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PeopleFund's Remarkable Milestone in East Texas

PeopleFund, a nonprofit small business lender located in Texas, recently celebrated its fourth anniversary of operations in East Texas. With a remarkable track record of success, the organization has significantly contributed to the region's economic growth and community development.

Historical Impact and Achievements

Since its inception in East Texas in 2021, PeopleFund has navigated a journey filled with growth, innovation, and community support. The organization has successfully contributed over $18 million in direct economic impact within the region. This includes substantial funding options such as $5 million in small business loans, $8 million in SBA 504 financing, and an additional $5 million via New Markets Tax Credits.

As of now, PeopleFund's statewide impact has amassed more than $1.4 billion, aiding in the growth of over 6,000 businesses and helping create or retain an astounding 26,000 jobs across the state. Additionally, the organization has dedicated over 235,000 hours to provide technical assistance to local entrepreneurs, empowering them with resources and knowledge for sustainable business practices.

The Power of Partnerships

The success of PeopleFund in East Texas can be attributed, in large part, to strategic partnerships established with foundations such as the T.L.L. Temple Foundation and the Economic Development Administration. Charlie Glover, the President and CEO of the T.L.L. Temple Foundation, stated, "East Texas should be the most fertile region in the state to pursue economic mobility and improve life circumstances. Access to capital for small businesses is one piece of that puzzle." His words highlight the importance of collaboration in driving positive change.

Notably, about 50% of PeopleFund's impact in the region has been made possible through public funding, emphasizing the effectiveness of public-private partnerships in fostering community development.

Testimonials from Local Business Owners

Vernetta Spivey, the owner of Spivey Salon Suites in Beaumont, Texas, shared her enthusiasm about the resources and mentorship provided by PeopleFund's Small Business Accelerator program. She expressed her eagerness to elevate her business further and deepen her involvement in the entrepreneurial community.

Another inspiring story comes from Local Solution Enterprises, known as Local Sanitation and My Trash Service. Founded in 2015 in Tyler County, the company has grown to serve over 14,000 customers by providing essential services such as curbside pickup and commercial waste management. James Broussard, the CEO of Local Solutions, attributed their success to the vital capital secured through their partnership with PeopleFund, which allowed them to reach more rural communities and create additional local jobs.

Future Directions and Expansion

Looking ahead, Gustavo Lasala, the President and CEO of PeopleFund, expressed his optimism. Initially, they aimed to deploy $2.5 million over three years, but have far exceeded those expectations with an impressive $18 million in regional impact. He noted that the organization's work will continue to evolve as they strive to support local businesses further, ultimately creating opportunities for families and improving the overall economic landscape of East Texas.

PeopleFund’s deep commitment to fostering economic growth and empowering local businesses reinforces its significance as a catalyst for change. Their work illustrates that with the right resources, support, and partnerships, communities can resiliently thrive.

About PeopleFund

Established in 1994, PeopleFund is a nonprofit Community Development Financial Institution (CDFI) and an SBA lender dedicated to transforming lives through economic empowerment. Over the past three decades, the organization has demonstrated its capacity to enable thousands of individuals on their journey toward financial security, creating and retaining over 25,000 jobs through impactful lending and educational programs. If you're interested in learning more about PeopleFund and their initiatives, visit www.peoplefund.org.