March 25, 2011 – Austin, Texas – PeopleFund has been approved by the U.S. Small Business Administration as an SBA certified microloan intermediary. As such, PeopleFund will receive $500,000 in low cost capital to make loans in the amount of $50,000 or less. PeopleFund will also be eligible to receive SBA technical assistance grants for each microloan made under this program. SBA products will allow PeopleFund to further expand its volume and market share. Selection criteria for this designation are stringent and this certification underscores PeopleFund’s expertise as a leader among small business lenders. As this clearly demonstrates, PeopleFund is building upon its impressive history and growing its activities to become an even more robust organization with broader positive social impact.
PeopleFund is a leader in creating economic opportunity, financial stability, and equitable financial systems. PeopleFund’s mission is to create economic opportunity by helping people build healthy small businesses, purchase safe and affordable homes, and achieve financial security and independence. It achieves this mission through lending to small business and non-profit enterprises that positively impact the community and by providing them technical assistance to increase their capacity to do so.
Since its inception in 1994, PeopleFund has had the following impact:
• Over $23 million invested into the community
• Over 2000 jobs created
• $13.4 million invested in physical improvements
• $11.9 million in partnership loans with area banks
• Over 20,000 hours of business and financial literacy training to clients
• Over 900 child care slots created
• 67% of clients are minority-owned
• 16% of clients are non-profits bringing needed goods and services to improve the community
• Helped 135 working families purchase safe and affordable homes