PeopleFund, a nonprofit lender that serves small businesses across Texas, is expanding into the Texarkana area. The group plans loans, an education program tied to grants, and business advising. Amber Keith, who previously ran the Small Business Development Center at Texarkana City Hall, is leading the local effort, according to a news release. Keith said the center closed this year.
Keith said PeopleFund is a certified community development financial institution and that its loan programs are more flexible than those of a traditional bank or the U.S. Small Business Administration. The group offers SBA microloans, 504 loans and 7(a) loans, among other types. Keith said it can sometimes work with applicants who have imperfect credit or lack collateral. The group also runs an eight-week program of weekly workshops. Participants who complete it and get a loan of at least $3,000 can receive a grant of $3,000 to $5,000. Keith said Texarkana has never had a program like it for businesses.
PeopleFund plans to open an office in The Assembly Line, a downtown business incubator, once the building is finished. Keith said she has heard it could be completed early next year but has no move-in date. Until then, she is working from a home office. PeopleFund will host PeopleSource: Access to Capital and Small Business Resources from 11 a.m. to 1 p.m. Thursday, Nov. 5, at Texas A&M University-Texarkana, in the Tri-State Iron and Metal Atrium on the third floor of the Anita and Truman Arnold University Center. Keith said the event is on campus because the Assembly Line building is not ready.