PeopleFund Earns $700,000 Treasury Grant
Funds will support statewide expansion
Austin, Texas – PeopleFund, a non-profit Texas small business lender has been awarded a $700,000 Financial Assistance Grant from the U.S. Department of Treasury Community Development Financial Institutions Fund (CDFI Fund).
The CDFI grant enables PeopleFund to continue its strategic state expansion plan which will provide essential loans, coupled with business education and training, to an even greater number of underserved Texas small business owners.
PeopleFund’s target market is minority, women, and veteran business owners and those located in low to moderate income census tracts, but will assist any small business owner excluded from traditional financial products and services. Access to capital remains a dominant challenge to small business owners to sustain or grow their business. PeopleFund’s core purpose is to help them meet that challenge.
“This grant will allow us to accelerate our overall statewide expansion plan” according to President & CEO, Gary Lindner. He added, “Now we can inspire, educate, fund, and elevate an even greater of number of small businesses in their pursuit of the American Dream.”
“This announcement recognizes PeopleFund’s leadership in economic development. With these new federal funds, PeopleFund can support even more underserved small business owners,” commented Congressman Lloyd Doggett (D-TX).
Through the Community Development Financial Institutions Program (CDFI Program), the CDFI Fund invests in and builds the capacity of CDFIs, empowering them to grow, achieve organizational sustainability, and contribute to the revitalization of their communities. By providing financial and technical assistance awards, the CDFI Program helps CDFIs expand their services and build their technical capacity. Although investment decisions are made at the local level by CDFIs, the CDFI Program creates opportunity in America’s underserved communities by providing access to affordable financial products and services. Since the program was started in 1994, organizations have received nearly $1.2 billion in assistance and the number of CDFIs has increased nine-fold. For more information about the CDFI Program, please view the Fact Sheet or visit the CDFI Fund’s website at www.cdfifund.gov/cdfi.
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 $250,000 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 communities. 89% of PeopleFund loans are made within the target market and 51% of loans are to startup businesses with fewer than two years in business, as well as to nonprofit and community organizations with high social impact. Through access to capital and educational opportunities, PeopleFund creates economic opportunity and financial stability for underserved people to build healthy small businesses.