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: All Counties
Type of Grant: Training or Mentorship
Deadline: 01/04/2024
Size of the Grant: $1000 to $10,000
Grant Duration: 1 Year
Details:
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 LivePlan business planning software and an online curriculum for a period of 6 months, expedited loan packaging and application support, and ongoing after-care provided by PeopleFund and partners.
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
Funding Information
- Minimum grant of $3,000
- Maximum amount of $5,000
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 Islande
- Must be located in the state of Texas
- 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.
