NORFOLK, Va. — Urban Strategies, Inc. (USI) and the Truist Foundation have partnered to support small businesses in undercapitalized communities.
"Today we are celebrating a partnership investment from the Truest Foundation into USI's CDFI Fund," said Esther Shin, the President of USI.
USI received a $1.5 million grant from the Truist Foundation. People First Tidewater Drive USI branch will be using that money to launch a small business loan fund that supports Black, Latino, and Indigenous business owners in Norfolk and beyond.
"We were pleased and blessed to be able to donate $1.5 million to USI which they'll take those bonds and be able to empower - to fund - to train Latin, black, minority-owned businesses so they can have that pathway to wealth creation," Thomas Ransom, Regional President for Truist in Virginia said.
On its website, USI describes itself as "a national nonprofit with extensive experience in the design and implementation of place-based human capital development strategies."
"When you look at the data, disproportionately, these are businesses that have not had access to investment into Capital. Studies have shown that the racial wealth gap is widening," Shin said. "So in other words, the assets that a black family has is minuscule in comparison to the average white family in this country."
"It's extremely hard unless you have a significant amount of cash on hand it's hard to start up your own business," Shin continued. "A low-interest loan that also comes with a whole host of other resources attached to it is intended to make certain that these businesses are successful."
Community leaders, partners, and small business owners celebrated the new initiative and learned details on how the USI business loan fund can equip community members with the credit, knowledge, and tools to start, grow and sustain businesses.