AUSTIN, Texas – (Dec. 5, 2023) – The Regions Foundation, a nonprofit funded primarily by Regions Bank, on Tuesday announced a $120,000 investment to support customized business coaching, funding, and additional support for under-resourced small businesses in Texas.
The grant to PeopleFund marks the Regions Foundation’s fourth contribution to the organization in the last three years. Each grant is designed to help elevate entrepreneurs and create economic opportunities throughout the Lone Star State. PeopleFund is a community development financial institution (CDFI) that has empowered more than 5,000 small businesses through access to capital, business education, and additional resources. The organization has a nearly 30-year history of supporting Texas entrepreneurs.
“PeopleFund works with small-business owners one-on-one, taking the time to learn their vision for their business – and then connects them with coaching, funding, and other tools to transform their business ideas into successful business plans,” said Marta Self, executive director of the Regions Foundation. “The result is more small-business owners have a greater chance for success in today’s economy. The Regions Foundation is incredibly proud to deepen its longtime community partnership with PeopleFund through this latest investment.”
PeopleFund works with small-business owners one-on-one, taking the time to learn their vision for their business – and then connects them with coaching, funding, and other tools to transform their business ideas into successful business plans.
Marta Self, executive director of the Regions Foundation
The Regions Foundation’s latest contribution will support a broad range of entrepreneurs, including business owners who are part of PeopleFund’s Small Business Loan Fund. Through this fund, PeopleFund offers loans to small businesses owned by people from a wide range of backgrounds, including entrepreneurs with low or moderate incomes, those with veteran backgrounds, and more. PeopleFund also operates a New Market Tax Credit Program, an SBA 504 Program and other programs like the Revolving Loan Fund for hard-to-reach and rural areas to support business owners needing capital to take their business to the next level of success.
In 2022 alone, PeopleFund deployed more than $43 million through small-business and special-program loans, provided 25,000-plus hours of technical assistance, and helped create or retain 2,400-plus jobs. The organization also worked with fellow CDFIs to deploy $15 million in funding to veteran-owned businesses.
“We thank the Regions Foundation for their continuous support to PeopleFund’s mission over the years,” said Gustavo Lasala, President and CEO of PeopleFund. “This new contribution will further strengthen our efforts to provide financial resources to business owners, particularly those from low and moderate-income backgrounds, women, veterans, as well as hard-to-reach and rural areas. It’s inspiring to contemplate the collective impact we’re generating, collaboratively forging more resilient communities for everyone.”
It’s inspiring to contemplate the collective impact we’re generating, collaboratively forging more resilient communities for everyone.
Gustavo Lasala, President and CEO of PeopleFund
PeopleFund’s support was especially vital as small-businesses owners navigated the challenges of serving customers throughout the COVID-19 pandemic. In 2020, the organization helped entrepreneurs develop disaster-response plans and locate financial assistance to keep their doors open and contribute to their local economies.
PeopleFund’s small-business clients range from a teletherapy app helping mothers and daughters repair and deepen their relationships to pharmacies serving under-resourced communities, a retailer providing medical uniforms, and even a candlemaker. All have graduated from a PeopleFund Accelerator Program and leveraged resources to grow their companies.
About Regions Foundation
Regions Foundation supports community investments that positively impact the communities served by Regions Bank. The Foundation engages in a grantmaking program focused on priorities including economic and community development; education and workforce readiness; and financial wellness. The Foundation is a nonprofit 501(c)(3) corporation funded primarily through contributions from Regions Bank.
About PeopleFund
PeopleFund is a nonprofit Community Development Financial Institution, an SBA lender and the managing member of the Veteran Loan Fund. Established in 1994, PeopleFund has almost 30 years of experience helping thousands on the path to financial security. PeopleFund programs focus on advancing economic opportunities for people of color, veterans, women and individuals of low-to-moderate income by providing capital, training and other resources needed to grow healthy small businesses. Since inception, PeopleFund has delivered over $220 million in financial assistance to over 5,000 small businesses and $187 million in New Market Tax Credit allocations that attracted $800 million in investments — putting the direct impact in the Texas economy surpassing $1 billion. PeopleFund has also helped create and retain 22,000 jobs and delivered over 170,000 hours of business education. To learn more about PeopleFund please visit peoplefund.org.
