Donor Name: PeopleFund
County: Selected Counties
City: Selected Cities
Type of Grant: Accelerator
Size of the Grant: up to $50,000
Grant Duration: 12 months
Program participants commit to an orientation, a series of virtual training sessions, and “homework” assigned in between training sessions over the course of 3 months. Participants also receive access to technology and tools including LivePlan business planning software and an online curriculum for a period of 12 months from the program orientation, expedited loan packaging and application support, and ongoing after-care provided by PeopleFund and our partners. Graduates of the program who apply and are approved receive a loan up to $50,000 and a grant of up to 10% of the loan amount to be used for equity injection or business purposes.
Black, Indigenous, and People of Color-owned (BIPOC) small businesses were disproportionately impacted by the pandemic and took a bigger hit than most. Business survival among BIPOC-owned businesses fell by about 36% in the months after March 2020. Now more than ever, it is imperative that they support BIPOC entrepreneurs by increasing opportunities in their communities for healthy small business growth. By doing so, they ensure they are working towards dismantling economic and social systemic inequities through strengthening and empowering communities of color.
- Increase access to capital for BIPOC-owned businesses.
- Improve the credit profile of early-stage entrepreneurs.
- Improve the business acumen of early-stage entrepreneurs.
Participants that successfully complete the training will have access to:
- A loan for up to $50,000 (dependent on approval)
- A grant for up to 10% of the loan amount (dependent on approval and to be used for specified purposes)
- 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 (for 12 months)
- Curriculum guide within an online learning platform
- Ongoing support and aftercare through dedicated business coaching and mentorship
- Networking opportunities within the cohort
Participants also receive access to technology and tools including LivePlan business planning software and an online curriculum for a period of 12 months from the program orientation, expedited loan packaging and application support, and ongoing after-care provided by PeopleFund and their partners. Graduates of the program who apply and are approved receive a loan up to $50,000 and a grant of up to 10% of the loan amount to be used for equity injection or business purposes.
To qualify for the BIPOC Small Business Accelerator, applicants must meet the following criteria:
- Must self-identify as BIPOC (Black, Indigenous, Person of Color) – which includes anyone who identifies as Hispanic, Latinx, Native American, Native Hawaiian, Alaskan Native, Desi, Asian or Pacific Islander
- Must be located in the target region of the program iteration
- At least 6 months of operating revenues (no pre-revenue businesses will be accepted)
- Must be able to support a loan payment through available global cash flow
- Must meet credit and lending qualifications
- No bankruptcies within 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
- Not currently past due on credit obligations or are on a recovery plan
- Total collections, derogatory marks, and past due items cannot exceed 10% of the total loan amount
- 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 BIPOC Small Business Accelerator.