Category Archives: Financial Independence

During this past year, we have seen a significant increase in the attention directed to issues surrounding diversity, equity and inclusion. The elevated interest is long overdue, with policies and practices in both the public and private sectors receiving thoughtful and responsive revisions.

As companies, organizations and elected officials debate and implement new approaches, race and gender have dominated the discussion. The focus is important but also misses a key population facing similar obstacles and historical discrimination: people with disabilities.

More than 60 million American adults live with a disability, and adults and children with disabilities represent nearly a fifth of Indianas population. As the baby-boom generation continues to age, that percentage will only increase.

This year marks the 31st anniversary of the Americans with Disabilities Act. Since the passage of this landmark legislation, our country has made important progress, but much more can and should be done.

I am proud to lead Bosma, a nonprofit organization committed to creating opportunities for people who are blind or visually impaired. Our business isnt a charity. Rather, its a company with a mission. As a service-disabled veteran who lost his vision in combat, I understand the unique challenges facing people with disabilities. With a history dating back more than 100 years, Bosma helps Hoosiers who are blind or visually impaired gain meaningful employment and the life skills they need to remain independent.

Bosma is Indianas largest employer of workers with vision loss more than half of the organizations nearly 200 employees are blind or visually impaired. These employees hold positions at all levels of the company, including leadership.

In Indiana, nearly 160,000 people are living with vision loss. Facing a national unemployment rate of 70 percent, Hoosiers who are blind or visually impaired must overcome significant challenges to become and remain part of Indianas workforce. The most pervasive of those obstacles involve employers unwillingness to hire someone who is blind due to misconceptions about their abilities and needs. Bosma can alleviate these concerns by providing employment services that guide businesses through the process of creating a more diverse, equitable and inclusive workforce.

Companies struggling to find skilled, qualified workers in todays competitive hiring market should not overlook nontraditional labor. Leveraging this competitive workforce can provide businesses with solutions that also help workers with disabilities achieve financial independence. Diverse hiring also serves to augment corporate social responsibility efforts, most of which are being viewed through a diversity, equity and inclusion lens. To be fully inclusive, the lens must include people with disabilities.

Lets broaden the diversity, equity and inclusion discussion to ensure the maximum benefit for society as we move forward.

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People with disabilities need representation in diversity, equity, inclusion discussions - Shelbynews

It takes courage, perseverance and a true vision to take the road less travelled and do something that society may not understand. For Jade Howard, an entrepreneur, mentor and businesswoman, choosing entrepreneurship over a 9-5 employment wasn't just the unconventional way, it was the only way - she had a vision of financial independence created on her own terms, and she was willing to pave her own road to get there. Now that Jade has found her freedom, she helps others do the same, creating self-sufficient traders and leaders in the business world, with the financial foundation to stop corporate climbing and start thriving in entrepreneurship.

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Jade was born in Philadelphia and spent her childhood in the South Jersey Area. Jade attended Rutgers University and also worked as a security guard at the school. It was the period after leaving her job and graduating from University that solidified her resolve to become an entrepreneur.

When discussing her passion-driven search for an opportunity that would give her the financial freedom she coveted, Jade says:

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I knew I never wanted to be in a position where someone can dictate my pay and ultimately my livelihood. I always had the entrepreneurial spirit, but I felt like I didn't have anything that I was passionate about. Leaving my 9-5 is what really got the gears going. It was a very hard period, especially when everyone around you is telling you to get another job. But I was ready to go hungry. I was ready to go broke. I was ready to be homeless. I didn't care what it took. I just knew working for someone else wasn't for me.

With her back against the wall and pressure from family and friends to resume a life of traditional employment, Jade courageously continued her search and eventually landed on trading in the financial markets. Jade says that the recession-proof nature of trading is what appealed to her, amidst the global pandemic and growing job insecurity. While mastering the skill set, Jade was introduced to network marketing and has now created a business that allows her to combine her talents in trading and leadership to create financial independence not only for herself but for her team.

Story continues

To date, Jade's business called Trade Trade Gang consists of over 250 individuals spreading from the United States to the UK and Canada. Although her team is dispersed throughout the globe, they share a common goal of mastering their craft, becoming leaders among their peers and sharing new knowledge regarding financial literacy with the masses.

