25 Years of Impact
How PeopleFund is helping small business owners succeed
Words by Sam Lauron Photos by Shelby Bella & People Fund
Several years ago, a report came out that stated women make up more than half of Texas’ population. However, fewer than 25% of CEOs are women. This data prompted PeopleFund to take action and change the status quo through their business lending program.
“We think that Austin and Texas can, and should, do better,” proclaims Amber Kani, Chief Advancement Officer at PeopleFund. After learning about the state of women earners in Texas, the nonprofit lender took the necessary steps to shift their organization into one that better serves women-owned businesses. As a team made up almost entirely of women, Amber says PeopleFund “wanted to walk the walk” and set out to make women at least 50% of the population in which they serve. Only a couple years into the process, the organization’s portfolio is now made up of 53% women-owned businesses.
With humble beginnings, PeopleFund got its start in a little green house on Chalmers Avenue with the goal of providing loans and assistance to businesses in the heart of East Austin. Now in its 25th year, the nonprofit has grown immensely in the services they provide and the areas they serve. While based in East Austin, the organization also has offices in most major cities throughout Texas, including Dallas, Houston and San Antonio. No matter which city they’re serving, their main priority is to “elevate underserved entrepreneurs,” says Amber. She adds, “In addition to women, we focus on minorities, low income [individuals], business in low income areas, and veterans.”
For women-owned businesses, PeopleFund provides a breadth of resources aimed at helping small businesses, startups, and nonprofits succeed. Whether entrepreneurs are looking for financial help, wanting to grow their business skills, or are seeking support from fellow business owners, PeopleFund strives to make the process as seamless as possible through their lending program, access to business coaches, and free workshops.
“We just want to make sure [women] can get what they need with as few obstacles as possible.”
“There are already so many barriers to starting a business,” Amber explains. “We just want to make sure women can get what they need with as few obstacles as possible.”
One major barrier that female business owners often face is access to capital, according to Amber. “Even though women repay their loan at a more stable rate, and they turn their capital around and put it back into the community, what we find is that banks decline them at a higher rate.”
That’s where PeopleFund steps in. The organization currently lends around $5 million per year at a reduced rate to women-owned businesses. Thanks to a partnership with the Tory Burch Foundation and Bank of America, PeopleFund can offer a 2% reduction rate on loans of $100,000 or less for women-owned businesses.
In doing so, they’ve helped local businesses fund their next step, businesses that Amber believes are doing “really important work” like minority female-owned businesses, construction businesses, healthcare clinics, retail stores, and coffee shops.
“These women come to us with great ideas and great businesses,” Amber smiles. “They just need a high five and a little support along the way, and they can do really big things.”
25 Years of Impact
– Lent $75 million
– Provided 100,000 hours of free educational support
– Helped over 1300 businesses
– Created over 6,000 jobs
Contact:
2921 E. 17th Street
peoplefund.org
@peoplefund
