People Inc. Creating Financial Stability
Jul 10, 2024
Our conversation for The Valley Business Today welcomes Stephanie Lillard, Director of Community Economic Development for People Inc. Stephanie discusses her role and provides an overview of the community economic development work performed by People Inc. Stephanie explains the aims and functions of People Inc's community economic development program, which includes small business lending and consumer lending. They help clients who face economic disadvantages or belong to minority groups, providing not only financial products but also financial literacy training and counseling.
Stephanie provides an in-depth discussion on how People Inc. supports small businesses by nurturing their growth from high-risk clients into viable traditional banking customers. They also offer entrepreneurial training in southwest Virginia and Northern Virginia.
The conversation then shifts to the specific demographic focus of People Inc., particularly supporting women-owned businesses. We discuss various barriers women face in accessing traditional business financing, and Stephanie shares data from a Federal Reserve survey highlighting these challenges. We explore the new initiative funded by a $300,000 grant from the Commonwealth's Capital for Communities Fund aimed at women-owned businesses, discussing plans for a market study and future program development within the year.
Stephanie details the RISE Match Savings Program, which helps individuals save money by matching their savings with additional funds. This program also includes mandatory financial literacy and asset training, promoting long-term financial health and empowerment.
Stephanie shares a success story of a client, Joanna, who expanded her small business (Cherry on Top) from a mobile setup to a brick-and-mortar store with the help of People Inc.
Stephanie highlights the importance of personal financial statements and the various ways People Inc. assists both new and expanding businesses, as well as individuals needing consumer loans for various purposes.
Learn more about the various programs offered by People Inc. on their website: https://www.peopleinc.net/