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CHARLOTTE, N.C. (AP) — Truist Financial Corporation has announced that it is making hundreds of millions of dollars in loans available to residents, businesses and local governments affected by Hurricane Helene in North Carolina.
The Charlotte-based bank said in a news release Wednesday that it will lend more than $650 million and offer more in grants and investments over three years.
Meanwhile, state legislators have approved hundreds of millions of dollars in aid for Helene relief and recovery, while the governor’s office says more is needed. Disaster recovery can take years, as evidenced by ongoing needs from hurricanes that affected the eastern part of the state years ago.
The Truist initiative includes $340 million in lending for small businesses, home mortgages and commercial real estate. It will offer another $310 million in low-cost, tax-exempt loans to municipalities for infrastructure.
Meanwhile, another $50 million in loans or investments will come from its Truist Community Capital subsidiary and $25 million in charitable grants will come from the Truist Foundation.
The resources will be made available starting in December.
“Through this new initiative, Truist will address areas of critical need in Western North Carolina, including a focus on small businesses as well as housing and infrastructure projects,” Truist Chairman and CEO Bill Rogers said in a news release.
Helene brought widespread devastation to western North Carolina, damaging roads and water systems and temporarily knocking our electricity and cellular service to a wide swath of counties. It also disrupted transportation networks across the region by damaging at least 6,000 miles (9,650 kilometers) of roads and more than 1,000 bridges and culverts, the state budget office has said. More than 100 people were killed in North Carolina.