ABINGDON, Va. – People Incorporated Financial Services has been awarded $300,000 through the Commonwealth’s Capital for Communities Fund to support and empower women entrepreneurs with accessible financial products and coaching.
Funding will also support existing business lending and technical assistance across the agency’s 16 city and county service area.
“This funding allows us to expand access to much-needed capital to historically underserved populations, including women-owned businesses and low-income community members,” People Incorporated Director of Community Economic Development Stephanie Lillard said. “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.”
The Federal Reserve’s 2022 Small Business Credit Survey showed that women-owned businesses frequently encounter barriers to obtaining capital to support and grow their businesses.