The bank is providing hundreds of millions in loans to help Helene recover in North Carolina

Truist Financial Corporation has announced that it is providing hundreds of millions of dollars in loans to residents, businesses and local governments affected by Hurricane Helene in North Carolina

CHARLOTTE, North Carolina – Truist Financial Corporation has announced it will provide hundreds of millions of dollars in loans 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 over three years and offer additional grants and investments.

Meanwhile, state lawmakers have approved hundreds of millions of dollars in aid for Helene’s relief and recovery, while the governor’s office says more is needed. Disaster recovery can take years, as evidenced by the ongoing need from hurricanes that hit the eastern part of the state years ago.

The Truist Initiative includes $340 million in loans for small businesses, home mortgages and commercial real estate. It will offer municipalities an additional $310 million in low-cost, tax-free loans for infrastructure.

Meanwhile, an additional $50 million in loans or investments will be provided by affiliate Truist Community Capital, and $25 million in charitable grants will be provided by 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 and housing and infrastructure projects,” Truist Chairman and CEO Bill Rogers said in a press release.

Helene caused widespread devastation across western North Carolina, damaging roads and water systems and temporarily knocking out our electric and cell service across much of the county. It also disrupted transportation networks across the region, damaging at least 6,000 miles (9,650 kilometers) of roads and more than 1,000 bridges and culverts, the state budget office said. More than 100 people died in North Carolina.