NORFOLK, Va. – Urban Strategies, Inc. (USI) and the Truist Foundation Partnership

Urban Strategies, Inc. (USI) has recently partnered with the Truist Foundation to provide support to small businesses in undercapitalized communities. This collaboration aims to address the challenges faced by Black, Latino, and Indigenous business owners in Norfolk and beyond. The Truist Foundation has invested $1.5 million into USI’s Community Development Financial Institution (CDFI) Fund to launch a small business loan fund.

Empowering Black, Latino, and Indigenous Business Owners

The grant received from the Truist Foundation will be utilized by USI’s People First Tidewater Drive branch to establish a loan fund specifically designed to support minority-owned businesses. With this fund, USI seeks to bridge the racial wealth gap by providing access to capital and resources necessary for the success of these businesses. Thomas Ransom, Regional President for Truist in Virginia, expressed his gratitude for the opportunity to contribute to this empowering initiative. He remarked, “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.”

USI’s Expertise and Mission

USI, a national nonprofit organization, specializes in the development and implementation of place-based human capital development strategies. Their role in this partnership is to utilize their extensive experience to administer the loan fund effectively. Addressing the racial wealth gap, Esther Shin, President of USI, emphasized the importance of providing investment opportunities for businesses that have historically been marginalized. She stated, “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. So, in other words, the assets that a black family has is minuscule in comparison to the average white family in this country.”

The Need for Low-Interest Loans and Resources

Starting a business can be extremely challenging, particularly for those without significant financial resources. Recognizing this, USI’s loan fund aims to provide low-interest loans along with a range of supplementary resources to ensure the success of these businesses. Shin further added, “It’s extremely hard unless you have a significant amount of cash on hand, it’s hard to start up your own business. 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.”

Celebrating the New Initiative

The new initiative was met with great enthusiasm from community leaders, partners, and small business owners. The launch event provided an opportunity for stakeholders to learn more about the USI business loan fund and how it can equip community members with the necessary credit, knowledge, and tools to start, grow, and sustain businesses. The partnership between Urban Strategies, Inc. and the Truist Foundation signifies a crucial step towards promoting economic empowerment and reducing disparities in undercapitalized communities.

How AI legalese decoder Can Help

The AI legalese decoder can play a crucial role in simplifying legal jargon and complex language used in loan agreements and documentation. This tool can assist both lenders and borrowers in better understanding the terms and conditions, fostering transparency and trust. By providing accessible, plain-language explanations of legal terms and provisions, the AI legalese decoder can contribute to a more inclusive and equitable lending environment. This innovation can enhance the overall accessibility of the loan fund and enable better communication between USI and minority-owned businesses, fostering their success.