Page 14 - People Incorporated Annual Report
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PROGRAM AREAS AND DESCRIPTIONS, continued Community Economic Development programs
BUSINESS LOAN SERVICES Access to capital for microenterprise and small business loans ensures that qualified business owners have the financing they need to grow their business to its full potential and create jobs.
TECHNICAL ASSISTANCE AND TRAINING Small business owners who receive technical assistance or attend business training workshops are better prepared to succeed in business and to strengthen their balance sheet.
CONSUMER LENDING The program offers an affordable alternative to payday and title lenders and provides access to credit counseling and financial literacy training to help borrowers get their finances back on track.
INDIVIDUAL DEVELOPMENT ACCOUNTS (IDA)
IDAs facilitate a pattern of regular savings for modest income working families using matching funds. Clients build assets and long-term economic security.
NINTH DISTRICT DEVELOPMENT FINANCING (NDDF)
Local economies are enhanced through this specialty loan
program that enables tourism-based business owners to start or expand their businesses with below market rate financing in the Ninth Congressional District of Virginia.
NEW MARKETS TAX CREDITS The New Markets Tax Credits program attracts private investment to community development projects in low- income communities by offering tax credits to investors in return for qualified equity investments. The funds finance high impact businesses
that create jobs and build opportunities and economic growth in low-income communities.
COMMUNITY ECONOMIC DEVELOPMENT OUTCOMES
9 Individual Development Account clients are saving to reach their savings goal. One client purchased a home, one pursued secondary education, and three expanded their business.
33 loans totaling $6,495,270 have been lent out by Ninth District Development Financing since inception.
3 Ninth District Development Financing loans were paid in full in the fiscal year.
24 new multi-funded loans, with an average loan amount of $34,403 were made for a total of $825,678 dollars loaned.
13 businesses expanded due to assistance provided by People Incorporated Financial Services.
11 business start-ups were assisted by People Incorporated Financial Services.
26 business loans were repaid in full to People Incorporated Financial Services.
105 jobs were created or retained
as a result of community economic development program activities.
1,936 participants trained in financial literacy, microenterprise, or received one- on-one technical assistance through People Incorporated Financial Services.
39 Financial (Budget/Credit Counseling) trainings and 70 one-on-one credit counseling sessions were held with 373 attendees.
42 consumer loans were issued, totaling $263,428.
New Markets Tax Credits projects in fiscal year 2016 included expansion of Knauf Insulation in Lannet, Alabama, creating 108 new well-paying jobs.
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People Incorporated Annual Report 2016
PHOTO COURTESY OF KNAUF INSULATION
PHOTO: MEGAN POLLARD






































































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