CCCF awards $300,000 to Non-Profit to Assist Women Entrepreneurs

By: GWL Team | Wednesday, 12 June 2024

Abingdon-based non-profit has received $300,000 funding from Commonwealth’s Capital for Communities Fund (CCCF) in order to assist women entrepreneurs to empower and their businesses by giving them access to financial products and coaching, according to a press release by People Incorporated.

As per the release, People Inc. shall utilize the funds to “support existing business lending and technical assistance across the agency’s 16 city and county service area”. Stephanie Lillard, Director of Community Economic Development at People Inc. stated that the non-profit shall provide women with best chance to get their business off ground, by using the funds.

Stephanie said, “This funding allows us to expand access to much-needed capital to historically underserved populations, including women-owned businesses and low-income community members. Women entrepreneurs continue to face barriers to capital needed to grow or start their businesses, and we hope this funding will help break down walls and support the start-up and expansion of women-owned businesses across the commonwealth.”

According to People Inc., businesses that are owned by women, very often face financial barriers that limit their growth. This statement was passed by referencing the Federal Reserve’s 2022 Small Business Credit Survey.

People Incorporated Financial Services were awarded with CCCF funds which was created by the non-profit in 2000 with an intent to provide financial assistance to disadvantaged people in addition to entrepreneurs in Southwest Virginia.