New Jersey Community Capital Drives Job Growth Through Investment in PeopleShores

In a transformative move towards bolstering economic growth and job creation, New Jersey Community Capital (NJCC), a premier community development financial institution, has announced a $3 million investment in PeopleShores, a national public benefit corporation focused on delivering vital digital skills training and technology-enhanced employment opportunities to underserved populations. This funding will enable PeopleShores to expand its network of tech service hubs throughout the United States, thus accelerating job creation and economic resurgence in communities that have been historically overlooked.

The Significance of the Investment

This $3 million investment epitomizes NJCC's mission to deploy versatile capital tailored to the unique challenges faced by mission-driven organizations. As a result of this partnership, PeopleShores is poised to generate over 150 tech-enabled jobs, with expectations of further hiring as the initiative expands nationally. Currently, with seven operational hubs and more in the pipeline for both urban and rural settings, PeopleShores is setting the stage for a workforce ready to engage in high-demand sectors such as artificial intelligence, cybersecurity, and business operations.

Bernel Hall, President and CEO of NJCC, emphasizes the critical nature of PeopleShores’ efforts in job creation through targeted training programs that address the specific employment needs of local businesses. He states, "This not only transforms careers and communities—it's life-changing. By supporting impactful projects, NJCC aims to foster expansive and enduring economic development in under-resourced regions."

Responding to the Demand for Tech-Enabled Jobs

According to a recent report by the AI-Enabled ICT Workforce Consortium, over 98% of technology-related positions are anticipated to undergo significant changes due to advancements in artificial intelligence. Given this shift, the urgency to equip marginalized communities with the necessary skills has never been more pressing. NJCC is at the forefront of addressing this gap through strategic partnerships, offering flexible capital to organizations that help broaden access to job opportunities and workforce development essential for thriving in a rapidly evolving economy.

PeopleShores’ Founder and CEO, Murali Vullaganti, remarks on this timely investment, indicating that it empowers them to expedite their mission to prepare a workforce equipped for emerging tech roles. He elaborates, "Investment in this domain is pivotal to ensure communities are not left behind in this technological wave. Our collaboration with NJCC is emblematic of our shared commitment to fostering long-term community impacts."

The Partnership Between NJCC and PeopleShores

As PeopleShores sought a partner for its upcoming growth phase, the alignment of values was paramount. The organization needed more than mere financial support; it required a partner that comprehended the intricacies of community investments and the motivations of mission-driven enterprises. Vullaganti points out the exceptional synergy between PeopleShores and NJCC, noting shared goals in enhancing community development and a commitment to creating career-oriented employment opportunities.

"Working with NJCC offers us innovative and flexible financing strategies, allowing us to scale our projects for sizable impact, not just locally but on a national level," he explains. Maria Shipilov, Chief Financial Officer of PeopleShores, adds that NJCC's understanding of their mission was instrumental in structuring a deal with maximum benefit potential, prioritizing community upliftment over purely financial returns.

Building the Workforce of the Future

NJCC and PeopleShores are united by more than just their mission; they both envision a future enabled by the right tools, training, and financial resources. Their shared commitment to creating sustainable economic development and employment opportunities represents a beacon of hope for communities eager for change. Hall highlights, "This investment signifies NJCC's strategic approach to yielding robust returns alongside fostering broad economic opportunity. By backing initiatives like PeopleShores, we invest in scalable solutions that enhance local economies and yield sustainable jobs for the future."

Located at the University of the District of Columbia Congress Heights Campus, the new DC Tech Hub supported by this investment stands as a testament to this vision. It serves as a cutting-edge facility where local residents can gain valuable experience, mentorship, and pathways to successful technology careers, particularly for those living in Ward 8—a region plagued by economic hardship and high poverty rates. Recently, the hub marked the beginning of its cybersecurity apprenticeship program, offering promising training opportunities for participants.

PeopleShores' innovative programs provide not only vocational training and internships but also essential networking connections that enhance job creation and career sustainability. Hall observes that there is a need for patient capital to fuel economic growth derived from these high-potential opportunities. "Our focus is to deploy capital where it is needed most—creating affordable housing and initiating innovative economic ventures that foster life-altering changes for entire communities," he concluded.

About New Jersey Community Capital

New Jersey Community Capital operates as a nonprofit committed to advancing social and economic opportunity through thoughtful investments and community-centric programs. Founded in 1987, NJCC has evolved into a vital catalyst for community development, driving economic stability and wealth generation in underprivileged areas. Through various initiatives, NJCC aims to create enduring opportunities that uplift individuals, energize local businesses, improve education, and rejuvenate neighborhoods, ensuring that communities can flourish in today's economy.

For more information about New Jersey Community Capital, please visit their LinkedIn page at @new-jersey-community-capital.