Dear Friends,
In Harris County, we are working every day to remove barriers to opportunity, advance economic equity, and create an inclusive, thriving, and prosperous economy that works for everyone. Through the Department of Economic Equity and Opportunity (DEEO), Harris County is leveling the playing field for small businesses, entrepreneurs, and companies owned by people of color and women to fairly compete, grow their businesses, and create jobs in our communities.
Today, October 1, 2024, the application portal opens for Harris County’s first-ever revolving loan fund, known as the Harris County Opportunity Fund. This is the largest direct investment by a local government in a low-interest loan program in Texas history.
The fund will start with $8 million from the American Rescue Plan Act (ARPA), and the PeopleFund will contribute a matching $9 million – $17 million total. The funds will be loaned to businesses to strengthen or expand their operations. When the businesses repay the loans, the funds will become available for future borrowers to create a revolving loan fund that has a sustainable funding source.
The Harris County Opportunity Fund will target entrepreneurs who typically do not have access to critical start-up funding needed at different stages through low-interest micro-loans up to $50,000 and growth loans up to $250,000. The fund provides a 2% discount on interest rates.
Consider this: the average minority- and women-owned business enterprise (M/WBE) has only $500 in outside equity, compared with a staggering $18,500 in non-M/WBE firms, according to the Stanford Institute for Economic Policy. This stark contrast in financial resources limits the growth potential of M/WBEs and perpetuates economic disparities within our community.
With the launch of the Harris County Opportunity Fund, we are directly addressing these disparities.
Business Eligibility Requirements
- Located in Harris County
- In good standing with local, state, and federal governments with no outstanding tax obligations or liabilities
- Not currently in bankruptcy
- Negatively impacted due to COVID-19 and/or unable to secure adequate capital and/or terms in the private market
For more information, you can visit peoplefund.org/harris-county-opportunity-fund, and you can apply at peoplefund.org/get-a-loan.
I am proud to have led in the creation of the first ever Harris County Opportunity Fund to tear down inequity and barriers to opportunity that have existed for generations in our community. I look forward to seeing how these pay dividends for years to come.
Sincerely,
Rodney Ellis