CDFI: People Incorporated
CDFI Service Area: Northern and Southwest Virginia
Using a grant from Virginia’s Department of Housing and Community Development, People Incorporated is developing a new program to connect the Commonwealth’s women entrepreneurs with financing and coaching to grow their businesses and power their local economies.
“Without People Incorporated, I couldn’t have done it. I definitely think that I want to have a team that works underneath me so that Artistry by Taylor can be a bigger brand. The goal is always to expand, grow, and learn.”
– Taylor Childs, Artistry by Taylor
Taylor Childs always knew she wanted to own her own business. When she was ready to pursue her dream and open her salon, she reached out to her bank to inquire about a loan – but quickly realized that option wouldn’t work for an entrepreneur like herself, who had no past proof of revenue to show.
Fortunately, Taylor heard about People Incorporated from another business owner. Working closely with the financial services staff, she was able to provide information about her goals and plans and quickly obtain a loan. She used this financing to transform what had been an empty space in Strasburg, Virginia, and purchase equipment and inventory. Now, Taylor is the proud owner of Artistry by Taylor, a full-service aesthetics business providing hair, makeup, and skincare services.
Taylor’s success is inspiring – but unfortunately, the stories of many women entrepreneurs end differently. The Federal Reserve’s Small Business Credit Survey has documented the fact that women-owned businesses frequently encounter barriers to obtaining capital to support and grow their businesses.[1][2][3]
That’s why People Incorporated applied to Virginia’s Department of Housing and Community Development (DHCD) for funding to launch a program focused on women-owned businesses. The organization was awarded $300,000 through the Commonwealth’s Capital for Communities Fund (CCCF) to support and empower women entrepreneurs with accessible financial products and coaching.
People Incorporated has engaged FUND Consulting to conduct a market analysis of the organization’s service areas. Study components will include identification and description of specific barriers faced by female entrepreneurs as well as other underserved populations. Using the results of the market study, People Incorporated will be able to make informed decisions about how they develop or expand products and services to better support these communities.
With this focused and intentional effort, People Incorporated is supporting the start-up and expansion of women-owned businesses across the Commonwealth, paving the way for more stories of women entrepreneurship that end like Taylor’s.
[1] https://www.fedsmallbusiness.org/categories/women-owned-firms
[2] https://www.newyorkfed.org/newsevents/news/regional_outreach/2017/an171130
