PeopleFund’s BIPOC Small Business Accelerator provides entrepreneurs of color with the capital, education, and resources needed to support healthy business growth.
Donor Name: PeopleFund
State: Texas
County: Selected Counties
City: El Paso
Type of Grant: Accelerator
Deadline: 07/31/2023
Size of the Grant: Up to $50,000
Grant Duration: 12 months
Details:
BIPOC refers to Black, Indigenous, People of Color, which includes anyone who identifies as Hispanic, Latinx, Native American, Native Hawaiian, Alaskan Native, Desi, Asian, or Pacific Islander.
Program participants commit to an orientation, a series of virtual training sessions, and “homework” assigned in between training sessions over the course of 3 months. Participants also receive access to technology and tools including Live Plan 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 partners.
The 2023 BIPOC Accelerator Program will be offered for the South Texas and El Paso areas.
Funding Information
Participants of the program who apply and are approved, may receive a loan up to $50,000 and a grant of up to 10% of the loan amount to be used for equity injection or business purposes.
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
To qualify for the BIPOC Small Business Accelerator, applicants must meet the following criteria:
- Must self-identify as BIPOC (Black, Indigenous, Person of Color) – which includes anyone who identifies as Hispanic, Latinx, Native American, Native Hawaiian, Alaskan Native, Desi, Asian or Pacific Islander
- Must be located in the target region of the program iteration
- Open to start-up and existing businesses
- Must be able to support a loan payment through available global cash flow
- Must meet credit and lending qualifications
- No bankruptcies within last 5 years
- U.S. Citizen or Permanent Resident
- Not currently in active litigation
- Not currently past due on federal obligations or are on a recovery plan
- Not currently past due on credit obligations or are on a recovery plan
- Total collections, derogatory marks, and past due items cannot exceed 10% of the total loan amount
- Not involved in felony-level criminal activity, crimes of moral turpitude, or financial
- Not engaged in any of the following industries: adult entertainment, gambling or gaming, real estate investments or housing projects, passive activity (rental), anything federally illegal, multi-level marketing, and nonprofit activities.
For more information, visit PeopleFund.
