Do you own a small business in Houston (Harris County, Texas)? If so, you should think about applying for a grant that you're not required to pay back or apply for a low-interest loan. With the recent establishment of a massive $17 million Harris County Opportunity Low Interest Loan Fund, Harris County officials are taking significant steps to level the playing field for small business owners, particularly women and minority entrepreneurs.
Developed by Commissioner Rodney Ellis, Executive Director Estella Gonzalez of the Department of Economic Equity & Opportunity (DEEO), and President and CEO Gustavo Lasala of PeopleFund, this innovative program is ready to spark a new wave of economic opportunities.
So why not submit an application?
Harris County Has $17 Million Available for Houston-based Small Business Owners, Photo by Giorgio Trovato on Unsplash
American Rescue Plan Act
The Harris County Opportunity Fund will provide $8 million sourced from the American Rescue Plan Act (ARPA) by the Biden-Harris Administration and an additional $9 million contributed by PeopleFund, a highly esteemed nonprofit organization committed to supporting marginalized small business proprietors.
This unique funding package of $17 million is strategically aimed at addressing wealth disparities and is accessible to minority, women-owned, and other underrepresented business operators within Harris County. All small business owners can apply.
"With Harris County’s first-ever Revolving Loan Fund, we will address longstanding disparities in access to financial resources, thereby leveling the playing field for all entrepreneurs to thrive.” Commissioner Ellis said. Starting October 1, 2024, small business owners can apply online or submit paper applications. The program remains operable as of March 2025.
Pre-Loan Technical Assistance will be offered to all applicants to help them prepare for the loan application process. Post-loan assistance is available to help borrowers remain on track with their business plans.
All participants will have access to Harris County’s Hub program and PeopleFund’s BIPOC Small Business Accelerator. PeopleFund represents a program that provides loans, grants, education, and access to a network of advisors to ensure the success of all participants.
“The Harris County Opportunity Fund embodies our commitment to fostering economic growth, innovation, and job creation within Harris County while addressing longstanding disparities in access to financial resources,” said Commissioner Ellis.
Harris County, Texas Commissioner Rodney Ellis, youtube screenshot.
“By launching Harris County’s first-ever revolving loan fund, we are taking decisive steps toward closing the wealth and equity gaps that persist among our entrepreneurs, particularly those from minority-owned firms.”
The fund, managed by the county’s Department of Economic Equity & Opportunity (DEEO), will target entrepreneurs at different stages who can apply for low-interest micro-loans up to $50,000 and growth loans up to $250,000.
“The program’s overall goal is to support the formation, the survival, and the growth of small and microbusinesses in the county,” said Estella Gonzalez, DEEO’s executive director. “The Department of Economic Equity & Opportunity is excited to launch this new program, which will better serve the needs of businesses in Harris County.”
Gustavo Lasala, PeopleFund’s president and CEO, said the Austin-based nonprofit is proud to partner with Harris County. PeopleFund seeks to provide at least 400 loans, create or retain at least 1,500 jobs, and provide at least 10,000 hours of technical assistance in Harris County.
“We have been around for 30 years, and our impact has reached $1 billion in the Texas economy,” Lasala said. “Half of that in the last five years and 20 percent in Harris County. So, imagine how this fund supercharges the impact that we will have here in this area.”
The loan terms include:
- 2% buy-down on interest rate.
- No closing fees.
- Projected average term length of 5-7 years.
- 10-day grace period for late payments
The money businesses use to repay the loans will go back into the fund for future borrowers to create a revolving loan fund.
“I strongly urge all eligible businesses needing a cash infusion to apply and join us in this transformative journey toward a more equitable and thriving community,” Commissioner Ellis said. “Together, we can build a future where every entrepreneur has the opportunity to succeed, every business can thrive, and every individual can realize their full potential.”
To apply for loans, visit the PeopleFund’s website at peoplefund.org or the DEEO’s site at deeo.harriscountytx.gov and click on the “Program Planning & Innovation” tab.
Reporter & Houston News Associate Editor Clarence Walker can be reached at Houstonnewstoday@yahoo.com