This blog is a part of a year-long series called “Roots to Horizons” commemorating AFN’s 20 years in the nonprofit sector.
Lynette Bell is president of Truist Foundation, the philanthropic venture of Truist Financial Corporation, a purpose driven financial services company committed to inspiring and building better lives and communities. She also served as co-chair of the 2024 AFN Conference.
As president of Truist Foundation and co-chair of the Asset Funders Network (AFN) 2024 conference, I find myself reflecting deeply on AFN’s 20th anniversary and its implications for the future of asset-building grantmakers. Our collective mission to address economic inequities and foster generational wealth-building has never been more critical.
At Truist, a top-10 commercial bank in the U.S. with a robust presence across the South and mid-South regions, we recognize that our proximity to communities is not merely a strategic advantage—it’s a profound responsibility. This responsibility compels us to listen intently and invest in strategies that help us reach our shared goal of advancing economic mobility.
Embracing Proximity to Community-Driven Solutions
Banks are more than financial entities; they are cornerstones of the community. As such, they have a unique opportunity to embrace one of the core themes of the 2024 AFN conference— centering community voices. Intimately connected to the dynamics of their local neighborhoods, community banks can uncover valuable insights and collaborate with local leaders to co-create relevant and sustainable solutions.
This approach involves more than just listening; it requires active engagement and a commitment to being present in the community. When community banks translate their understanding into meaningful action, they address immediate financial needs and contribute to building a resilient economic foundation. Embracing proximity to community-driven solutions means that banks take an active role in the lives of those they serve, becoming true partners in progress and helping to create a more inclusive and thriving future for all.
Scaling for Regional Impact
Scaling community-driven solutions is essential for achieving long-lasting change. However, smaller and mid-sized regions often face significant challenges securing the resources needed to expand their impact. A recent UHY Advisors report highlighted that nearly half of the surveyed nonprofits identified scaling as a primary concern, emphasizing the critical need for accessible funding solutions tailored to regional needs.
Community banks with a strong regional footprint, like Truist, can play a crucial role in bridging funding gaps and catalyzing broader societal impact. Their deep-rooted presence in local areas enables them to understand community needs and offer targeted support. By backing scalable initiatives that directly address broader regional challenges and empower community-led efforts, community banks enhance the capacity of these regions to implement effective, sustainable solutions with wider impact.
Committed to Generational Outcomes
In 2020, Truist Foundation established two primary focus areas: strengthening small businesses and creating career pathways, targeting capital access disparities and promoting generational wealth creation. The strategy prioritizes empowering frontline and unemployed adults, aiming to secure middle-skill jobs and facilitate career advancement. The foundation also supports small businesses by addressing structural barriers to capital and resources, boosting financial resilience, and promoting sustainable asset creation.
As a banking network deeply embedded in local communities, we bear the privilege and responsibility of fostering prosperity for all. By investing in strategies that yield immediate results with long-term benefits, we aim to bolster the health, vitality, and sustainability of the families and communities we serve.
A Collective Effort Focused on the Long Game
Community banks play a crucial and unique role in the asset-building movement due to their deep connections and proximity to the communities they serve. However, achieving success in this vital endeavor demands a broad, diverse community of committed colleagues and organizations across sectors and institutions working alongside us.
This collective effort within the AFN network allows us to learn from each other and share best-in-class strategies that facilitate economic mobility at the regional and national levels. Let us continue leveraging our proximity to communities and collective knowledge and resources to empower individuals and families to build wealth, cultivate resilience, and achieve their full potential.
