PeopleFund’s BIPOC Small Business Accelerator provides underserved entrepreneurs in Texas with the capital, education, and resources needed to support healthy business growth.
Donor Name: PeopleFund
State: Texas
County: All Counties
Type of Grant: Program
Deadline: 01/03/2025
Size of the Grant: $1000 to $10,000
Grant Duration: Grant Duration Not Mentioned
Details:
As a Community Development Financial Institution, the work focuses on creating economic opportunity for low to moderate-income individuals and communities. Staying true to the vision and values, this program is open to all regardless of race, gender or creed.
Program participants commit to an orientation, a series of virtual training sessions, and assigned “homework”. Participants also receive access to technology and tools including LivePlan business planning software and an online curriculum for 6 months, expedited loan packaging and application support, and ongoing after-care provided by PeopleFund and the partners. Participants must apply, be admitted to the program, and qualify for a PeopleFund loan product. Those who successfully meet all program requirements, close on their loan, and graduate may receive a grant between $3,000-$5,000 that can be used for equity injection or other legal business purposes.
Program Benefits
Participants will have access to:
- Qualify for a PeopleFund loan product (dependent on approval)
- 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
- Curriculum guide within an online learning platform
- Ongoing support and aftercare through dedicated business coaching and mentorship
- Networking opportunities within the cohort.
Eligibility Criteria
The program is based on first-come, first-serve and they will admit the first 70 eligible applicants.
- To qualify for the BIPOC Small Business Accelerator, applicants must meet the following criteria:
- Must be located in the state of Texas
- Participants must demonstrate at least one of the following three criteria:
- Their business is located in a low to moderate-income area OR
- That the address of the individual is in a low to moderate-income area OR
- That the household income of the participant is low to moderate-income
- 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 the 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
- Total collections, derogatory marks, and past due items cannot exceed 10% of the total loan amount up to $5,000
- 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.
