New York, NY – March 30, 2017 - New York City Mayor Bill de Blasio’s recently announced the launch of the Contract Financing Loan Fund created by the NYC Department of Small Business Services (SBS). TruFund Financial Services, Inc. was chosen through a competitive bid process as one of three preferred lenders that will administer the loan fund.
The Contract Financing Loan Fund, paired with capacity building programs offered by SBS, will help minority and women-owned business enterprises (M/WBEs) and other small businesses grow and better compete for contracts with the city. Loans from this fund are available to prime and sub-prime contractors that are bidding on or performing a contract with a New York City government agency or the New York City Economic Development Corporation.
TruFund Financial Services, Inc. has a substantive history with M/WBE Contractors. The TruAccess Contractor Program was created in 2012 by TruFund in response to the growing needs within this industry. The program meets the needs of small minority and women owned contractors by offering educational, technical assistance and lending components. A similar program has been piloted and implemented by TruFund in several Louisiana locations with great success.
“By investing in job-generating MWBE Contractors; TruFund, NYC Department of Small Business Services and NYC Economic Development Corporation (NYCEDC) will expand our MWBE’s capacity for growth and improve their overall economic equity” said James H. Bason, President and CEO, TruFund Financial Services, Inc. “TruFund is excited to partner in providing access to capital for New York City’s MWBE small business community.”
“We applaud New York City for partnering with TruFund and other NY CDFIs to expand access to capital and technical assistance training for small contracting firms that would otherwise not have the ability to bid, mobilize or perform on contracts with City agencies.” said Aisha Benson, Executive Vice President for TruFund Financial Services.
“Small business owners face a multitude of challenges daily. Contracting with the City should not be one of them,” said Gregg Bishop, Commissioner of the Department of Small Business Services. “We’re taking steps to ensure the City is a supportive partner to all potential and existing vendors by streamlining our process and providing critical, financing support through our new loan fund.”
If your business is working on, or hoping to work on, a project with a City agency as a prime or subcontractor, you may be eligible for a Contract Financing Loan. Businesses interest in applying should visit nyc.gov/contractfinancing to apply online.
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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.
About the Mayor’s Office of Minority and Women-Owned Business Enterprises
Mayor Bill de Blasio’s Administration seeks to increase contracting opportunities for M/WBEs as an essential component in tackling income inequality across the city. Mayor de Blasio created the Mayor’s Office for Minority- and Women-owned Business Enterprises (M/WBE) to address the disparity between City contracts awarded to certain ethnic and gender groups and their overall representation in City contracting. The Office is responsible for oversight, policy, interagency coordination and accountability of the City’s M/WBE Program. It will serve as a One-Stop-Shop for M/WBEs interested in doing business with the city and its agencies.
About NYC Department of Small Business Services (SBS)
SBS helps unlock economic potential and create economic security for all New Yorkers by connecting New Yorkers to good jobs, creating stronger businesses, and building vibrant neighborhoods across the five boroughs. For more information, visit nyc.gov/sbs, call 311, and follow us on Facebook, Twitter, and Instagram.
