PeopleFund is a nonprofit Community Development Financial Institution (CDFI) that creates economic opportunities for underserved communities by providing capital, resources, and tools necessary to build and grow a successful business. PeopleFund will originate and service the loans to eligible Harlingen small businesses.
All applications will be submitted and reviewed by PeopleFund, which has locations throughout the state, including in the Rio Grande Valley. Local loan officers will be available to guide loan applicants and recipients through the process.
The revolving loan fund program will begin on April 1, 2023, and end on March 31, 2028. PeopleFund will continue to revolve and originate the loans and provide free technical assistance to eligible loan recipients beyond the end date.
Eligibility for the program includes the following:
Businesses with an existing loan with PeopleFund and an established physical address in the City of Harlingen
Businesses that do not have a loan with PeopleFund but have an established physical address in the City of Harlingen.
At least 60% of the loan proceeds shall be allocated to minority-owned businesses and at least 60% to low and moderate-income business owners.
PeopleFund loan interest rates typically range from 7% to 15% with 60 months average term. The maximum loan amount disbursed under this fund will be $350,000. At least 25% of the fund will be allocated to $50,000 and under loans.