Founded in 2005 and with roots tracing back to supporting small businesses in the wake of 9/11, TruFund is supported by private and public investors who are interested and involved in creating economic and community development opportunities in underserved communities.
With assets under management in excess of $46 million, TruFund has built a notable Community Reinvestment Act (CRA) lending base, in large part due to our success in securing commitments from regional banking institutions across our markets. TruFund has also been awarded $185 million in New Markets Tax Credit allocations since 2003 and continues to benefit from various other governmental funding opportunities.
In 2010, we sharpened our focus to better serve the needs of “unbankable”, yet financially viable, businesses that can demonstrate appropriate uses of capital and an ability to manage debt. We have grown our loan portfolio while maintaining sustainable measures of loan performance for eight consecutive quarters. At the same time, we have expanded our networks of community partners, who are essential to our ability to best serve our clients. We are also proud to have extended our base of financial partners to include leaders in banking and social investment and from leading private foundations, including The Walton Family Foundation, blue moon fund, and the Mary Reynolds Babcock Foundation. We have also leveraged longstanding partnerships with public agencies, including the CDFI Fund and the Economic Development Administration, to deliver technical assistance programs to help our small business clients stabilize and expand.
Since 2005, our lending activity has supported more than 1,000 small businesses and nonprofits and helped retain and/or create over 6,400 jobs.
TruFund seeks to raise financing from potential investors through various means to capitalize and otherwise support our ongoing community lending activities:
- Program-Related Investment
- Equity Equivalent
- Co-Lending/Single-Event Financing
- New Markets Tax Credits