PeopleFund is looking to invest in a startup in southern Dallas.
The Austin-based community development financial institution is launching a new accelerator program aimed at BIPOC-owned businesses in the southern part of the city and Austin.
“Now more than ever, we must support BIPOC-owned business owners by increasing opportunities in our communities for healthy small business growth,” PeopleFund wrote on its website. “By doing so, we ensure we are working towards dismantling economic and social systemic inequities through strengthening and empowering communities of color.”
Launching in October, the eight-week accelerator program will provide training, mentoring and networking, in addition to access to tech tools like business planning software. It also says its goal is to increase access to capital and boost the credit profile of early-stage BIPOC entrepreneurs. Applying businesses need have at least six months of operating revenue.
PeopleFund said it expects about 85% of applicants to complete the program. And for those that do will be eligible to receive a microloan from the organization. The organization said that those approved for the loan would receive a grant worth up to 10% of the loan for equity or other business purposes.
Locally, PeopleFund has partnered with nonprofit Southern Dallas Progress CDC and the North Richland Hills-based business resource center, the North Texas Entrepreneur Education and Training Center, which opened a new collaborative office space in March.
PeopleFund first entered Dallas in 2012, with the acquisition of micro-lending organization PLAN Fund. It expanded its reach in the local entrepreneurial community in 2016 when it opened the Women’s Business Assistance Center. It also has a branch in Fort Worth inside the Fort Worth Business Assistance Center. Since its creation around 25 years ago, PeopleFund has lent nearly $100 million to more than 1,500 businesses and nonprofits.
“The goal of this program is to accelerate early-stage entrepreneurs with capital, education and ongoing technical assistance, to support healthy small business growth in communities that need it most,” PeopleFund wrote.
The new accelerator is among a crop of other local programs that have come about since the protests over racial justice and equity last year aimed at supporting underrepresented founders. In June, nonprofit accelerator Impact Ventures expanded its programming, adding a track for small businesses, in addition to early-stage startups. The following month, the United Way of Metropolitan Dallas included an incubator program focused on systemic societal issues alongside its accelerator program. And last month, The DEC Network’s southern Dallas hub launched an idea-stage business and market development program. The DEC is also a partner on a new fund by Founder First CDC to award 30 $100,000 grants to BIPOC business owners this year.
