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People Incorporated Financial Services awarded $597,000 by the U.S. Treasury to serve low-income communities with small business and consumer lending services

 

October 18, 2013

Abingdon, Virginia – People Incorporated Financial Services is pleased to announce that it has been awarded $597,000 from the U.S. Treasury’s Community Development Financial Institutions Fund (CDFI Fund) to increase its business development and lending services in low-income and economically distressed communities throughout Virginia.

According to Treasury Deputy Assistant Secretary Don Graves, “By providing affordable credit and capital, CDFIs play a unique role in creating jobs, generating economic growth and revitalizing neighborhoods in America’s low-income and economically distressed communities.”  This latest award allows People Incorporated to continue to address the growing need for affordable financing capital in underserved areas throughout its markets. “We maintain a steadfast commitment to helping individuals and businesses build wealth and create jobs,” stated People Incorporated President and CEO Rob Goldsmith. “Financial Assistance from the CDFI Fund helps us to provide the tools, resources, assistance, and loan capital that is necessary to build successful businesses, whether they are owned by low-to-moderate income individuals, new microentrepreneurs, or reside in economically disadvantaged communities.”

Since 1992, People Incorporated Financial Services has deployed and managed over $60.3 million in loan funds, and has helped to create and/or retain 3,563 jobs in low-income communities throughout Virginia. Individuals interested in entrepreneurship or owning a small business may contact Ms. Deborah Wagner, Director of Community Economic Development, by phone at 276-623-9000.

About People Incorporated Financial Services
Headquartered in Abingdon, VA, People Incorporated Financial Services is a non-profit, certified Community Development Financial Institution that promotes economic self-sufficiency and access to capital for low-income residents and communities by providing business development and lending services, technical assistance, financial and credit literacy training, and marketing services to help businesses attract private investment and create jobs.   People Incorporated Financial Services is an affiliate corporation of People Incorporated, one of the nation’s most successful and innovative Community Action Agencies. For more information about People Incorporated’s programs and services visit People Incorporated on the web at www.peopleinc.net.

About the CDFI Fund
Since its creation in 1994, the CDFI Fund has awarded over $1.8 billion to CDFIs, community development organizations, and financial institutions through the CDFI Program, the Bank Enterprise Awards Program, the Capital Magnet Fund, the Financial Education and Counseling Pilot Program, and the Native American CDFI Assistance Program. In addition, the CDFI Fund has allocated $36.5 billion in tax credit authority to Community Development Entities through the New Markets Tax Credit Program. Learn more about the CDFI Fund and its programs at www.cdfifund.gov.