Truist awarded a $400,000 grant to Coastal Community Foundation (CCF) to bolster the Place-Based Impact Investing (PBII) program.
PBII was created in 2018 and provides strategic capital for projects that achieve both a measurable financial return and a positive social impact. The Truist investment will focus on economic mobility, including work in affordable housing, nonprofit capacity- building, and small business lending. Through the PBII format, CCF offers revolving loans at a significantly reduced interest rate for community initiatives that may struggle to receive capital from traditional sources.
“Thanks to continued investment from partners like Truist, the PBII program serves as a multimillion-dollar pipeline to deploy resources to the community,” said CCF President and CEO Darrin Goss Sr. “This grant demonstrates a reinvestment and confidence in our work, impact, and vision for the potential of the program.”
“Through our partnership with Coastal Community Foundation, Truist is investing in solutions that expand economic mobility and strengthen communities,” said Mark Lattanzio, Coastal Market President at Truist. “Our purpose at Truist is to inspire and build better lives and communities, and this program delivers meaningful impact, and we are proud to support its continued growth.”
Since the program began, PBII has dedicated more than $6 million to projects in CCF’s nine-county footprint. CCF aims to grow the PBII fund to $15 million to increase lending capacity and expand investment opportunities.