NEW YORK, March 10, 2021 /PRNewswire/ -- TruFund Financial Services, Inc. announced today that it will host the TruImpact Virtual Summit on March 24 from 11 a.m.–1 p.m. EST/10 a.m.–12 Noon CST. During the virtual summit, TruFund will celebrate 15 years of community and small business impact across its footprint. TruFund will also share information about its current and previous work providing much-needed COVID-19 relief funding and resources to underserved small businesses and communities by highlighting the data found in its Paycheck Protection Program Impact Report, which was released on Dec. 15, 2020.
The TruImpact Virtual Summit will be hosted live via Facebook on March 24 with scheduled appearances by a variety of TruFund clients, leaders, partners, and supporters. The summit will feature remarks from New York State Senator James Sanders, Jr., TruFund Board Chair Charlotte Lee, and representatives from Citi Bank, Chase Bank, Morgan Stanley, and Regions Bank.
In honor of Women's History Month, a panel of women entrepreneurs who have been supported through TruFund's funding and business advisory services will discuss the impact of Community Development Financial Institutions (CDFIs) on women in business. Panelists are Selena Rogers Dickerson, president of SARCOR, LLC in Birmingham, Alabama; Jessica Dussan, chief executive officer of Green Island Group Corporation in Bohemia, New York; Michea Rahman, owner of the Children's Language Center in Houston, Texas; Tanesha Sims-Summers, founder and chief executive officer of Naughty But Nice Kettle Corn Company in Birmingham, Alabama; Melba Wilson, founder and owner of Melba's Restaurant in New York, New York. Other invited guests include award-winning chef, restaurateur, and author Marcus Samuelsson.
TruFund Financial was established in 2005 in New York City. As a nonprofit, Community Development Financial Institution (CDFI), its main purpose is to generate economic growth and opportunity in some of the most distressed communities in the U.S. TruFund accomplishes its mission of "promoting and fostering economic development within underserved communities and among disadvantaged populations" by providing innovative financial solutions that have impact, revitalize communities, and create jobs. TruFund also offers tailored business training and advisory services to its small business clients.
Over its 15 years in operation, TruFund has approved approximately $168 million in small business loans to over 2,000 small businesses. It has also helped create and retain more than 12,000 jobs and provided $97.1 million to the Minority- and Women-Owned Business Enterprise Program (MWBE).
"At the center of TruFund's work are the clients we serve—minority- and women-owned businesses located in low- and moderate-income communities," said TruFund's President and CEO James H. Bason. "By serving as an opportunity partner to our clients, we're not only helping to create successful small businesses, we're establishing stable and profitable communities with thriving economies. We take pride in the financial support, business advisory services, and technical assistance we've been able to provide our small businesses over the past 15 years and look forward to reflecting on our achievements and honoring our clients, partners, and supporters through the TruImpact Virtual Summit."
Since its inception, TruFund has seen significant growth, opening field offices in Alabama, Louisiana, and Texas, with plans to launch additional offices in the future. TruFund customizes its services and funding resources to the unique needs of each location and works closely with private, governmental, and community partners to develop and operate programs that address specific capital gaps within local markets. TruFund's framework is specifically designed to strengthen the capacity of small businesses, community and faith-based organizations, community development corporations, and large-scale development projects. A major part of TruFund's local outreach over the years has been disaster relief.
From 2005 to present, TruFund's disaster relief initiatives and programs have assisted small business all over the country and supported recoveries from crises and natural disasters such as Hurricanes Katrina and Rita, the 9/11 World Trade Center attacks, the 2010 BP oil spill, 2012's Superstorm Sandy, and the COVID-19 pandemic.
In 2020, TruFund further expanded its reach and offerings by establishing a formal business division for disaster relief and response. TruFund's Disaster Recovery and Resiliency Unit helped deploy more than $17 million in funding received through the Small Business Administration's Paycheck Protection Program (PPP) and provided many underserved small businesses with the resources and support they needed to continue serving their constituents during the pandemic. A total of 87 percent of TruFund's PPP loan dollars went to minority small businesses—62 percent were distributed to African American-owned businesses, 24 percent went to Latino/Hispanic-owned businesses, and 38 percent were disseminated to women-owned businesses.
TruFund's Paycheck Protection Program Impact Report provides a comprehensive summary of its penetration and outreach efforts to minority- and women-owned small businesses to deploy PPP funding. More details about the report and TruFund's COVID-19 outreach will be discussed during the virtual summit.
About TruFund Financial Services, Inc.
TruFund Financial Services, Inc. is a wholly independent national nonprofit Community Development Financial Institution (CDFI). TruFund seeks to stimulate economic development in communities that are underserved by traditional banking institutions by providing fair and accessible capital, hands-on technical assistance, and innovative solutions to small businesses and nonprofit organizations.
SOURCE TruFund Financial Services, Inc.