U.S. Economic Development Administration Invests $500K to Create Support Program for Minority- and Women-Owned Construction Businesses in NYC
Contact: EDA Public Affairs Department, (202) 482-4085
September 16, 2016
WASHINGTON – The U.S. Commerce Department’s Economic Development Administration (EDA) today announced a $500,000 grant to TruFund Financial Services, Inc., of New York, N.Y., to help develop a program to provide support to minority- and women-owned business enterprises in the New York City metropolitan area that are engaged in construction trades.
“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 announced today 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.”
EDA’s investment will support a TruFund Financial Services, Inc., program for small to mid-sized minority- and women-owned business enterprises in construction trades. The EDA supported program will provide strategic assessments; monthly workshops and sector-specific training; complimentary professional services consulting; one-on-one counseling from TruFund staff; access to TruFund financing; and program partner referrals and networking opportunities. According to grantee estimates, the investment will create up to 249 permanent jobs.
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 www.eda.gov.