emphasize that this funding is designed to complement, rather than compete with, the existing ecosystem of community development financial institutions (CDFIs) and mission-based lenders already serving these markets. Micro-lenders remain essential for early-stage capital and smaller-dollar transactions below the $350,000 threshold. Grow America fills a critical institutional gap by addressing larger small business financing needs that fall outside the traditional credit parameters of conventional commercial banking.
By executing these larger-scale small business loans, this partnership serves as a crucial bridge for safeguarding local employment and revitalizing primary business corridors across Truist’s footprint ensuring that no segment of the community is left behind during the long-term rebuilding phase.
About Grow America
Grow America, formerly NDC, is the first dedicated American community and economic development nonprofit organization. Founded in 1969, the organization focuses on four program areas: investments in community development, innovative lending and entrepreneurial support, advisory support for community and economic development, and professional education and training. Grow America’s mission is to invests capital to craft equitable, vibrant futures and to improve the lives of millions of people through new economic opportunity. Learn more at growamerica.org
About Truist
Truist Financial Corporation (NYSE: TFC) is a purpose-driven financial services company committed to inspiring and building better lives and communities. Headquartered in Charlotte, North Carolina, Truist has leading market share in many of the high-growth markets in the U.S. and offers a wide range of products and services through wholesale and consumer businesses, including consumer and small business banking, commercial and corporate banking, investment banking and capital markets, wealth management, payments, and specialized lending businesses. Truist is a top-10 commercial bank with total assets of $556 billion as of June 30, 2026. Truist Bank, Member FDIC. Equal Housing Lender. Learn more at Truist.com.