PeopleFund is launching access to capital-oriented cohorts for BIPOC-owned businesses in underserved areas around Texas.
Donor Name: PeopleFund
State: Texas
County: Houston County (TX), Fort Worth County (TX), El Paso County (TX)
Type of Grant: Grant
Deadline (mm/dd/yyyy): 07/17/2022
Grant Size: up to $50,000
Grant Duration: 12 months
Details:
The goal of this program is to accelerate early-stage entrepreneurs with capital, education, and ongoing technical assistance in order to support healthy small business growth in communities that need it most.
The program requires that entrepreneurs commit to an orientation, a series of virtual training sessions, and “homework” assigned in between training sessions over the course of 3 months. Program participants will receive access to technology and tools including LivePlan business planning software and an online curriculum for a period of 12 months from the program orientation, expedited loan packaging and application support, and ongoing after-care provided by PeopleFund and their partners. Graduates of the program who apply and are approved for a loan up to $50,000 with PeopleFund will receive a grant of up to 10% of the loan amount to be used for equity injection or business purposes.
Black, Indigenous, and People of Color-owned (BIPOC) small businesses have taken a bigger hit than most as the pandemic persists. Business survival among BIPOC-owned businesses fell by ~36% since March of 2020 and continues to decline. Now more than ever, it is imperative that they support BIPOC entrepreneurs by increasing opportunities in their communities for healthy small business growth. By doing so, they ensure they are working towards dismantling economic and social systemic inequities through strengthening and empowering communities of color.
Program Goals
- Increase access to capital for BIPOC-owned businesses.
- Improve the credit profile of early-stage entrepreneurs.
- Improve the business acumen of early-stage entrepreneurs.
Program Benefits
Participants that successfully complete the training will have access to:
- A loan for up to $50,000 (dependent on approval)
- A grant for up to 10% of the loan amount (dependent on approval and to be used for specified purposes)
- Connections to business and professional resources in the community
- Completion of a business plan, financial statements, and capital portfolio
- Access to tools and technology including LivePlan business planning software and the Verizon Digital Ready Program (for 12 months)
- Curriculum guide within an online learning platform
- Ongoing support and aftercare through dedicated business coaching and mentorship
- Networking opportunities within the cohort
Eligibility Criteria
This application is currently open to Black, Indigenous, and People of Color (BIPOC) owned businesses residing in Greater Houston, Fort Worth, and El Paso.
For more information, visit PeopleFund.
