Memphis entrepreneurs are getting a bigger bridge to capital. Urban Strategies, Inc. (USI) announced a $1.5 million grant from Truist Foundation to expand the USI Community Development Financial Institution (CDFI), with Memphis among the first five cities to benefit.
The funding will grow USI’s small business loan fund and support system in Memphis, Fort Worth, Houston, Jacksonville, and Philadelphia. Business owners will get more than financing, including credit-building tools, technical assistance, and networks to help them start, sustain, and grow their businesses.
USI and Truist leaders made the announcement at a community celebration and launch event at Epicenter in Memphis. Since 2018, USI’s CDFI has raised and deployed nearly $12 million in financing and has supported more than 250 entrepreneurs through technical assistance.
The grant is about community wealth building, which means more Memphis founders getting the funding and guidance to turn a good idea into a business that lasts.
Read the full announcement from Urban Strategies, Inc. on PR Newswire.
