Small businesses are central to Alabama’s economy—and to its residents. Alabama’s 75,000-plus small businesses account for half of all private sector employment. In greater Birmingham alone, 17,000-plus small businesses employ a total of more than 76,000 workers.
However, the economic downturn and nationwide drop in lending has threatened the vitality of Alabama’s small business sectors. Banks have tightened standards and increased costs, making conventional small business loans difficult to access.
Alabama’s number of minority- and women-owned businesses is among the lowest in the nation—only 3.5 percent of businesses in the state. And although Alabama has a large African-American population, its minority business ownership is just 2.9 percent in our target markets, significantly lower than the national average.
Trufund Financial Services has been available to offer needed financing at a critical time—and also boost the number of successful minority- and women-owned businesses. We are helping Alabama businesses take advantage of key opportunities through expansion and hiring.
Successful business results in the region
One business TruFund Financial assisted is Hatcher’s Florist, a second-generation family business that has sold flowers to local customers, including many of Birmingham’s black churches, for 40 years. Its old shop was outdated, and the owner sought financing to move to a newer, brighter storefront.
“TruFund Financial’s representatives were personable and very hands-on, willing to go beyond what was expected to provide information for what we needed to do,” Anissia Hatcher said. “Their input contributed tremendously to our success. Customers love our new space, and our upgraded operations systems will ensure that we’re around for another 40 years.”