Baton Rouge, LA - August 24, 2016
In response to the historic flooding in Baton Rouge, Louisiana, TruFund Financial Services announced today that it will deploy resources to undertake several support efforts to assist small businesses across the impacted parishes. TruFund personnel will begin conducting general information sessions and will go door to door to inform business owners of available resources in the hardest hit areas.
In addition, TruFund’s President, James H. Bason has approved adjusting loan terms of their current borrowers located in impacted parishes by providing 90-day payment deferments effective immediately. “This assistance will help with their most immediate and pressing needs as these business owners begin the recovery process.” said Mr. Bason.
“TruFund is no stranger to being on the front lines of disaster recovery, especially in the Gulf Coast Region.” said Myla R. Poree, Vice President/Managing Director for Louisiana.
TruFund was on hand to help small businesses recover from the Hurricanes Katrina, Rita, Gustav & Isaac , and the BP Oil spill that severely impacted Louisiana and the Gulf Coast Region.
According to Baton Rouge Area Chamber of Commerce, Louisiana State University’s Stephenson Disaster Management Institute and Governor’s office of Homeland Security and Emergency Preparedness:
- Overall, 7,364 businesses employing 73,907 individuals are located in areas identified as flood affected. These represent 21% of businesses in the overall Capital Region, and these specific locations employ 18% of area employees.
- Proportionally, businesses in Livingston experienced the most severe impact with 3,305 businesses that employ 27,653 employees in the areas of flood-impact, representing 91% of businesses and 94% of employees.
- 2,055 businesses were located within the impacted area of East Baton Rouge (parish), employing 22,298 people, representing 9.1% of businesses and 7.7% of employees at those businesses.
“We understand that it will take time for these businesses to recover and we stand poised to provide whatever assistances we can to the businesses of these devastated areas.” said Ms. Poree.
If you would like to support our business recovery efforts, monetary donations can be made to TruFund Financial Services by visiting the website at www.trufund.org and clicking on “Donate Now” button.
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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
