Bloom Lab for Entrepreneurs and Small Business Loans from PeopleFund Expand with Bank of America Grant
Support comes as part of Bank of America’s Neighborhood Builders® program, which empowers high performing nonprofits to address pressing community challenges
AUSTIN, Texas – Bank of America has announced PeopleFund as a 2016 Neighborhood Builder. The nonprofit is being recognized for its work in Austin, which in turn, supports the sustainable growth of the Central Texas economy. Through Neighborhood Builders, the bank provides nonprofits with a unique combination of leadership development, $200,000 in flexible funding, a network of peer organizations across the U.S. and the opportunity to access capital in order to expand their impact in the Austin community.
“We recognize the critical role that nonprofits and their leaders play to build pathways to economic progress in the Austin community,” said Nikki Graham, Austin president, Bank of America. “Through our Neighborhood Builders program, we connect outstanding nonprofits, like PeopleFund, to the funding and leadership development resources they need to scale their impact. We’re delighted to see PeopleFund serve more entrepreneurs through this program and further invest in our community.”
PeopleFund provides small business owners in Austin with capital, business assistance and education to assist them on their paths to financial stability and independence. As a Neighborhood Builders, PeopleFund will support significantly more entrepreneurs in managing and growing their businesses, in turn creating even more job opportunities in Austin. Specifically, PeopleFund will invest further in their Bloom Lab, a space designed for home-based businesses to access training, mentorship, and equipment to create online storefronts, host meetings, and grow their skillset.
“We are honored and humbled to receive the Neighborhood Builders Award said Gary Lindner, PeopleFund president & CEO. “Bank of America has a history of exceptional support to PeopleFund. Last year 92 percent of our loans went to minority, women and veteran business owners. This award will elevate our ability to help put an even greater number of Austin area small business owners on a path to prosperity and the American dream.”
PeopleFund also works closely with Bank of America in Austin through the Tory Burch Foundation Capital Program, in which Bank of America provides women small business owners with access to affordable capital through community development financial institutions (CDFIs). From 2014-2016, the partnership has provided $1.5 million to 28 women entrepreneurs, helping them achieve their dreams of starting and growing their own businesses.
In Austin, Bank of America has invested more than $3.2 million to 12 nonprofit organizations as part of this program, providing them with the tools and resources they need to develop stronger strategic plans, chart a succession plan, navigate through tough economic times, and enhance their funding opportunities. Nationally, the program has been recognized as the nation’s largest philanthropic investment in nonprofit leadership development.
Neighborhood Builders is a signature demonstration of the bank’s work to address issues fundamental to economic mobility in order to build thriving communities and illustrates how strong cross-sector partnerships and local community leaders can play a meaningful role in positioning communities for success. The awardees are selected by a local market selection committee with representation by local community leaders from diverse sectors.
About Bank of America Environmental, Social and Governance
At Bank of America, our focus on Environmental, Social and Governance (ESG) factors is critical to fulfilling our purpose of helping make people’s financial lives better. Our commitment to growing our business responsibly is embedded in every aspect of our company. It is demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our customers, and the impact we help create around the world in helping local economies thrive. An important part of this work is forming strong partnerships across sectors – including community and environmental advocate groups, as well as non-profits – in order to bring together our collective networks and expertise to achieve greater impact. Learn more at www.bankofamerica.com/about and connect with us on Twitter at @BofA_News.