The pitch-competition event offers more than $1 million in rewards for nonprofits creating innovative solutions for women and BIPOC small businesses owners 

CHARLOTTE, N.C., July 19, 2022 – Truist Foundation announced the finalists for its first Inspire Awards, a pitch-competition event inviting nonprofits that support Black, Indigenous, and people of color (BIPOC) and women-owned small businesses to submit innovative solutions that address complex challenges facing small businesses.

Truist Foundation partnered with Solve, an initiative of the Massachusetts Institute of Technology (MIT), to identify nonprofits with the most creative ideas to support, grow, and develop small businesses and create lasting change in underserved communities. From more than 127 applicants, seven finalists from 13 states were chosen.

“Since the launch of the Inspire Awards in February, we quite literally were inspired by the submissions we received from nonprofits seeking wraparound support and capacity building funding for their solutions,” said Lynette Bell, president of Truist Foundation. “With the help of Inspire Awards judges, we conducted a thorough vetting and interview process to select our finalists, all of whom are women or BIPOC-led and dedicated to making a positive impact across the country.”

For business owners most affected by systemic barriers, forward-thinking solutions and services provided by nonprofits are essential. The following organizations submitted solutions with transformational potential and have been selected as the finalists:

• Atlanta Wealth Building Initiative, employing a community-wealth building framework to bolster 1,000 Black businesses in 1,000 days
   
• Democracy At Work Institute, financing the sale of great businesses to their employees, primarily workforces of color, through their Legacy Fund
   
• Synergies Work, creating a framework of end-to-end support for entrepreneurs with disabilities focusing on financial capital, social capital, education, and mentorship to bridge gaps between the business and disability community
   
• Black Wall Street AVL, preparing women of color to start, grow, and scale businesses in marginalized communities
   
• Beautiful Ventures, accelerating the entrepreneurial success of Black, story-driven creatives for lasting wealth creation, business sustainability, and narrative influence
   
• Change Labs, creating a first-of-its-kind culturally responsive lending model based on Navajo kinship that provides Native entrepreneurs access to capital and resources to support growth and sustainability
   
• Quality Care for Children, helping child care businesses maintain at-capacity enrollment, collect fees on time, and ensure that their revenues cover expenses

Scheduled for October 20, the Inspire Awards will culminate with a dynamic event hosted in Charlotte. Each finalist will pitch their solutions for an opportunity to become one of the winners of the challenge, with the winner receiving a $250,000 award to bring their solutions to life. Runner-up teams also will receive cash awards. The event will follow a hybrid format, convening an in-person and online audience to vote for their favorite nonprofit.

To register to watch live and participate in selecting the audience favorite during the awards show, visit https://www.truist.com/purpose/truist-foundation/inspire-awards.

About Truist Foundation

The Truist Foundation is committed to Truist Financial Corporation's (NYSE: TFC) purpose to inspire and build better lives and communities. Established in 2020, the foundation makes strategic investments in nonprofit organizations to help ensure the communities it serves have more opportunities for a better quality of life. The Truist Foundation's grants and activities focus on building career pathways to economic mobility and strengthening small businesses. Learn more at Truist.com/Foundation.

About MIT Solve

Solve is an initiative of the Massachusetts Institute of Technology (MIT) with a mission to drive innovation to solve world challenges. Solve is a marketplace for social impact innovation. Through open innovation challenges, Solve finds incredible tech-based social entrepreneurs all around the world. Solve then brings together MIT's innovation ecosystem and a community of members to fund and support these entrepreneurs to help them drive lasting transformational impact. Solve has catalyzed over $50 million in commitments for Solver teams and entrepreneurs to date. Join Solve on this journey at solve.mit.edu.