Baton Rouge, LA – October 5, 2016 –TruFund Financial Services, Inc. a Community Development Financial Institution (CDFI), today announced a partnership with Capital One Bank to provide low interest loans to small businesses affected by the 2016 Louisiana flood that so far has caused an estimated $2 billion in damages to over 20,000 businesses.
Over the past 15 years, TruFund has operated six small business disaster recovery programs following natural and manmade disasters in New York City and Louisiana. TruFund has observed in its prior experiences working with small businesses in the wake of disasters, pressing needs such as access to affordable capital and technical assistance.
“With our experienced staff and track record, TruFund is equipped to respond to current and future disasters,” said James H. Bason, President & CEO of TruFund.
The Baton Rouge Small Business Recovery Initiative will address a targeted set of disaster recovery-related needs. In addition to low interest loans, the TruFund and Capital One Bank partnership will provide flood-impacted small businesses with access to workshops and one-on-one technical assistance.
“Our immediate aim is to rapidly mobilize our initial response, deploy available resources, collect information and monitor initial outcomes, and then evaluate the possibility of program expansion,” said Myla R. Poree, Vice President/Managing Director for TruFund’s Louisiana market.
“Capital One is part of the communities impacted by this massive flooding, so we understand what our customers and neighbors are going through in this time of need,” said Ric Kearny, Capital One Bank Baton Rouge Market President. “Small businesses are extremely important to our local economy and to the ongoing recovery. Capital One Bank is pleased to partner with TruFund to help local small businesses impacted by the historic flood of August 2016.”