When discussing her personal objectives behind creating her business, Jade says:

For me, it really was about the impact - being able to just put other people in a position to win and to be successful in a bigger way, a better way than working to build someone else's dreams. People on my team have quit their jobs, bought new cars, been able to help their parents retire, and have been able to use this business to help fund their passions that they truly care about.

In a people-oriented organization where mentoring and coaching a large group of individuals from all different walks of life is critical to the success of the business, leadership is essential to continued growth. Jade has dedicated herself to putting her time into ensuring her team has the tools they need to succeed as independent traders and business owners.

With the pandemic it has been difficult to have in-person events to really strengthen the culture and solidarity amongst my team. But I have been very focused on making sure everyone is succeeding and truly understanding the skills of trading and leadership so they can be self-sufficient in their own endeavours outside of this organization and really see a change in their lives, says Jade.

Growing a business of this calibre is no small feat and Jade says she has experienced imposter syndrome among other difficulties with retention during the early stages of her entrepreneurial journey. However, a period of internal observation and personal development allowed her to create a huge wave of momentum and growth for Trade Trade Gang, and Jade is more than qualified to coach others on excellence in leadership, entrepreneurship and becoming their own bosses.

I remember I had gotten to a point where my business was just dwindling down because I didnt believe it could really grow to where I wanted it to. At the time I was blaming everyone but myself. In hindsight I realized I wasn't being the leader that I should have been. It came down to me putting my pride and ego aside, reflecting, and having the willingness to do the internal work and take advice from my mentors. I couldnt rely on just myself - when we try to do everything ourselves, it just puts too much pressure on us and a lot of times we end up failing. I started to really set my goals and truly believe in my vision, and within three months my business reached numbers it had never reached before, says Jade.

Ultimately, Jades goal is to create a future for herself and her fiance and generational wealth for her family down the line, to truly enjoy what life is all about when financial constraints are not a factor. Jade is helping her team reach the same heights of success, instilling in them her own personal values of having and believing in your vision for your future.

Whenever someone decides to join the business, I make sure to have a sit down talk with them and figure out what their why is. What is it that has them wanting to learn the skill set to tap into this business? Once theres that understanding of the real motivation behind what youre doing, it creates that stronger work ethic to really help you accomplish those goals. It's definitely rewarding seeing people achieve what they set out to do. It's definitely one of the reasons that keeps me going, says Jade.

With her business growing every single day, Jade makes a bigger and bigger impact as new leaders emerge from under her mentorship with the financial means to live the life theyve always wanted.

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Meet Jade Howard: An Entrepreneur Who Built Her Business Today To Create the Independent Leaders and Entrepreneurs of Tomorrow - Yahoo India News

NEW YORK--(BUSINESS WIRE)--Yieldstreet, a leading digital investing platform driven to help millions of people claim financial independence by unlocking access to previously unattainable alternative investments, today announced its $100 million Series C funding round.

Tarsadia Investments, led the round, joined by Kingfisher Investment, Top Tier Capital Partners and Gaingels. Existing investors, Edison Partners, Soros Fund Management, Greenspring Associates, Raine Ventures, Greycroft and Expansion Venture Capital also participated. Yieldstreet will channel the new funding to expand its user base, develop new investment products, explore international expansion, and pursue strategic acquisitions.

Yieldstreet was founded by Milind Mehere and Michael Weisz to digitally transform and democratize access to alternative investments, historically the near-total domain of the ultrawealthy and institutional investors. With the diversification opportunity offered by the Yieldstreet platform, retail investors can now modernize their digital portfolios across multiple asset classes and strategies. The appeal of these newly available options is seen in strong investor demand for Yieldstreets investment platform; both investment requests and new investors have surged through May of 2021, each up over 250% over 2020, with new investors already exceeding all of 2020.

Were on the brink of the greatest wealth transfer in history as Baby Boomers pass the torch to new generations. The consumer has changed, yet the tools and infrastructure in wealth management havent kept pace, says Mehere, CEO and Founder of Yieldstreet. Its a new worlda mobile-first digital oneso weve created a platform to eliminate the built-in friction points to better connect with consumers wherever they are, help educate and provide access to investments to fuel their life goals.

