Truist Foundation recently awarded a total of $600,000 in grant funding to seven U.S. nonprofits through its second pitch-style program. It honored nonprofits with a mission to empower entrepreneurs and small businesses.
The Inspire Awards program was established in 2022 by the foundation. The organization collaborated with MIT Solve, an initiative by the Massachusetts Institute of Technology, to find nonprofits with tech-enabled solutions for under-resourced small-business owners.
"We started this just with the basic question of what can nonprofits provide to small businesses to help in that ecosystem?," Lynette Bell, president of Truist Foundation, told CBJ. "This time was more about where technology was going."
On April 24, Truist Foundation celebrated finalists at its Inspire Awards ceremony held at the Knight Theater in uptown Charlotte. The program was hosted by Greg Olsen, a sports commentator and former Carolina Panthers player. Bell, Olsen and Truist Financial CEO Bill Rogers announced the winners.
During the program, finalists shared their mission in a three-minute pitch video played for the audience. Each also discussed their nonprofit's goals in on-stage interviews.
Oakland, California-based Centro Community Partners, founded and led by Arturo Noriega, was awarded the first-place grant of $250,000. Noriega also earned the $75,000 Audience Favorite grant. Centro Community Partners uplifts low-income women and Black, Indigenous, and people of color business owners through innovative solutions and strategic partnerships.
Noriega said he plans to use the funding for Centro AI Hub, an artificial intelligence-powered resource for underrepresented entrepreneurs.
"If you come from a family of entrepreneurs or immigrants that started generations ago, or just started yesterday, we all share the same journey," he said emotionally while accepting the award. "That love for being independent, for being financially stable — it should be in everybody's reach. This award is a tribute to that struggle."
Immigrants Rising won the second-place grant of $150,000. The San Francisco-based nonprofit, founded in 2006, is led by Denea Joseph, who immigrated to the U.S. at age 7 from Belize.
Immigrants Rising was created to provide resources and support to undocumented young people, helping them earn an education, pursue careers and build better lives. Joseph said the funding will be used to gamify its platform to help entrepreneurs facing unique challenges, not only in California but also across the U.S.
"Now, we have the opportunity to expand to make sure that immigrant entrepreneurs across the country have the ability to have the resources that they need to be able to thrive in this country," Joseph told CBJ.
Five runner-ups each received $25,000. They are Albany Community Together (ACT!), Aire Ventures, Carina, NCRC Community Development Fund and Start Small. Think Big.
More than 100 applicants across 32 states applied for the Inspire Awards. Participating finalists were provided seminar training, one-on-one mentoring and given the opportunity to visit Truist Leadership Institute and gain governing skills from executive directors, Bell said.
"We want to make sure we amplify the message that small businesses are kind of the DNA of this country, and they really need that kind of technical support so that sustainability in an economic downturn or disturbance is there," she said.
