People Incorporated Financial Services recently received a significant boost of $300,000 from the Commonwealth’s Capital for Communities Fund (CCCF) to assist and empower women entrepreneurs with financial products and coaching. This funding will not only facilitate the growth of existing women-owned businesses but also provide essential assistance in terms of lending and technical support throughout the organization's service area spanning 16 cities and counties.
Breaking Down Barriers
Stephanie Lillard, the Director of Community Economic Development at People Incorporated, expressed her enthusiasm about the funding, stating, "This funding enables us to enhance the accessibility of much-needed capital for historically underserved groups, particularly women-owned enterprises and individuals from low-income communities. Women entrepreneurs often face obstacles in obtaining the necessary capital to initiate or expand their businesses. We believe that this funding will play a crucial role in eliminating these barriers and fostering the establishment and growth of women-led businesses across the commonwealth."
Addressing Funding Challenges for Women-Owned Businesses
According to the Federal Reserve's 2022 Small Business Credit Survey, women-owned businesses frequently confront challenges in accessing capital to support their operations and expansion. Recognizing this issue, People Incorporated established People Incorporated Financial Services in 2000 to cater to the financial requirements of disadvantaged individuals and entrepreneurs in Southwest Virginia. Over the years, the organization has extended its reach to encompass the Northern Piedmont, Northern Shenandoah Valley, and Greater Prince William regions, offering a range of loan products and financial services. It is noteworthy that People Incorporated stands as the sole Community Development Financial Institution (CDFI) headquartered in Southwest Virginia.
For further information on CCCF, please visit dhcd.virginia.gov/cccf. To explore People Incorporated's business lending services, visit www.peopleinc.net/businessloan or contact 276-619-2297.