{"id":447786,"date":"2026-09-25T21:42:08","date_gmt":"2026-09-25T21:42:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-tx\/447786\/"},"modified":"2026-09-25T21:42:08","modified_gmt":"2026-09-25T21:42:08","slug":"austin-approves-2-18-million-for-small-business-programs-central-austin","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-tx\/447786\/","title":{"rendered":"Austin approves $2.18 million for small business programs | Central Austin"},"content":{"rendered":"

Area small businesses will soon have the opportunity to access more than $2 million in new civic supports<\/a>.<\/p>\n

What happened<\/p>\n

A collection of Austin Economic Development <\/a>financing and entrepreneurship programs totaling $2.18 million was advanced by City Council Sept. 24. They included:<\/p>\n

Up to $1.5 million for a small business interest loan buydown pilot program contract with Austin-based nonprofit PeopleFund<\/a><\/p>\n

A $432,000 contract with San Francisco-based nonprofit Kiva<\/a> to manage matching revolving funds for crowdfunded small business loans<\/p>\n

A $250,000 contract with The University of Texas at Austin McCombs School of Business<\/a> for a small business pitch competition<\/p>\n

\u201cAccess to capital continues to be one of the most significant challenges facing small businesses, and these programs give Austin entrepreneurs more options to secure the resources they need to succeed,\u201d Austin Economic Development Director Mac Cummins said in a statement. \u201cThese innovative programs will help lower borrowing costs, leverage community investment, and create new opportunities for local entrepreneurs to start, stay, and grow in Austin.\u201d<\/p>\n

A closer look<\/p>\n

The PeopleFund buydown pilot is intended<\/a> to cut interest rates on loans made to eligible businesses, making them more in line with competitive market rates. The half-million dollars in city subsidies is expected in city subsidies are expected to leverage $3 million to $4 million in lending and help 75 to 100 businesses over the pilot’s first year, allowing them to invest savings in their operations, local employees and growth plans.<\/p>\n

PeopleFund was the highest scorer<\/a> in a public solicitation<\/a> for the program’s management, which drew three submissions.<\/p>\n

The Kiva initiative will add to the existing Austin Kiva Hub<\/a> microloan program, which launched in March and is now offering limited funding to businesses at no interest with no fees attached under a peer-to-peer lending model.<\/p>\n

The dollars approved this fall will be applied to a Childcare Businesses Fund, Business Interruption Fund and Small Business Skills Graduate Fund, with businesses that fit into those buckets being eligible for 2:1 matches.<\/p>\n

“The match funds will result in the ability to fund loans at a faster rate and achieve a higher rate of fully funded loans. The matching funds are revolving, as borrowers pay back, funds are loaned to new borrowers, magnifying the impact of the initial investment,” the city’s agenda document stated<\/a>. <\/p>\n

The more than $430,000 update is expected to fund and match 200 microloans and result in a total $1.4 million economic impact over several years.<\/p>\n

Finally, the university partnership will help develop the new small business pitch contest facilitated by the city and UT’s TEXAS Entrepreneurship<\/a>. The program will allow small businesses that are in planning or start-up phases to present their concepts and compete for various prizes before a panel of judges. More information on the program is expected next year.<\/p>\n","protected":false},"excerpt":{"rendered":"Area small businesses will soon have the opportunity to access more than $2 million in new civic supports.…\n","protected":false},"author":2,"featured_media":447787,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[132,27730,134,133,154311,17163,154312,18954,325,2471],"class_list":["post-447786","post","type-post","status-publish","format-standard","has-post-thumbnail","category-austin","tag-austin","tag-austin-economic-development","tag-austin-headlines","tag-austin-news","tag-kiva","tag-loans","tag-mac-cummins","tag-peoplefund","tag-small-business","tag-ut-austin"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts\/447786","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/comments?post=447786"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts\/447786\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/media\/447787"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/media?parent=447786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/categories?post=447786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/tags?post=447786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}