The Series C investment underscores the industrys growing recognition of Yieldstreet as a transformative digital platform capable of helping investors reach new streams of wealth to propel their financial outcomes and realize long-horizon goals. As the era of digital transformation accelerates, Yieldstreet is uniquely positioned to help individuals tap into modern investment strategies, with portfolios working around the clock to automatically apply earned income toward everyday expenses.

The 60/40 investment model is over; you simply cant retire on bonds yielding less than two percent, so alternatives are not optional but needed for every portfolio, says Mitch Caplan, President of Tarsadia Investments and former CEO of E*TRADE. Milind and Michael have a clear understanding of what is needed and have assembled a strong leadership team to unlock the future of investing, today. I have no doubt that Yieldstreet will be a household name in alternative investmentswhich sets them worlds apart from other ventures weve analyzed.

Having an investor like Tarsadia with Caplans vast experience, which includes spearheading the transformation of E*TRADE to a fully integrated online investing platform as the companys CEO, validates Yieldstreet's strategic plan as it scales its offerings to a full-service digital wealth management platform across distribution channels and investment classes.

We deserve to have our money work as hard for us as we do for it, added Weisz, President, Chief Investment Officer, and Founder of Yieldstreet. By creating a digitally native investment platform providing a beautiful user experience, transparency and a portfolio that generates passive income and asset growth via an array of alternative investments, were fundamentally changing the way the Yieldstreet community interacts with their money.

About Yieldstreet

Yieldstreet is reimagining the way wealth is created by providing access to alternative investments previously reserved only for institutions and the ultra-wealthy. Yieldstreets mission is to help millions of people generate $3 billion of income outside the traditional public markets by 2025. Its award-winning technology platform provides access to investment products across a range of asset classes such as Real Estate, Commercial, Consumer, Art, Marine, Legal Finance and Aviation. Since its founding in 2015, Yieldstreet has funded over $1.9 billion of investments and is committed to making financial products more inclusive by creating a modern investment portfolio. The company, headquartered in New York City with offices in Brazil, Greece, and Malta, is backed by leading venture capital firms. Join the movement at http://www.yieldstreet.com.

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Yieldstreet Announces $100M in Series C to Usher In New Era of Investing - Business Wire

Producer/Director Lora MoftahReporter Taylor Lorenz

Watch on Friday, June 4, at 10 p.m. on FX and streaming on Hulu.

Kaychelle wants to be on TV. Robs chasing a million followers and a screenplay deal. Khamyra seeks financial independence, while Tray wants to earn enough money that his mother never has to work another day in her life.

To make their dreams come true, theyve combined forces with other self-styled influencers at Collab Crib, a group house that doubles as a video studio in Atlanta, where a concentration of talent has helped attract other aspiring stars of Instagram, YouTube and TikTok.

Those social platforms are where many of todays young, ambitious creators are making their names and fortunes. This is more than just kids making videos on the internet, says Kaelyn, another Collab Crib creator. This is the new American dream.

For some, that dream starts in Los Angeles, where influencer collectives living in decked out hillside mansions have no or very few Black creators. The residents of Collab Crib, by contrast, are all Black.

There is drama its the internet, after all but also an overwhelming sense of community and camaraderie, our internet culture reporter Taylor Lorenz wrote in December about Collab Crib and another Atlanta creator house.

Black creators have made and popularized some of the internets biggest trends, Lorenz reported, but they receive fewer deals from big brands and theyre consistently paid less than their white social media peers.

A new documentary by The New York Times follows Collab Crib on a 90-day blitz to rack up followers and win over sponsors. Watch as they pursue their dreams of internet stardom while contending with a society and social media algorithms that seem to put them at a persistent disadvantage.

The New York Times Presents: Who Gets to Be an Influencer? will premiere on Friday, June 4, at 10 p.m. on FX and streaming on Hulu.

