TruFund – NY To Pilot TruAccess® Contractor Program With Support From U.S. Economic Development Administration

New York, NY - September 29, 2016

The U.S. Commerce Department’s Economic Development Administration (EDA) has announced a $500,000 grant to TruFund Financial Services, Inc., to help develop and expand its TruAccess® Contractor Program in New York.

“The Obama administration is committed to providing the opportunity for all American businesses, large and small, to grow and thrive,” said Jay Williams, U.S. Assistant Secretary of Commerce for Economic Development. “The EDA grant will help to establish a space that will provide the resources and support for minority- and women-owned businesses in the New York City metropolitan area to learn, grow, and ultimately become more competitive in the construction industry.”

The EDA-supported program will provide strategic assessments; monthly workshops and sector-specific training; complimentary professional services consulting; one-on-one business development consulting from TruFund staff; access to TruFund financing specifically designed for the contracting industry; program partner referrals; and networking opportunities. TruFund estimates this investment will create up to 249 permanent jobs.

“By investing in job-generating MWBE Contractors TruFund and the EDA 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 pleased to once again have the support of the EDA in providing capacity building TA services to this key growth sector‎ in NYC and thereby furthering our mission to positively impact the lives of low income persons and in particular minority owned businesses.”

The TruAccess® Contractor Program created by TruFund 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.

“TruFund recognizes the importance of providing MWBES with access to information, education, resources and capital,” said Aisha Benson, Senior Vice President/Managing Director, TruFund – New York.  “The comprehensive suite of services offered through this EDA funded program, will help participating businesses strengthen their financial acumen, mobilize on contracts, and get bond and loan ready.”




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

About the U.S. Economic Development Administration
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth. To learn more about EDA, visit