Program Overview
PeopleFund’s BIPOC Small Business Accelerator provides underserved entrepreneurs in Texas with the capital, education, and resources needed to support healthy business growth. As a Community Development Financial Institution, our work focuses on creating economic opportunity for low to moderate-income individuals and communities. Staying true to our 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 our 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.
Upcoming Cohort- Q2 2024
Our Q2 cohort will be open statewide to entrepreneurs who reside in or serve low-to-moderate income communities in the State of Texas. The program is open to start-up and existing businesses.
The Q2 2024 application will open on February 13, 2024, through April 3, 2024. The Q2 cohort sessions will be held weekly from April 17th through June 6th on Wednesdays from 11 am to 1 pm CST.
Interested? Sign up for our upcoming webinar below.
Webinar: March 28th from 6-7 pm CST. CLICK HERE to register!
Interested in more information about the BIPOC Accelerator? Please submit an interest form here. One of our BIPOC team members will contact you after your interest form submission.
Program Eligibility
The program is based on first-come, first-serve and we will admit the first 70 eligible applicants.
To qualify for the BIPOC Small Business Accelerator, applicants must meet the following criteria:
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- 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
Program Benefits
Participants will have access to:
- Qualify for a PeopleFund loan product (dependent on approval)
- A grant amount between $3,000 and a maximum of $5,000
- 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
Application opens on February 13, 2024!
Program Partners
This program is made possible through partnerships with business support, education, and technical assistance-based organizations in the community. Interested in partnering on a future cohort? Contact Amy East, Manager of Philanthropic Partnerships & Fund Development, at [email protected] for more information.
Program Sponsors
The BIPOC Small Business Accelerator is made possible by a generous seed grant from Truist Foundation, along with a co-investment from Austin Community Foundation.
Additional support was provided by our generous donors:
If you would like to become a sponsor of this program, please contact Jenny Palecek at [email protected].