#United States #Austin, Texas #Small Business #PeopleFund #McLennan

PeopleFund and McLennan County Investment Fund Join Forces

In a significant move aimed at bolstering support for small businesses in Central Texas, PeopleFund and McLennan Community Investment Fund (McCIF) have announced their consolidation. This strategic partnership combines the comprehensive capabilities of PeopleFund, a Community Development Financial Institution (CDFI) with three decades of impactful performance, with the locally-rooted expertise of McCIF, an emerging CDFI based in Waco.

The merger will not only expand access to capital but also preserve McCIF’s mission, allowing it to leverage the detailed operational infrastructure and capital base of PeopleFund. As a result, small businesses in the region will find greater opportunities for financial assistance through a wider array of loan products available to them.

A Firm Commitment to Local Communities

As Gustavo Lasala, President and CEO of PeopleFund, states, “Our vision has always been to reach as many small businesses as possible while staying deeply connected to the communities we serve.” This vision will be strengthened through McCIF’s established relationships within the Central Texas community, enhancing PeopleFund’s reach.

Additionally, McCIF's focus on education will enable PeopleFund to scale its educational programs further, providing valuable resources and knowledge to entrepreneurs across Texas and potentially beyond.

The newly consolidated organization will maintain a steadfast presence in Waco, ensuring that community representation continues to be a priority. Former McCIF board members, Tom Chase and Jocelyn Williams, will join PeopleFund's Board, ensuring that the local perspective remains integral to the strategic direction of the merged entity.

As Chase shares, “I’m thrilled that our vision for supporting small businesses in Waco and McLennan County is now amplified.” He expresses confidence that this consolidation not only preserves McCIF's local influence but also accelerates its growth, thereby extending its impact on the community even further.

Expanded Opportunities for Small Businesses

The merger will diversify the range of loan products available to small businesses in McLennan County. Among the offerings are Microloans, SBA 7a loans, SBA 504 loans of up to $5 million, and significant investments through New Markets Tax Credit projects exceeding $7 million. Plus, specialized initiatives like the Small Business Accelerator and PeopleFund Veteran Programs will extend their services into the region, offering tailored resources at affordable rates.

Cris Houston, the Executive Director of McCIF, who now leads PeopleFund's educational programs, highlights the importance of this partnership: “This consolidation ensures that our mission is not only fulfilled moving forward but also amplifies our capacity to serve more small businesses.”

Building a Stronger Economic Future

Overall, the merger of PeopleFund and McLennan County Investment Fund signifies a monumental step towards nurturing economic opportunity in Central Texas. By joining forces, they aim to deliver affordable capital, comprehensive business education services, and ultimately enhance prospects for economic growth.

Both organizations envision a future where support for underserved small businesses is not only sustained but also significantly enhanced, creating lasting economic opportunities for entrepreneurs in Central Texas.

For those interested in learning more about these initiatives, additional information is available on the official websites of PeopleFund and McCIF. This strategic collaboration promises to reshape the landscape for small businesses in the region, underscoring the profound impact of community-focused financial institutions.