TruFund’s Response to the COVID-19 Pandemic
TruFund’s COVID-19 Disaster Response Has Made a TruImpact
Because of TruFund’s years of experience in disaster aid, our disaster recovery and resiliency unit, which was formally established in 2020, was prepared and equipped to provide urgent assistance to our small-business partners to counteract the devastating damage caused by COVID-19.
TruFund’s role is to help small businesses mitigate losses, achieve stability, and work toward recovery. This role is exceptionally important, as minority-owned small businesses are concentrated in pandemic-affected industries.
Since January 31, 2021, TruFund’s Disaster Recovery and Resiliency Unit has helped deploy approximately $170 million in Paycheck Protection Program (PPP) loans to over 2,000 small businesses. Through our COVID-19 disaster response efforts, we have created and retained more than 12,000 jobs and provided $97.1 million to the Minority- and Women-Owned Business Enterprise Program (MWBE). We also provided technical support and business advisory services to thousands of minority- and women-owned small businesses throughout our markets and the nation.
“The PPP loan secured through TruFund allowed our agency to maintain operations during the COVID-19 pandemic. It came at a time when committed public funds were unexpectedly withdrawn and we were facing the possibility of staff reductions and service cuts. With our secured PPP loan, we have been able to stay fully staffed and continue to provide a full roster of services to our students.”
—Robert Taylor, Executive Director
Youth Action YouthBuild
New York, New York
During the pandemic, TruFund has worked with business owners to access essential capital and create responsive business plans that will ensure their long-term survival:
- TruFund has delivered emergency response training programs via webinar to over 350 small businesses across all of our geographic markets, covering topics such as cash flow management, accessing emergency capital, and business adaptation.
- TruFund deployed $1.18 million in recovery loans with flexible terms to small businesses and nonprofits across the State of New York as a CDFI partner of Governor Cuomo’s $100 million New York Forward Loan Fund.
- TruFund issued $100,000 in grants to small businesses and nonprofits owned by minority women in low-income areas of New York City, with funding from Wells Fargo.
- Across all markets, through the Paycheck Protection Program, TruFund has issued more than $170 million in loans to over 2,000 small businesses impacted by the COVID-19 pandemic, with 91 percent of dollars loaned to minority-owned businesses. This program was created to assist with payroll, utilities, and rent/mortgage payments. Loans have a 1 percent interest rate and are up to 100 percent forgivable.
- TruFund provided more than $700,000 in recovery loans with flexible terms, 100 percent of which went to minority and/or women-owned small businesses in New York City, with the support of JPMorgan Chase.
Read our 2020 Paycheck Protection Program Impact Report to learn more about our COVID-19 disaster response efforts and impact.
