Truist Foundation has announced a $1.5 million grant to Urban Strategies Inc. (USI), a national non-profit in the U.S., to support Black businesses in Norfolk, Virginia, Baltimore, Maryland, and Ft. Myers, Florida.

The Foundation and the USI CDFI (Community Development Financial Institution) will create an equitable loan fund and application system to attract, support, and fund historically excluded communities. Those communities include Latinx- and Indigenous-owned small businesses too.

“Strengthening the small business ecosystem by eliminating structural barriers to growth is one of our core focus areas at Truist Foundation,” Lynette Bell, president of Truist Foundation, said in a statement. “By providing a loan fund and training support for small businesses in under-resourced communities, USI is serving as a bridge to capital, ultimately helping to close the wealth inequity gap.”

The grant was announced at a celebration launch event at Black BRAND in Norfolk. Truist Financial Virginia regional president Thomas Ransom joined USI’s president Esther Shin to discuss the initiative.

“Truist is committed to supporting pathways for underserved, minority-owned small businesses and entrepreneurs to access capital and receive critical training to help achieve stability and long-term success,” said Ransom. “USI CDFI understands the obstacles that entrepreneurs in communities experiencing revitalization face and provides tailored solutions. Our partnership is an example of how we live our purpose to inspire and build better lives and communities.”

At a time when Black and racialized entrepreneurs struggle to attract VC funding and resources, the grant is expected to fill a small hole in the gap.

The grant was announced at a celebration launch event at Black BRAND in Norfolk. Truist Financial Virginia Regional President Thomas Ransom joined USI’s president Esther Shin to discuss the initiative.

“The USI CDFI is excited to elevate our support of children and families in the Norfolk community as we collaboratively address the racial wealth gap through strategic partnerships and funding that provides the much-needed capital and financial services to Black, Latinx, and Indigenous borrowers in community revitalization areas,” Shin said in a statement. “The USI CDFI seeks to dismantle persistent barriers to social mobility and this partnership with Truist Foundation allows us to begin this important work.”