Bank of China U.S.A. Supports TruFund in Developing Informational Webinars to Help Local, Underserved CommunitiesPress Releases Bank of China U.S.A.
Webinars Addressed Emergency Loan Programs for Small Businesses and the Paycheck Protection Program, Including How to Apply for Loan Forgiveness
New York, NY (March 1, 2021) – As the Covid-19 pandemic continues to reshape the lives of people around the world, disproportionately affecting underserved communities, Bank of China U.S.A. (BOC U.S.A.) today reiterated its commitment to supporting the critical initiatives needed to help these communities obtain access to important financial services.
Within February, 2021, BOC U.S.A. supported TruFund Financial Services, a U.S. Treasury certified nonprofit Community Development Financial Institution (CDFI) based in New York City, in the development of three separate webinars addressing emergency loan programs for small businesses and the Paycheck Protection Program, including how to apply for loan forgiveness. These webinars were delivered in partnership with CMP New York, a community-based organization equipping low-income immigrants with skills and networks that support economic self-sufficiency.
“BOC U.S.A. is committed to being a responsible corporate citizen and serving our communities by partnering with organizations at the forefront of causes like financial education,” said Peter Reisman, Chief Communications Officer for BOC U.S.A. “We have been honored to support TruFund in the development of these important webinars and look forward to working with them in the future to help offer necessary financial services solutions for underserved communities.”
TruFund’s mission is to promote and foster economic development within underserved and disadvantaged populations. They offer affordable loan capital, and training and advisory services to small businesses and nonprofit organizations that are financially viable, but need additional support accessing capital from banks or other conventional lenders.
BOC U.S.A. supported TruFund in the development of the following three webinars:
- Emergency Loan Programs for Small Businesses – This presentation helped participants determine their financial needs and provided an overview of various programs including the SBA Paycheck Protection Program, SBA Economic Injury Disaster Loan and the New York Forward Loan Fund. It also aided participants in determining which program may best suit individual needs based on available amounts, forgiveness, loan terms and costs and timeliness of funding and accessibility of the lender.
- Getting Ready for PPP – This presentation provided a comprehensive overview of the Paycheck Protection Program including how, when and where participants could apply, as well as important details such as what participants need to apply and what the loan could be used for.
- How to Apply for PPP Loan Forgiveness – This presentation helped participants understand loan forgiveness eligibility criteria, how to pursue maximum loan forgiveness, and how to complete the loan forgiveness applications provided by the SBA.
Supporting community development has always been part of BOC U.S.A.’s mission, as the bank has continued to work closely with its small-to-medium-sized enterprise clients during these particularly challenging times by providing solutions to meet their financing and liquidity needs through PPP programs.