Groundbreaking $17 million fund for Small Businesses
Houston, TX – September 24, 2024 – PeopleFund is proud to announce its partnership with Harris County to establish and manage the Harris County Opportunity Fund, a revolving loan program designed to support small businesses. This initiative increases the access to capital for minority and/or women-owned businesses through an equitable underwriting process. The fund will prioritize projects that contribute to job creation or retention. “With Harris County’s first-ever Revolving Loan Fund, we will address longstanding disparities in access to financial resources, thereby leveling the playing field for all entrepreneurs to thrive.” Commissioner Ellis said. The $17 million fund includes $8 million from the American Rescue Plan Act (ARPA) provided by the County and a $9 million match from PeopleFund. Starting October 1, 2024, small business owners can apply online or submit paper applications. Pre-Loan Technical Assistance will be offered to all applicants to help them prepare for the loan application process. Post-loan assistance will be available to help borrowers remain on track with their business plans. All participants will have access to Harris County’s Harris Hub program and to the PeopleFund’s BIPOC Small Business Accelerator, a program that offers loans, grants, education and access to a network of advisors to increase the success of participants.
“DEEO is very excited about the launch of the Harris County Opportunity Fund aimed at providing critical access to capital to small businesses grappling with the aftermath of the COVID-19 pandemic,” said Estella Gonzalez, Executive Director of Harris County Department of Economic Equity & Opportunity.
Gustavo Lasala, President and CEO of PeopleFund, emphasized the significance of the program: “The Harris County Opportunity Fund is more than just a financial resource. It’s a lifeline for entrepreneurs who’ve historically faced barriers in accessing capital and business training. Our goal is to empower small businesses to thrive, create jobs, and contribute to the economy.”
About PeopleFund
PeopleFund is a nonprofit Community Development Financial Institution (CDFI) dedicated to providing affordable loans and business advisory services to underserved entrepreneurs in Texas. Since 1994, PeopleFund has delivered over $235million in financial assistance to more than 5,500 small businesses, with a focus on minority-, women-, and veteran-owned businesses.
Contact Information
Jenny Palecek, [email protected]
Phone: 1 (512) 222-1005