Two CDFIs come together to better serve small businesses in Central Texas.
AUSTIN, Texas, Oct. 2, 2025 /PRNewswire/ -- PeopleFund, a Texas Community Development Financial Institution (CDFI) with a 30-year track record of impactful performance, and McLennan Community Investment Fund (McCIF), an emerging CDFI with deep roots in Waco and McLennan County, today announced their consolidation.
This strategic initiative combines PeopleFund's scale with McCIF's strong local presence, expanding access to capital and resources for small businesses across Central Texas and preserving McCIF's mission while leveraging PeopleFund's scale, capital base, and operational infrastructure. PeopleFund and McCIF will maintain a permanent presence in Waco and establish McCIF's Revolving Loan Fund, a permanent fund.
"Our vision at PeopleFund has always been to reach as many small businesses as possible while staying deeply rooted in the communities we serve," said Gustavo Lasala, President and CEO of PeopleFund. "We will leverage McCIF's strong relationships in the Central Texas community to reach more people than ever before while McCIF's expertise in Education will strengthen PeopleFund's ability to further scale its education programs to every corner of Texas and beyond."
To ensure Community representation, Tom Chase and Jocelyn Williams, former board members of McCIF, joined PeopleFund's Board.
"I'm thrilled that our vision for supporting small businesses in Waco and McLennan County is now amplified and will continue for years to come," said Tom Chase, Chairman, Insurors lndemnity Companies. "This consolidation not only preserves McCIF's local presence but also propels its growth and expands the impact it will have on the community."
Small businesses in McLennan County will gain access to PeopleFund's diverse loan products, from Microloans, to SBA 7a loans, SBA 504 loans up to $5 million, and New Markets Tax Credit projects exceeding $7 million in investment. Specialized programs such as the Small Business Accelerator and PeopleFund Veteran Programs will expand into the region, offering tailored resources and affordable financing options. McCIF's office in Waco, TX will continue to serve as a hub for lending and small business advisory services in the area.
"McCIF was founded to create economic opportunity and expand access to financing for underserved small businesses in Central Texas," said Cris Houston, Executive Director of McCIF, who became the new Head of PeopleFund's Educational Programs. "This consolidation ensures that our mission is not only fulfilled going forward but also that our capacity to serve more small businesses grows significantly, expanding McCIF's suite of loan products beyond microlending. By achieving these goals, we are building a stronger platform for the delivery of affordable capital, business development education services, and economic opportunity to Central Texas entrepreneurs."
About PeopleFund
PeopleFund is a nonprofit Community Development Financial Institution (CDFI) and SBA Lender, serving Texas communities for over 30 years. PeopleFund provides financial assistance, business education, and long-term support to small businesses and nonprofits owned by or serving low- and moderate-income populations. Since its founding in 1994, PeopleFund's direct impact on the Texas economy exceeds $1.2 Billion out of which $250 million was deployed to small businesses and non-profits that created or retained 25,000 jobs across the state. With more than $100 million in total assets and a team of 55, the organization serves the entire state of Texas and is the managing member of the Veteran Loan Fund. For more information, visit https://www.peoplefund.org/.
About McLennan Community Investment Fund
Established in 2020, McLennan Community Investment Fund (McCIF) is a Texas CDFI with the primary purpose of lending to unbanked and underbanked small businesses located in or owned by those who reside in McLennan County, TX. As an emerging CDFI, it has offered numerous benefits to micro-enterprises, small businesses, and non-profit organizations through Small business lending and coaching. For more information visit https://mccif.org/en/.
Media Contacts
Jenny Palecek, SVP of Philanthropic Partnerships
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SOURCE PeopleFund
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