SunTrust Commits $1 Million to Support Florida Minority-Owned Businesses

By |2019-10-17T01:03:29+00:00September 12th, 2019|Press Releases|

ATLANTA – SunTrust Community Capital, a subsidiary of SunTrust Banks, Inc., announced today that it will provide a $1 million low-interest loan to the Black Business Investment Fund (BBIF) of Florida. The loan will go towards capitalizing well-established BBIF Florida small business loan programs that are then made available to privately-owned and minority-owned businesses located across the state.

“BBIF Florida is a real agent of change in Florida’s communities. Their dynamic approach of coupling training with affordable lending has helped community members across the state start businesses that have thrived, while employing thousands of Floridians. We are proud to further our relationship with BBIF Florida and look forward to seeing their continued success,” said Sandy Hostetter, Orlando Market president of SunTrust.

Over 30 years, BBIF Florida has issued more than 400 loans, totaling $47.6 million, to support the creation of nearly 13,000 jobs. According to the U.S. Department of Commerce’s Minority Business Development Agency, Florida ranks among the top states for minority-owned businesses. 

“SunTrust has been an organizational investor for over 31 years. This investment serves as a new opportunity to impact more black and minority small businesses throughout Florida” said Inez Long, President and CEO of BBIF Florida. 

BBIF Florida is a 501(c)4 non-profit, community development financial institution. They are a mission-driven organization which helps Florida businesses thrive by providing loan capital alongside business development training. They help stabilize low-income, distressed neighborhoods by investing in economic development projects that support communities and create jobs.

About SunTrust Banks, Inc.

SunTrust Banks, Inc. (NYSE: STI) is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Headquartered in Atlanta, the Company has two business segments: Consumer and Wholesale. Its flagship subsidiary, SunTrust Bank, operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of June 30, 2019, SunTrust had total assets of $222 billion and total deposits of $161 billion.  The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. Learn more at suntrust.com.

 

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