The Small Business Development Center of Hampton Roads (SBDC) has received a $40,000 grant from Truist Financial Corporation. These funds will support the Center's activities in helping small business owners gain access to capital during the coronavirus pandemic. The grant is part of the financial services company's Truist Cares initiative, a $25 million philanthropic pledge announced in March to support basic needs, medical supplies and financial hardship relief due to COVID-19.
Jim Carroll, executive director for the SBDC and the Hampton Roads Chamber's vice president for small business, said, "This grant could not have come at a more critical time. With many small businesses closed or operating under significantly reduced hours, owners are experiencing significant cash flow shortcomings. Helping them to gain access to SBA loan products could mean the difference between remaining in business and shutting down."
Specifically, the grant will support the hiring of a part-time small business counselor who has expertise in commercial and Small Business Administration lending. SBDC has hired Mike Austin, formerly of Fulton Bank, to serve in this role. Austin has more than 30 years of experience in these fields and understands the needs of the local Hampton Roads market.
"Our purpose at Truist is to inspire and build better lives and communities, and that is exactly what we are doing with our Truist Cares initiative," said Dan O'Neill, Virginia-East regional president at Truist. "We are pleased to support the Small Business Development Center of Hampton Roads and the small business community during this difficult time. Small businesses play a critical part in our economy, and they have been one of the hardest-hit areas in this pandemic."
The Small Business Development Center of Hampton Roads provides business counseling and educational programs to businesses with 99 or fewer employees and assists entrepreneurs with factors related to success. For more, please call Jim Carroll at (757) 664-2595 or visit http://www.hrsbdc.org/
The Hampton Roads Chamber means business and is here to help all businesses through the COVID-19 crisis. We are compiling resources to help business owners maintain operations and access assistance. Our focus is on preparation and sustainment, not panic. Visit our COVID-19 Business Resource Guide to read about financial tips to help you through the coming months. We continuously update this site as resources become available:
Truist Financial Corporation is a purpose-driven financial services company committed to inspire and build better lives and communities. With 275 years of combined BB&T and SunTrust history, Truist serves approximately 10 million households with leading market share in many high-growth markets in the country. The company offers a wide range of services including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending and wealth management. Headquartered in Charlotte, North Carolina, Truist is the sixth-largest commercial bank in the U.S. with total assets of $473 billion as of December 31, 2019. Truist Bank, Member FDIC. Learn more at Truist.com.