The Hurricane Harvey Relief Fund will provide 0% interest rate loans for recovering small businesses
Austin, Texas – Small businesses are the heart of the Texas economy, and in the wake of last September’s devastating category 4 hurricane, many entrepreneurs are still struggling through the recovery process. According to the Federal Emergency Management Agency, 800,000 small businesses operated within the 33-county disaster zone, and affordable capital to rebuild is vital to their recovery and continued success.
The Rebuild Texas Fund, a collaborative project of the Michael & Susan Dell Foundation and the OneStar Foundation, provided a $265,000 grant that will enable PeopleFund to lend $2 million to eligible small businesses at 0 percent interest rate with minimal document fees. Borrowers have a six month grace period before the first principal payment is due.
Beyond the physical damage, Hurricane Harvey destroyed business operations, inventory, and small business cycles for many entrepreneurs. Capital to rebuild and grow will enable small businesses to restore jobs, bring back the valuable goods and services they provide, and contribute to the economic recovery of communities large and small throughout the disaster zone. PeopleFund empowers small businesses with limited access to capital from traditional lending sources.
PeopleFund President & CEO Gary Lindner was honored to receive news of the award and remarked, “Across the disaster zone, entrepreneurs face a critical need for low cost capital to rebuild. We are honored to partner with the Rebuild Texas Fund and all of the community leaders who support PeopleFund and entrepreneurship, especially after Harvey.”
Small business owners in the impacted area who need assistance can visit peoplefund.org/recovery to learn about products specifically for Hurricane relief. Impacted business owners can also reach out via phone toll free at 1.888.222.0017 or visit a PeopleFund office in Houston, Edinburg, Brownsville, San Antonio, or Austin.
About PeopleFund
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. 59% 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. www.peoplefund.org
About Rebuild Texas Fund
The Rebuild Texas Fund is a joint initiative of the Michael & Susan Dell Foundation and the OneStar Foundation. The Rebuild Texas Fund supports organizations making an impact in the following six areas: community and economic development; health; housing; education and childcare; transportation and workforce; and capital for rebuilding small businesses. Funding through the Rebuild Texas Fund will be provided to eligible nonprofit, government, corporate, and philanthropic organizations working on the ground in Texas communities, big and small, that have been affected by Hurricane Harvey. More information about the Rebuild Texas Fund is available at www.RebuildTX.org.
For Immediate Release: June 5, 2018
Contact: Amber Kani | Director of Advancement & Education
Phone: 512-222-1006 | amber@peoplefund.org