Senior Editor Liz DayDirectors of Photography Carissa Henderson and Trevor P. MayVideo Editor Pierre TakalAssociate Producers Cydney Tucker and Melanie Bencosme

The New York Times Presents is a series of documentaries representing the unparalleled journalism and insight of The New York Times, bringing viewers close to the essential stories of our time.

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Chasing TikTok Dreams in the New Black Hollywood - The New York Times

Planning for the unforeseen and learning to save and invest due to falling incomes have pushed women to take control of their finances in these trying times. Representative image/Pexels

Financial Planning has become more important for women, especially in times like Covid pandemic which has disrupted livelihoods and destroyed thousands of families across the country. According to LXME founder Priti Rathi Gupta, financial independence is an essential life skill every woman should be well equipped with in order to be truly independent. The Covid-19 pandemic and its impact have further added impetus to the importance of financial planning and independence for women.

Planning for the unforeseen and learning to save and invest due to falling incomes have pushed women to take control of their finances in these trying times. In these uncertain times of COVID-19, we have in fact seen circumstances prompt greater ownership from women. Gupta said this systemic shift has arisen from various interests in financial preparedness, personal finances, investment behaviours and challenges faced earlier in the case of saving and investing.

In an e-mail interaction with FE Online, Gupta explained further why women should take control of their finances and the steps they should take for this purpose. Excerpts:

In order to be truly independent, financial freedom should be the topmost privilege that every woman should aim for. Women are born money managers. When armed with the right attributes of being risk-aware, disciplined, making informed decisions, and staying calm under stress, women can go from managing home budgets to smart investors. When women begin to invest and grow their money, they carry the potential to bring about a societal change, because they begin by investing back into their community and children. The future of financial freedom for women is the onset of an evolutionary change, and it begins with a simple adaptation of money management, as a life skill.

ALSO READ | Why do smart people make stupid money mistakes?

Women have the knowledge of finance and yet are dependent on the male members of their household to make the decisions. Financial acumen and wealth creation are a joyous experience and if we simplify it and break the barriers between finances and women, the trailblazers of financial feminists would be leading the way in no time.

The first step in the journey of becoming financially fit and independent is to understand your financial patterns. This means that not only is it essential to be aware of your earnings, its also important to be aware about your significant expenditure. Use a journal or an online spreadsheet to write it down and understand your financial behaviour. Make sure you jot down all details as they will further help you make decisions accordingly.

Set financial goals since the very beginning, especially for short term plans like a trip or buying a car. For long term goals, you can consider investing in real estate or decide to use different investment mechanism to create wealth, depending on your goal. Keep aside at least 30% of your monthly income to fulfil these goals.

Time-based investment tools like Systematic Investment Plans and incremental investment through lump sum helps in building a healthy portfolio. SIP is among the most effective tools to invest. Automation is a great place to start and reach financial independence as fast as you can. The strategy is to make, save, and invest as much money you can. Try to increase the automation savings amount once every few months.

An emergency fund can help one stay afloat in times of a financial crisis such as the current one. Also, this fund should be quickly and easily available as cash, if and when required because there is no point of having money which is not liquid since you wont be able to withdraw it when emergency strikes.

No freedom can be achieved overnight, and the same goes for financial freedom as well. Staying up to date with the trends and terms can help expand your knowledge and avenues. Whether you do it with the help of a financial advisor or by taking courses online, but constantly upgrading your knowledge will help you feel more confident and adapted to the financial world.

It is important to reach out to professionals like registered financial advisors, who in turn would help you select and decide the best financial tools and investment avenues available in the market to achieve your financial goals. You could also consider joining a financial community like being LXME, etc., where motivated individuals and members, with a common goal, are willing to share tips and discuss their journeys. Such platforms help you be accountable, and you can learn techniques to manage your money better.

ALSO READ | Not following these 7 points will make Covid-19 claim difficult for you

What is LXME?

LXME is Indias 1st Financial Platform for Women, which aims to bridge the gap between women and finance with a community led expert-backed hassle-free platform curated for women.Women have differentiated financial needs; differentiated earning potential, career peaks, career breaks, longer life expectancy and a different approach & mind-set toward financial planning. It is thus imperative for women to take charge of their money through smart planning and investing best suited for their needs. Financial Freedom is the topmost privilege for any woman and LXME helps inspire that.

