NEW YORK, April 7, 2020 /PRNewswire/ -- Today, TruFund Financial Services, Inc. launches a $5 million small business emergency relief fund to help curb job loss and permanent business closure as a result of COVID-19. The fund aims to help at least 3,000 disadvantaged firms with loans, grants, resiliency training and one to one business advisory services.
"The economic impact of the novel coronavirus will be unparalleled for all small businesses, but for disadvantaged minority and/or women owned businesses the adverse impact will be disproportionate," said James Bason, President & CEO, TruFund Financial Services, Inc. "TruFund is determined to help these disadvantaged business owners and bridge the gap to other available resources. This fund will give thousands of small business owners a fighting chance to maintain operations during this uncertain time.
"The Federal Coronavirus Aid, Relief, and Economic Security (CARES) Act provides significant new resources for small businesses; however, some entrepreneurs will have needs beyond what is covered by the federal programs," said Myla R. Poree, Vice President and Director of Disaster Response & Recovery, TruFund Financial Services, Inc. "TruFund has identified additional areas of need and has developed its relief program to help fill some of these gaps."
TruFund's small business COVID-19 relief fund is a follow up to its Small Business COVID-19 Response Survey launched on March 16, 2020. The fund will include grants up to $10K (to qualified applicants), no application or closing fees for loans up to $75K. Loan interest will accrue at 3% and payments may be deferred for 9-12 months. These funds may be used for operating expenses. Businesses started prior to August 2019 located in Alabama, Louisiana, New York, Northern New Jersey and Texas with a demonstrated economic injury from COVID-19 are eligible for assistance.
In addition to financial assistance and emergency loans, borrowers have the opportunity to utilize one-on-one loan application preparation assistance; and receive support in the development of individual resilience action plans. To support business continuity during and after the COVID-19 crisis, TruFund will provide access to a virtual resiliency-focused, cohort-based training program, as well as, virtual resource information sessions.
TruFund's small business COVID-19 relief fund is being launched with funding support from several of the organization's bank, corporate, and philanthropic partners. For more information, please visit TruFund COVID-19 Response.
If you would like to donate to the small business COVID-19 relief fund please go to Give to Small Business COVID-19 Relief Fund.
About TruFund Financial Services
TruFund Financial Services, Inc. is a wholly independent national non-profit 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 organization. To learn more about TruFund, visit www.trufund.org.
SOURCE TruFund Financial Services, Inc.