TruFund Financial Services, Inc. To Provide Flood Recovery Financial Assistance Through Restore Louisiana Small Business Loan Program 

New York, NY – May 31, 2017 – In response to the historic flooding that devastated much of Louisiana in March and August 2016 with an estimated $2 billion in damages to over 20,000 businesses, TruFund Financial Services has partnered with the Restore Louisiana Small Business Program to provide financial assistance to small business owners throughout the affected regions.

TruFund has served as a leader in disaster recovery mobilizing small business recovery programs following 9/11 and Hurricane Sandy in New York; devastating tornadoes in Alabama and Gulf Coast Economic Recovery Initiatives following Hurricanes Katrina, Rita. Gustav and Ike.   TruFund also mobilized efforts through the Gulf Coast Oil Spill Initiative following the British Petroleum oil spill in Southeast Louisiana.

Having provided disaster recovery through affordable capital, hands-on business assistance, and innovative solutions to small businesses in New York, Alabama and Louisiana for over a decade, TruFund was awarded a grant under the Restore Louisiana Small Business Program. These funds will be used to provide financial assistance to small business owners in 17 parishes that suffered substantial flood-related damages during the 2016 floods.

TruFund’s experience successfully managing the post Hurricane Katrina Business Recovery Grant and Loan Program, through which it deployed $11 million in loan capital to 188 businesses will inform the management of this revolving loan fund.  TruFund deployed 62 additional loans to small businesses, which resulted in $6.5 million in additional loan funds being made available to small businesses.

Through the Restore Louisiana Small Business Program, small business owners in 17 affected parishes are eligible to apply to receive $20,000 – $50,000 in loan assistance. The additional 34 parishes deemed a federal disaster outside of those listed, can also receive assistance through other partners of the Restore Louisiana Small Business Program.

“We know that there are many business owners throughout our local communities that have been impacted by this historic flooding.  The vast majority have expressed plans to reopen their businesses in the current location once repairs are made” said James H. Bason, President and CEO, TruFund Financial Services, Inc. “Providing these hard working  entrepreneurs  with the resources and access to capital they need to rebuild their businesses is a step forward in the revitalization in these impacted communities  .”

TruFund has secured partnerships with a variety of community-based organizations to host an extensive series of informational sessions in several parishes for small business owners to learn more about the financial assistance available through the Restore Louisiana Small Business Program. Additionally, it will maintain a local field presence and offer complementary technical assistance services through loan packaging and preparation assistance for any eligible small business interested in participating.

“There are so many in Louisiana still struggling to repair their lives and businesses in the wake of last year’s flood,” said Kim Carter Evans, National Director of Corporate Communications, TruFund Financial Services. “This represents an important opportunity to reach out and help these deserving business owners who are essential to the region’s continued growth and development.”

 

For more information, please visit TruFund.org, email RestoreLouisiana@TruFund.org or call 1-866-329-8939.

 

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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 Restore Louisiana Small Business Program

The Restore Louisiana Small Business Program is funded by the Department of Housing and Urban Development’s Community Development Block Grant-Disaster Recovery funds made available by the Louisiana Division of Administration, Office of Community Development, Disaster Recovery Unit.