BIPOC Small Business Accelerator

The PeopleFund's BIPOC Small Business Accelerator is a program designed to empower underserved entrepreneurs in Texas. It provides capital, education, and resources to foster healthy business growth among its participants. PeopleFund's mission is aligned with this program by directly addressing the financial and educational gaps faced by BIPOC (Black, Indigenous, and People of Color) business owners, a critical component of economic equity and community development. The program emphasizes practical support through a structured curriculum and ongoing mentorship. The program targets BIPOC entrepreneurs located in Texas, specifically those who are in low to moderate-income areas, or whose individual address or household income falls within these classifications. It is open to both start-up and existing businesses that demonstrate the ability to support a loan payment through available global cash flow and meet PeopleFund's credit and lending qualifications. This focus ensures that the program reaches individuals and businesses most in need of support to overcome systemic barriers to business success. Key priorities of the accelerator include providing access to business planning software like LivePlan, an online curriculum, and expedited loan packaging and application support. Participants commit to an orientation, virtual training sessions, and assigned "homework," demonstrating a dedication to their business development. The program also prioritizes ongoing after-care through dedicated business coaching and mentorship, recognizing that sustained support is crucial for long-term growth and success. Expected outcomes and measurable results include participants qualifying for a PeopleFund loan product, completion of a business plan, financial statements, and a capital portfolio. They are also expected to gain access to business and professional resources, tools and technology, and networking opportunities within their cohort. The program aims to increase the number of successful BIPOC-owned businesses in Texas, thereby contributing to local economic growth and reducing wealth disparities. The grant amount ranges from $3,000 to a maximum of $5,000. The program's strategic priorities are centered on fostering self-sufficiency and sustainable growth for BIPOC entrepreneurs. PeopleFund's theory of change posits that by providing targeted capital, comprehensive education, and continuous mentorship, they can equip underserved business owners with the essential tools and knowledge to not only start but also significantly scale their businesses. This approach is designed to create a ripple effect, leading to job creation, increased local economic activity, and enhanced community resilience.