PeopleFund’s BIPOC Small Business Accelerator – US

As a Community Development Financial Institution, the work focuses on creating economic opportunity for low to moderate-income individuals and communities. Staying true to the 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 the partners. Participants must apply, be admitted to the program, and qualify for a PeopleFund loan product. Those who successfully meet all program requirements, close on their loan, and graduate may receive a grant that can be used for equity injection or other legal business purposes.

Program 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 OR
    • That the address of the individual is in a low to moderate-income area OR
    • 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.

For more information, visit PeopleFund.