The Nonprofit Will Receive $200,000 in Flexible Funding and Leadership Training to Advance Economic Mobility
AUSTIN – Today, Bank of America named PeopleFund as one of its 2023 Neighborhood Builders® award winners for their work to support entrepreneurs in Austin and throughout Texas. Through this multi-year grant funding and extensive leadership training for the nonprofits’ leadership, programs and services addressing barriers to entrepreneurship will be able to expand.
The Neighborhood Builders program is one of the largest philanthropic investments into nonprofit leadership development in the nation, providing comprehensive leadership training for an executive director and an emerging leader on topics ranging from increasing financial sustainability, human capital management and strategic storytelling, and the opportunity to join a national network of peer organizations. Each Builder is also awarded a $200,000 grant over two years.
“The Austin economy is booming and our city rallies behind small businesses. With entrepreneurship in Austin growing at a faster pace than in most markets across the country, PeopleFund is providing the capital and guidance needed to ensure entrepreneurs’ success in growing their business and creating jobs that will have a lasting impact on our economy”, said David Bader, president, Bank of America Austin. “Bank of America is deeply committed to cultivating a diverse, vibrant small business community and advancing economic mobility in our region. We do this by connecting our resources to organizations, like PeopleFund, that are giving people opportunities to pursue their dreams.”
PeopleFund is a Community Development Financial Institute (CDFI) that provides financial and educational assistance that has created thousands of jobs and empowered Texans on a path to financial stability and independence. Since 2022, PeopleFund has deployed $22.4 million in loan capital to support 440 small businesses. The unrestricted grant will be used to support the expansion of PeopleFund’s operations, helping to further increase the efficiency of the delivery of its products and services. PeopleFund was first named a Neighborhood Builder in 2016 and is pleased to be recognized for a second time in 2023.
“The support provided by Bank of America will empower PeopleFund to continue expanding our program, with the vision that every person regardless of gender, race or creed has access to the resources they need to attain financial freedom through business ownership. We look forward to leveraging this opportunity and contributing to the impactful network of peer organizations,” said Gustavo Lasala, President and CEO of PeopleFund. “This recognition also marks a full-circle personal journey. Almost 20 years ago, in 2005, I had the privilege of participating in the Neighborhood Builders program as an emerging leader, an experience that had a profound long-lasting impact in my career. We applaud and thank Bank of America for their commitment to fostering positive change and community development.”
The invitation-only program is highly competitive. Nonprofits are selected by a committee comprised of community leaders and past Builders awardees. 14 nonprofits have been selected as Neighborhood Builders in Austin since 2015, with the bank investing $2.8 million into these local nonprofits.
Since 2004, Bank of America has invested more than $300 million in nearly 100 communities across the U.S., partnered with more than 1,600 nonprofits, and helped more than 3,000 nonprofit leaders strengthen their leadership skills through the Neighborhood Builders and Champions program.
Bank of America
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 68 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 15,000 ATMs and award-winning digital banking with approximately 57 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
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Reporters May Contact:
Carla Molina, Bank of America
Jenny Palecek, PeopleFund
Phone: 1.512.222.1005