The BIPOC Accelerator Program application will be open on November 1st for the Q1 2024 cohort. The BIPOC Accelerator Program will be offered statewide for startup and existing businesses.
Program Overview
PeopleFund’s BIPOC Small Business Accelerator provides entrepreneurs of color with the capital, education, and resources needed to support healthy business growth. 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 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 our partners. 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.
BIPOC Accelerator Interest Form
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 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
- Curriculum guide within an online learning platform
- Ongoing support and aftercare through dedicated business coaching and mentorship
- Networking opportunities within the cohort
Program Eligibility
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 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
Application for the Q1 2024 Cohort will open in November!
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].