New York, NY – The U.S. Commerce Department’s Economic Development Administration (“EDA”) has announced a $800,000 grant to TruFund Financial Services, Inc., to help support its Hunt’s Point Growth and Resiliency Program in New York.
“I am proud to have supported TruFund Financial Services in their quest to deliver a program designed to support the growth and resiliency of the industrial small business community of Hunts Point in the Bronx,” said U.S. Senator Charles Schumer. “These federal funds enable TruFund to provide training and counseling to position companies in the Hunts Point community for success, boosting job creation and private investment, and strengthening the economy in the Bronx and beyond.”
The EDA supported program will help to grow and strengthen the resiliency of industrial small businesses in Hunts Points so they can sustain and expand the positive economic role they play in the Bronx, New York City and beyond. Over the course of two years, TruFund will engage its team and subject matter experts as well as collaborate with local program partners to support at least 30 companies with specialized training and individualized counseling to create and implement growth and resiliency plans. TruFund estimates this investment will create up to 34 permanent jobs, save 103 jobs and leverage $1.3MM in private investment.
TruFund recognizes the importance of growth and resiliency training for business owners in designated Opportunity zones,” said Aisha Benson, Executive Vice President, TruFund – New York.” “This comprehensive training program will place business participants in a position to strengthen their financial insight, garner additional investments, stimulate their business development, and create and retain jobs.”
The program will focus on promoting business growth, strengthening small business resiliency, enhancing job creation and retention, and spurring private investment in a designated Opportunity Zone.
"TruFund is very excited by the vibrancy and importance of the Hunts Point industrial business community.” said Brian Gurski, Vice President/Managing Director, TruFund – New York. “We are deeply committed to delivering a powerful and relevant program equipping the local business community with knowledge, resources, networks and tools so they can thrive, create jobs and advance the local economy in an Opportunity Zone.”
###
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 U.S. Economic Development Administration The mission of the U.S. Economic Development Administration 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 www.eda.gov.
