Truist Foundation announced a $500,000 grant to LIFT back in 2023, a nonprofit organization dedicated to advancing economic equity by implementing holistic, human-focused social service systems within marginalized communities. With the grant funds, LIFT will expand its efforts by partnering with Richmond’s Office of Community Wealth Building (OCWB), an office that has been focused on creating opportunities for individual progression to sustainability since its inception in 2012. Through this partnership, families will engage in one-on-one coaching services, including money management training, education planning support and career coaching, according to a release.
The release went on to say, “In the U.S., the path to economic stability has become increasingly more difficult for families earning below a living wage due to structural barriers and low rates of generational income mobility,” said Lynette Bell, president of Truist Foundation. “Eradicating these inequities will require targeted solutions that expand access to career and educational opportunities, making holistic programs like LIFT’s critical to fostering equitable communities.”
Richmond Mayor Levar Stoney, Truist Financial Chairman and CEO Bill Rogers, Truist Financial Virginia Regional President Thomas Ransom, Truist Foundation President Lynette Bell, LIFT CEO Michelle Rhone-Collins and Workforce Administrator of the City of Richmond’s Office of Community Wealth Building Steve King convened at Richmond City Hall to formally announce the grant and explore the impact of this work in Richmond.
“LIFT’s holistic approach will be tailored to respond to the unique lived experiences of Richmond’s families to provide immediate relief while also addressing systemic issues that hinder wealth development within historically disenfranchised communities,” said LIFT CEO Michelle Rhone-Collins. “Expanding our coaching model requires the ongoing involvement, true partnership and honest feedback from the people we serve, as such, we look forward to collaborating with OCWB staff and Richmond families to better understand the specific needs of the Richmond community to ensure that all families can achieve their full potential.”
LIFT has established a strong track record of providing technical assistance to partners, and in 2022, reached over 900 families through its work in the cities in which it currently operates, including Chicago, Los Angeles, New York and Washington, D.C. Now expanding to Richmond, LIFT seeks to help the OCWB scale its approach and increase its program’s impact by reaching over 100 families in Richmond.
According to LIFT, 91% of families served by the organization make progress on their finances. Among those who see an improvement, the average increase in savings is $4,761 and the average increase in income is $21,324. Together, Truist Foundation and LIFT strive to uphold their shared mission of building human-centered models for how ecosystems can dismantle complex systems of oppression to create meaningful change for individuals in underserved communities.