Today, LXME is a fast growing robust community led financial management, planning, and education platform for women. We aim to inspire a wave of financially fearless women to actively manage their money and achieve their dreams.

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Why should women take control of their finances and how? LXME founder Priti Rathi Gupta explains | Interview - The Financial Express

Pensionsaving is an endeavour undertaken years in advance, with Britons ensuring they are amply protected for retirement. However, undoubtedly, impacts in the present are likely to have a knock on effect in the future. With Britons grappling with the fallout of the pandemic, may have been financially affected, but research has shown it is single women who face the most challenges.

While this can provide great opportunities for financial independence, its also a significant responsibility to shoulder, not least for the 90 percent of two million single parents in the UK, who are women.

Our research reveals the extend to which the financial gaps between men ad women have been widened as a result of the pandemic, with the impact on single women greatest.

Now, with many needing to prioritise their day to day finances and recover on income gaps, there are fears about financial certainty in the future.

Ms Currie expressed worry about the gender pension gap potentially being further exacerbated due to the challenging circumstances faced over the last year.

Indeed, long-term savings could also be jeopardised, potentially creating financial chaos later down the line.

Earlier this year, research from Fidelity showed the disproportionate financial impact of the pandemic upon women.

Women were found to be 1.5 times more likely to have lost or quit their jobs during the pandemic.

And women were far more likely to be furloughed, while those who stayed in work often lost productivity due to other responsibilities and pressures such as caring for children or older relatives.

For those who are looking to secure a long-term financial future, Ms Currie urged action as soon as possible.

Firstly, it is important to review ones financial situation to look at monetary health.

While everyone approaches money differently, looking at ones short and long-term goals while eliminating any unnecessary spending will be key.

Next, it will be important to have some funds set aside waiting in the wings for the right moment.

The pandemic created a financial shock for many, and to avoid similar circumstances happening in the future, creating an emergency fund is important.

Generally, experts suggest an easy access fund worth three to six months of money, but Britons can adjust this according to their needs.

Finally, taking a long-term view is likely to benefit individuals in the future - with building a nest egg particularly vital.

Ms Currie concluded: A monthly investment into a self-invested personal pension or ISA is an easy and tax efficient way to help give you the financial freedom you want for the future.

This step is even more crucial for women given the gender pay gap and womens propensity to choose saving over investing.

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Pension crisis as gaps widen between men and women in saving - are you affected? - Express

We know the climate crisis is already herewith environmental destruction leading to many people being displaced from their homes, as well as causing health problems and economic hardship. And generally, the impacts of climate change are felt by women and girls the most.

The UN estimates that more than 80 per cent of people displaced by climate change are women, partly due to gendered labour roles such as having to stay behind after disasters to care for children and elders. In the 2004 tsunami, an Oxfam report showed that men survived women at a shocking ratio of almost 3:1 in Sri Lanka, Indonesia and India.

One aspect thats not often discussed, though, is how the aftermath of climate disasters can often lead to an increase in sexual violence against women, girls and other marginalised genders of all ages. The reasons for this are multifaceted, and go back to issues of exploitation and displacement, which impact Indigenous, Black, and migrant people the most.

After natural disasters, women who are displaced can end up in unsafe, overcrowded shelters and other facilities where theyre at greater risk of sexual assault, Osub Ahmed, senior policy analyst of womens health and rights at US thinktank the Center for American Progress, tells Vogue.

Almost a third of sexual assaults reported during Hurricane Katrina and Hurricane Rita, both in 2005, took place at evacuation shelters in the predominantly Black city of New Orleans, according to a 2006 survey by the National Sexual Violence Resource Center, while a rise in sexual violence was also reported in Japan in the immediate aftermath of the 2011 earthquake and tsunami.

The economic strain that often follows such disasters can also take away womens financial independence, and often their partners, forcing them to travel further to get resources, such as wood or water in refugee camps, or find work. Psychological and emotional stresses indirectly caused by climate changejob loss, being displaced from your home, or experiencing general civil unrestcan lead to higher levels of sexual violence in the home, Ahmed continues.

