San Antonio based credit union provides innovative investment in economic development nonprofit
Austin – On March 4th, Generations Federal Credit Union (GFCU) announced a financial investment in PeopleFund, a nonprofit community development financial institution. The investment is a five year term loan with a low fixed interest rate. PeopleFund will use the investment for loans to minority, women, veteran business owners and those located in low to moderate income census tracts. The investment, the first credit union investment in PeopleFund’s 22-year history, will support underserved entrepreneurs in areas served by Generations.
PeopleFund receives low interest rate loans from banks, foundations, religious orders, federal government, and the state of Texas. The funds are used to provide loans to Texas business owners not eligible for traditional financing. In 2015 over 50% of PeopleFund loans went to startups with less than two years in business. PeopleFund President & CEO, Gary Lindner commented, “While we value all our investor relationships, we especially applaud and appreciate Generations FCU as the first credit union investor in our noble mission.” Ken Raymie, GFCU Chief Risk Officer, said, “We are committed to the financial success of our members and the San Antonio community. Generations is proud to partner with PeopleFund to create economic opportunity for small businesses.”
Interested entrepreneurs may contact PeopleFund’s Director of Lending, Education, & Training, Rocio Vallejo. [email protected] or 512.222.1011.
PeopleFund is a registered 501(c)3 nonprofit organization established in 1994. It is a U.S. Treasury certified Community Development Financial Institution (CDFI) and SBA certified lender. PeopleFund provides business loans up to $350,000 to Texas businesses that do not qualify for bank loans. It also provides client business assistance and education. The target market is minority, women, and veteran business owners and those residing in low to moderate income census tracts. Over 50% of current loans are to startups and non-profit organizations. Through access to capital and educational opportunities, PeopleFund creates economic opportunity and financial stability for underserved people to build healthy small businesses. PeopleFund inspires, educates, funds, and elevates entrepreneurs on the path to prosperity and the American dream.
Generations Federal Credit Union
For more than 75 years, Generations Federal Credit Union has been an advocate of financial growth and development within the community, offering award-winning financial education classes, as well as products and services that truly make a difference. Generations strives to be a trusted advisor, offering personal attention that provides members with the financial skills they need to be successful. Their tailored approach to banking enables them to deliver personalized service for both businesses and consumers.