Victoria City Council for the PeopleFund
Tuesday, May 12th, Victoria city council members voted 5 -2 in favor of partnering with PeopleFund, in an effort to help small local businesses by providing business owners with an opportunity to apply for an interest-free small business loan for businesses that were impacted by loss due to COVID-19.
Mayor Rawley McCoy offers some insight into what made this loan more appealing than the LIFTfund loan which was recently rejected by the council.
" It was the consensus of the council, we didn't want to see a 'revolving door,' type of loan. We were looking for a COVID-19 specific small business loan."
It appears that PeopleFund fits the bill for city council members.
Mayor McCoy adds, " PeopleFund is similar to Lift, but it doesn't create a revolving door. I have to commend the council for finding commonality."
According to the PeopleFund website, the mission of PeopleFund, is to provide small business loans as well as business assistance and education to people with otherwise limited access to such resources."
PeopleFund is certiﬁed by the U.S. Department of Treasury as a Community Development Financial Institution and operates as a 501c3.
"Our lending program is the cornerstone of our organization. We provide financing to deserving but underserved small businesses and nonprofits for equipment purchases, permanent working capital term loans, revolving lines of credit, and real estate," PeopleFund offers further.
PeopleFund has loaned to a multitude of small businesses in Texas, of which 50% has been lent to women-owned businesses, 62% minority-owned businesses, 54% low-moderate income business owners, and 18% to non-profits.
If you are a small business owner, peruse the PeopleFund website and see if PeopleFund is right for you and your business. There is no fee to apply.