New research published in BMJ Global Health explores this connection between the climate crisis and domestic violence, highlighting cases of murder, coercive control, aggressive behaviour, forced early marriage and financial abuse. The study found that more than a third of perpetrators were current or ex-partners, while 15 per cent were relatives.

In communities where extractive mining of fossil fuels or the construction of chemical plants take place, Indigenous communities are also at risk of violence from the sudden influx of mostly male transient workers, according to Amnesty Internationals Out of Sight, Out of Mind 2016 report, as young men are statistically more likely to be perpetrators of violent crime.

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Sexual violence is a hidden impact of the climate crisis thats not discussed enough - VOGUE India

What do you get when you cross a successful wealth management executive with a New York billionaire?

You get a spectacular $31B firm.

ForKurt Miscinski, his meeting with New York-based billionaire and entrepreneur Howard Milstein could possibly be called serendipitous.

Because at that time, Kurt was considering leaving his management role at Deutsche Bank and Howard was looking to make long-term strategic investments in the wealth management space.

As a high-profile executive at Deutsche Bank, Kurt certainly had options. But instead he saw the early potential of building a full-service wealth management RIA firm that can serve ultra-high net worth families, executives and companies.

So in 2009 HPM Partners was borna firm with zero assets but with Kurts crystal clear vision and the backing of investor Howard Milstein.

After starting from scratch and growing to $9B in less than a decade, renowned private equity firm Lightyear Capital invested in HPM and then later rebranded the firm to Cerity Partners.

Today, Cerity manages over $31B in assets, a result of their strategic organic growth initiatives complemented by an inorganic growth strategy that led to a string of high-profile M&A transactions.

Kurt shares the story with Louis Diamond, starting with the early stages of HPM on through to Cerity Partners today, including:

Kurt shares a unique vision on growth and how its impacted by cultureone that is based on running to something rather than away from something. Its an incredible story with key learnings for advisors and business owners alike.

Download a transcript of this episode

Listen to more episodes of Mindy Diamond on Independence:A Podcast for Financial Advisors Considering Change.

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Mindy Diamond on Independence: The Catalysts Behind the Growth of Mega-Firm Cerity Partners - WealthManagement.com

Alabama State Treasurer John McMillan announced today the new and official Alabama Achieving a Better Life Savings Plan (Alabama ABLE).

Alabama ABLE is a tax-advantaged account designed to help make saving simple and achievable for individuals with disabilities, said Treasurer McMillan. Account holders and their families may save for future expenses and gain financial independence while enhancing their quality of life.

ABLE covers a variety of disability-related expenses, from medical costs to education, assistive technology, service animals, housing, transportation, basic living expenses and more. You can explore the full list of qualifying expenses at http://www.alabamaable.gov/eligible-expense-examples.

Kathleen Baxter, whose son is an Alabama ABLE account owner explained, I have an adult son with a spinal cord injury. Although he is very independent right now, I want to make sure we prepare for the future. The one thing I want to make sure he never has to do without is good medical care. This account not only allows for an investment in his future but gives me peace of mind that if something were to happen to me, he has the resources needed for his medical care.

Many individuals with disabilities rely on resource-based benefits such as Medicaid and Supplemental Security Income, which can require families to limit their savings to remain eligible. ABLE accounts empower families to save without having to worry about losing these benefits.

An ABLE account is different from a basic checking/savings account because it allows an Alabamian with a disability to save and protect financial resources without jeopardizing the individuals access to important public benefits they need to live life independently, said James Tucker, Director of Alabama Disability Advocacy Program. Alabama ABLE Savings Plan helps protect individuals independence in a very real way.

The Alabama ABLE staff is collaborating with many local organizations to bolster the plans benefits and reach those in the disability community who may not be aware of the new program.

Often this community faces predatory guidance from those seeking to exploit their limited financial resources, explained the Director of Montgomery ARC (MARC), Paul Brown. Having access to an ABLE savings account provides a sense of financial security and supports MARCs mission to facilitate independence and self-determination for those we serve.

