FOR IMMEDIATE RELEASE
New York, NY — December 29, 2025 — TruFund Financial Services, Inc. announced today that its wholly owned subsidiary, the Empowerment Reinvestment Fund (ERF), has been awarded a $55 million allocation of New Markets Tax Credits (NMTCs) by the U.S. Department of Treasury’s Community Development Financial Institutions Fund (CDFI Fund).
The award is part of a historic $10 billion NMTC allocation announced by the CDFI Fund for the 2024–2025 funding round, the largest allocation in the program’s history. This unprecedented federal investment is expected to catalyze billions in private capital and accelerate economic growth in communities that have long faced barriers to traditional financing.
The NMTC Program is designed to attract private-sector investment into economically distressed areas by closing financing gaps that often prevent transformative projects from moving forward. Through this incentive, investors are able to commit more capital than would otherwise be feasible, fueling development that creates jobs and expands access to essential community assets. These investments support projects across manufacturing, retail, and technology sectors, while also strengthening access to housing and vital public facilities such as health care centers, schools, and childcare providers.
“This $55 million allocation is a powerful affirmation of TruFund’s mission and impact,” said James H. Bason, President & CEO of TruFund Financial Services, Inc. “Through ERF, we will deploy this capital to drive meaningful economic activity and deliver lasting benefits in communities that need it most. We are proud to play a role in translating federal investment into tangible outcomes including jobs created, businesses strengthened, and communities revitalized.”
The broader $10 billion NMTC allocation is expected to significantly expand investment in areas with limited access to capital, including rural communities across the country. The funding will accelerate job creation, support small business growth, and strengthen local economies by financing critical infrastructure and community-serving facilities, including rural hospitals and health care providers. Federal investment through the NMTC Program is also projected to leverage billions more in private capital, multiplying its overall impact.
Since its inception, the NMTC Program has served as a cornerstone of community economic development nationwide. Over its history, the program has generated $77 billion in qualified equity investments and supported $143 billion in total development financing. NMTC investments have reached more than 8,900 businesses in urban, suburban, and rural low-income communities and have contributed to the creation of more than 1.2 million jobs. In 2024 alone, the program delivered $3 billion in financing to American manufacturing businesses and directed more than 30 percent of investments to rural areas, well above statutory requirements.
TruFund thanks the U.S. Department of the Treasury and Congress for their partnership with the CDFI Coalition to ensure the timely release of NMTC awards in calendar year 2025, reinforcing the federal government’s commitment to equitable economic growth. With this allocation, ERF will continue advancing TruFund’s mission by channeling capital into projects that generate economic opportunity, strengthen community infrastructure, and foster long-term resilience in underserved markets.
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About TruFund Financial Services, Inc.
Founded in 2005, TruFund Financial Services, Inc. is a national Community Development Financial Institution dedicated to expanding access to capital and business support services for entrepreneurs and communities historically underserved by traditional financial systems. Through innovative financing solutions and strategic partnerships, TruFund advances inclusive economic development and drives long-term community impact.
Since its inception, TruFund has deployed $716.8 million in capital to 3,978 businesses nationwide. This investment has supported 31,706 jobs, representing an average of 44 jobs created or retained for every $1 million in financing, underscoring TruFund’s role as a catalyst for sustainable economic growth.
To learn more about TruFund’s mission, impact, and financing solutions, visit www.trufund.org
Media Contact:
Allison M. Washington
Assistant Vice President | Director of Marketing & Communications
TruFund Financial Services, Inc.
awashington@trufund.org
917.838.5804
