TruFund Financial Services has received a $1 million Grow with Google Small Business Fund loan and a $150,000 Google.org grant from Opportunity Finance Network, both to be used to help lend money to minority- and women-owned small businesses in Alabama hurt by the pandemic.
TruFund is based in New York but has field offices in Alabama, Louisiana and Texas. Its mission is “to promote and foster economic development within underserved communities and among disadvantaged populations by providing affordable loan capital to small businesses and nonprofit organizations who have difficulty accessing capital from banks or other conventional lenders.”
As of Jan. 31, TruFund has awarded about $14 million in affordable small business loans across the state. The Google funding will help the group expand its reach and community impact in the state.
“The economic uncertainty sparked by the COVID-19 pandemic has highlighted the need for increased capital to minority- and women-owned small businesses,” said Kim Carter Evans, TruFund’s vice president, director of corporate communications and managing director – Southeast. “This partnership with Google will help us serve a greater number of small businesses who are desperately seeking capital to sustain their operations and continue serving their communities.”