For several years the State Treasurers Office has offered a similar ABLE program. However, the new program, Alabama ABLE Savings Plan, is the official and only ABLE program sponsored by and associated with the State of Alabama. The Alabama ABLE Savings Plan allows the Alabama Savings Board that oversees the program to pursue additional benefits for Alabamians.

Jack Knight, a member of the Alabama Savings Board said, Im excited about this new program in that it enhances the former program with lower annual fees. He further explained, I am proud of the manner in which the Savings Board has continued to help provide a Better Life Experience for Alabamians with disabilities.

For more information about the new Alabama ABLE Savings plan or to enroll, visit alabamaable.gov or call 334-242-7515.

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ABLE Savings Plan launches to help those with disabilities gain financial independence - alreporter.com

AUSTIN, TX - The City of Austin Economic Development Department announces the first phase of awards totaling $2.18 million in relief grants to 109 local businesses impacted by the global COVID-19 pandemic. The funding was provided through the Austin Legacy Business Relief Grant, which is a $5 million program of the Save Austins Vital Economic Sectors (SAVES) Fund established by the Austin City Council via Resolution No. 20200103-012. As part of a partnership with the City of Austin, PeopleFund processed applications and distributed Phase 1: Emergency Funding grants. Additionally, BCL of Texas provided one-on-one business coaching and outreach support to strengthen the program.

Getting these recovery dollars into the hands of Austins legacy businesses ensures long-term survivability, explains Veronica Briseo, Austins Chief Economic Recovery Officer. These restaurants, bars, and creative spaces are important to Austins history and uniqueness. We want to make sure they continue to exist in our city long after the effects of the pandemic.

PeopleFund began accepting Phase 1: Emergency Funding applications on February 16, 2021 and distributed the first $20,000 grants in April. Grantees met with business coaches at BCL of Texas to assess their businesses and identify opportunities such as business trainings, financial assistance, and business goals and more. Each grant recipient is eligible to apply for Phase 2 of the Legacy Business Relief Grant, which offers enhanced grant funding of up to $140,000.

As additional awards are made and the program advances, the City of Austin will continue to provide updated metrics for economic impact through the online dashboard for the Austin Legacy Business Relief Grant. The online dashboard summary of Phase 1 data includes:

Phase One of the Legacy Business Relief Grant program allowed us to assist long-standing businesses in Austin with capital and technical assistance. notes Gustavo Lasala, President and CEO of PeopleFund. PeopleFund was proud to help by processing applications and coordinating award requirements with grantees. We are excited to continue building business resiliency and keeping the Austin small business culture bustling as we head into Phase Two of the program.

As noted, the Austin Legacy Business Relief Grant will distribute the full $5 million dollars allocated in two phases:

Phase 1: Emergency Funding

Phase 2: Enhanced Funding

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About the City of Austin Economic Development Department

The City of Austin Economic Development Department supports business growth, creative industries, and local communities. These programs build an equitable, sustainable economy to improve the lives of all Austin residents. To learn more about helpful resources, visit http://www.austintexas.gov/edd or like us on Facebook @AustinEconDev and follow @AustinEconDev on Twitter.

About PeopleFund

PeopleFund provides small business loans as well as business assistance and education to people with otherwise limited access to such resources. Since being founded in east Austin in 1994 as Austin Community Development Corporation, PeopleFunds financial and educational assistance has helped create thousands of jobs and empowered an even greater number of Texans on a path to financial stability and independence. PeopleFund is a Community Development Financial Institution (CDFI) and operates as a non-profit 501(c)(3) serving all of Texas.

About BCL of Texas

The mission of BCL of Texas is Building Strong Communities. BCL of Texas is a U.S. Treasury Certified Development Financial Institution (CDFI), a U.S. Small Business Administration Certified Development Corporation (CDC), and a HUD-certified housing counseling agency. BCL of Texas supports communities of color to acquire wealth-building assets such as homeownership and entrepreneurship, with the financial tools and education necessary to optimize positive economic returns. BCL of Texas serves low and moderate income individuals, families, and small business owners, with an emphasis on diversity and underserved communities.

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Local legacy businesses receive $2.18 million in first phase of emergency funding from the City of Austin - AustinTexas.gov