Coastal Community Foundation (CCF) has received a $2.174 million grant from the Truist Charitable Fund, a donor-advised fund administered by The Winston-Salem Foundation. This grant directly supports and expands the Foundation’s Place-Based Impact Investing (PBII).
The more than $2 million grant will expand CCF’s efforts to increase economic mobility in its nine-county service area of coastal South Carolina. The funding will be used to expand opportunities for small and minority-owned businesses and give housing developers access to resources to build affordable housing in rural and under-resourced communities.
“Truist is a true partner and leader in ensuring we have ample resources to build resilient local economies,” said Coastal Community Foundation President and CEO Darrin Goss. “This commitment is an opportunity for both our organizations to provide access to resources expanding home ownership and entrepreneurialism in our region.”
Through Place-Based Impact Investing, CCF actively invests in businesses that will achieve both a measurable financial return as well as a positive, social impact. This includes providing financial capital to entrepreneurs who don’t have access from traditional lenders. The Economic Mobility Grantmaking Fund complements impact investments by providing technical assistance and capacity building grants to community economic development organizations. Since 2018, the PBII Fund has invested more than $1 million in the community. Projects included investment in the Opportunity Center in North Charleston, funding the conversion of Affordable Care Act customer service agents to licensed insurance brokers to provide better access to healthcare, and supporting 30 units of affordable housing in the City of North Charleston.
“Helping communities access affordable housing is an essential component of Truist’s purpose to inspire and build better lives and communities,” said South Carolina Regional President Mike Brenan. “This work is foundational in helping everyone achieve financial stability and economic mobility, and we are honored to work with Coastal Community Foundation on such important and critical issues.”
Coastal Community Foundation currently has a million dollars allocated for affordable housing in Charleston and Beaufort counties. The additional $2.174 million from Truist will accelerate the impact in the region. To learn more about the Place-Based Impact Investing Fund, visit coastalcommunityfoundation.org.
