Applications open for BIPOC Small Business Accelerator Program 2025 (United States)

Deadline: 3 January 2025

Applications are now open for PeopleFund’s BIPOC Small Business Accelerator to provide underserved entrepreneurs in Texas with the capital, education, and resources needed to support healthy business growth.

Program Overview

As a Community Development Financial Institution, their work focuses on creating economic opportunity for low to moderate-income individuals and communities. Staying true to their vision and values, this program is open to all regardless of race, gender or creed.
Program participants commit to an orientation, a series of virtual training sessions, and assigned “homework”. Participants also receive access to technology and tools including LivePlan business planning software and an online curriculum for 6 months, expedited loan packaging and application support, and ongoing after-care provided by PeopleFund and their partners. Participants must apply, be admitted to the program, and qualify for a PeopleFund loan product.

Benefits

Participants will have access to:
- Qualify for a PeopleFund loan product (dependent on approval)
- A grant amount between $3,000 and a maximum of $5,000
- Connections to business and professional resources in the community
- Completion of a business plan, financial statements, and capital portfolio
- Access to tools and technology including LivePlan business planning software and the Verizon Digital Ready Program
- Curriculum guide within an online learning platform
- Ongoing support and aftercare through dedicated business coaching and mentorship
- Networking opportunities within the cohort.

Eligibility Criteria

The program is based on first-come, first-serve and they will admit the first 70 eligible applicants.
To qualify for the BIPOC Small Business Accelerator, applicants must meet the following criteria:
- Must be located in the state of Texas
- Participants must demonstrate at least one of the following three criteria:
Their business is located in a low to moderate-income area
That the address of the individual is in a low to moderate-income area
That the household income of the participant is low to moderate-income:
- Open to start-up and existing businesses
- Must be able to support a loan payment through available global cash flow
- Must meet credit and lending qualifications
- No bankruptcies within the last 5 years
- U.S. Citizen or Permanent Resident
- Not currently in active litigation
- Not currently past-due on federal obligations or are on a recovery plan
- Total collections, derogatory marks, and past due items cannot exceed 10% of the total loan amount up to $5,000
- Not involved in felony-level criminal activity, crimes of moral turpitude, or financial
- Not engaged in any of the following industries: adult entertainment, gambling or gaming, real estate investments or housing projects, passive activity (rental), anything federally illegal, multi-level marketing, and nonprofit activities.