HOUSTON, Texas – Starting Tuesday, small businesses in Harris County can apply for low-interest loans from the $17 million Harris County Opportunity Fund.
“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 Harris County Commissioner Rodney Ellis, who initiated the program. “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.”
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The loan program, which is the largest direct investment by a local government in a low-interest loan program in Texas history, will start with $17 million – $8 million from the American Rescue Plan Act (ARPA) and a matching $9 million from the PeopleFund, a nonprofit economic investment company that the county contracted with to implement the fund.
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 micro-businesses 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.