Harris County is leveling the playing field for small business owners, especially for women and minority entrepreneurs, with the launch of the $17 million Harris County Opportunity Fund. Spearheaded by Commissioner Rodney Ellis, the Department of Economic Equity & Opportunity (DEEO) Executive Director Estella Gonzalez, and PeopleFund President and CEO Gustavo Lasala, this groundbreaking program promises to spark a new wave of entrepreneurial growth and economic equity across the region.

A Boost for Houston’s Minority and Women-Owned Businesses

Starting October 1, 2024, the Opportunity Fund will begin offering low-interest loans to business owners, with a particular focus on closing the gender and racial wealth gaps that continue to persist. The program’s aim is to address the structural inequalities in business ownership by providing financial support to small businesses at different stages of growth. Whether you’re a budding entrepreneur or a seasoned business owner, this fund offers a financial boost tailored to your needs.

Here’s where it gets even better: The fund isn’t just a one-time windfall. It operates as a revolving loan fund, which means that as businesses repay their loans, the money goes back into the fund to be used by future borrowers. It’s a sustainable, long-term solution designed to ensure that the support keeps coming, not just today but for years to come.

What’s in the Fund?

The Harris County Opportunity Fund brings together $8 million from the Biden-Harris Administration’s American Rescue Plan Act (ARPA)** and an impressive $9 million from PeopleFund, a well-respected nonprofit dedicated to empowering underserved small business owners. That’s a $17 million package designed to tackle wealth disparities head-on, and it’s available for minority, women-owned, and other underrepresented business owners in the county.

The fund is set up to offer two types of loans:

1. Micro-loans: Up to $50,000 for entrepreneurs just starting their journey.

2. Growth loans: Up to $250,000 for more established businesses looking to scale.

Not only are these loans set at low interest rates, but the fund also offers a 2% discount on interest rates to make borrowing even more affordable. Imagine getting a loan at rates that make repayment manageable, allowing businesses to thrive rather than merely survive.

A Catalyst for Economic Equity

As Commissioner Ellis aptly puts it, “The Harris County Opportunity Fund isn’t just about giving businesses a lifeline—it’s about creating a cycle of opportunity that uplifts entire communities.” By targeting entrepreneurs who have historically been shut out of traditional financing, this fund represents a giant leap toward a more inclusive, equitable economy in Houston.

This initiative is much more than a loan program. It’s a bold statement that Harris County is committed to ensuring that all entrepreneurs—regardless of race, gender, or background—have access to the capital they need to succeed. Minority and women-owned businesses are the backbone of Houston’s economic diversity, and this fund is a testament to the county’s commitment to their success.

Why This Matters for Houston

Houston has long been a city of dreamers and doers, a melting pot of cultures and ideas. But economic disparities—particularly for women and minority-owned businesses—have created barriers to success for many entrepreneurs. The Harris County Opportunity Fund addresses these disparities head-on, providing a crucial financial lifeline for businesses that are often overlooked by traditional banks.

By empowering minority and women entrepreneurs, this fund has the potential to transform Houston’s business landscape. It can fuel economic growth, job creation, and wealth generation for communities that have been historically underserved. 

A Roadmap to Success

The fund will be managed by the DEEO, with Estella Gonzalez at the helm. Gonzalez emphasized that the program is designed to be more than just a financial tool. It also comes with a roadmap to long-term success, offering resources and support to ensure that businesses not only access funding but also leverage it effectively for growth.

Gustavo Lasala, President and CEO of PeopleFund, highlighted the importance of partnership in making this initiative a reality. “This collaboration between PeopleFund and Harris County underscores the need for innovative solutions that bridge the wealth gap, and we’re proud to be part of this groundbreaking effort,” he said.

How to Apply

If you’re an entrepreneur in Harris County, now’s the time to take advantage of this transformative opportunity. Applications for the loans will open on October 1, 2024. Whether you're looking for a micro-loan to launch your dream business or a growth loan to expand, this fund could be the key to unlocking your future success.

Final Thoughts

The Harris County Opportunity Fund represents a bold new chapter for small business owners in Houston. It’s more than just a loan—it’s a statement of equity, empowerment, and opportunity. For minority and women entrepreneurs, it’s the financial lifeline that levels the playing field, allowing their businesses to thrive in Houston’s competitive market. With Commissioner Ellis and the DEEO leading the charge, Harris County is poised to become a beacon of economic equity, where every entrepreneur has a chance to succeed.

Event Details:

What: Announcement of the Harris County Opportunity Fund

When: Tuesday, September 24, 12 p.m.

Where: Commissioners Court Chambers, 1001 Preston St., 1st Floor, Houston, TX 77002

Watch the livestream: https://www.youtube.com/@CommissionerRodneyEllis