Partner Spotlight: Truist & BBIF

Celebrating a Partnership that Empowers Communities

In the ever-evolving landscape of community development and financial assistance, partnerships that foster growth and offer support to underserved communities are invaluable. Today, we shine our partner spotlight on an exemplary collaboration between Truist and the Black Business Investment Fund (BBIF), showcasing a journey of dedication, support, and impactful results.

Truist: A Pillar of Support Since Inception

Truist, a major U.S. commercial bank with a profound commitment to building better lives and communities, has been a steadfast supporter of BBIF since its inception. The corporation has provided grants that are critical in establishing lending funds, educational resources, and training services tailored for underserved small businesses across Florida.

The Truist Foundation, renowned for its mission to support nonprofit organizations in their initiatives to enhance economic mobility, plays a crucial role in BBIF's efforts to reach small businesses lacking access to traditional lending markets. You can learn more about the foundation's work and principles at their website.

Guiding our Collaborative Success: Tammy Paycer

At the helm of this partnership from Truist's side is Tammy Paycer, Senior Vice President and Regional Community Development Manager for Central and North Florida. Paycer has been with Truist (previously SunTrust) since 1998, taking on her current role in 2015 where she oversees the implementation and execution of Community Reinvestment Act (CRA) strategies and community development engagement activities. A veteran in the banking industry since 1994, Paycer's vast experience and passion for community work shine through her involvement with multiple community boards and committees, including the Florida Housing Coalition Advisory Council and the Black Business Investment Fund Community Development Committee.

As a key figure in fostering the partnership between Truist and BBIF, Paycer provides deep insights into the strategic importance of this alliance. Below, she answers several questions that illuminate the nature of Truist's commitment and the envisioned impacts of their collaborative efforts.

Q&A with Tammy Paycer

What does investing with BBIF mean to you? 

Paycer: Truist has supported BBIF since the organization’s inception and it has been a privilege to provide Truist Foundation and Truist Charitable Fund grants that help expand BBIF’s work to establish lending funds, educational resources, and training services for underserved small businesses across Florida.

What motivates you to invest in BBIF?

Paycer: BBIF shares our vision to support underserved communities and is the leading Community Development Financial Institution (CDFI) in Florida with a proven track record of helping diverse-owned small businesses for over 30 years. 

What outcomes/impact do you hope to see from your investment in BBIF? 

Paycer: We hope our investment helps expand BBIF’s support and services to small businesses that haven’t had access to the traditional lending market in the past.

Why was it important for Truist to invest in financial literacy education (with BBIF)? 

Paycer: At Truist, our purpose is to inspire and build better lives and communities and one of the ways we do this is by supporting community organizations that provide small businesses access to guidance and tools through financial education programs and initiatives.

A Future Built on Shared Values

The partnership between Truist and BBIF is more than just financial; it's a shared commitment to empower and uplift, ensuring that small businesses not only survive but thrive. This collaboration stands as a beacon of hope and a testament to the power of united visions in creating substantial, lasting impact in the community.

About BBIF

Created in 1987, BBIF’s mission is to develop and promote Black business enterprises through education, training, loans, investments, and other activities and to aggressively promote an atmosphere conducive to their development. A mission-driven lender, BBIF helps communities and businesses thrive by providing loan capital and specialized financial technical assistance services. BBIF is a CDFI (Community Development Financial Institution) and CDE (Community Development Enterprise) certified by the U.S. Department of the Treasury, Community Advantage and Micro Loan lender as certified by U.S. Small Business Administration, Money Smart for Small Business collaborator certified by the Federal Deposit Insurance Corporation (FDIC) and is AERIS rated triple star, A-minus. Since its inception, BBIF has provided over 1,100 loans totaling $99.4 million and leveraged $449 million in New Markets Tax Credit (NMTC) community investments. BBIF’s investments have helped to create/sustain over 14,700 jobs all while maintaining a loan loss rate of 2.79%. Learn more at www.BBIF.com.