New Jersey Community Capital, a leading national community development financial institution in New Brunswick, announced the closing of a $3 million senior secured investment to PeopleShores, a national public benefit corporation delivering digital skills training and technology-enabled employment to under-resourced individuals.
The investment enables PeopleShores to expand its network of technology service hubs across the country, accelerating job creation and economic growth in untapped communities.
The $3 million investment represents NJCC’s commitment to deploying flexible capital to meet the unique needs of mission-driven businesses. NJCC’s approach enabled a strategic partnership with PeopleShores that has already fueled the creation of more than 150 tech-enabled jobs, with additional hiring expected as national expansion continues.
With seven hubs currently operating and more in development in cities and rural communities where they are needed most, PeopleShores is advancing a future-ready workforce focused on filling positions in high-demand sectors, including artificial intelligence, data management, cybersecurity and business operations.
“PeopleShores’ work is critical because it focuses on job creation through training programs that fulfill the employment needs of the businesses it serves,” said NJCC President and CEO Bernel Hall. “This not only transforms careers and communities — it transforms lives. At NJCC, we support high-impact projects that not only make a difference in untapped communities but also create the most expansive and lasting economic development possible. PeopleShores’ work fulfills every aspect of this mission. Nothing is more valuable than an employment opportunity that offers someone a pathway to a successful career and wealth creation.”
Over 98% of technology roles are expected to undergo significant transformation due to AI, according to a recent report by the AI-Enabled ICT Workforce Consortium. This highlights the urgent need to equip untapped communities with future-ready skills. NJCC is addressing this need through strategic investments and partnerships, providing flexible capital for mission-driven groups to expand access to jobs, capital and workforce development and help communities prepare for an AI-driven economy.
“Technology is rapidly reshaping the labor market, and too many communities risk being left behind,” said PeopleShores Founder and CEO Murali Vullaganti. “This investment from NJCC enables us to accelerate our mission and develop the workforce for tech-enabled and AI jobs that are evolving every day. It is the kind of investment that values long-term community impact.”
When PeopleShores began searching for a financing partner to support its next phase of growth, the company needed more than capital — it needed a collaborator who understood the nuances of community investment and mission-driven business.
“NJCC is an exceptional partner for many reasons, but first and foremost, we share the same values and high level of commitment to our operating models,” said Vullaganti. “We both cultivate our communities and know our cohorts well. We both believe in structuring our projects to have the highest multiplier effect possible — wherever they are located. We are both deeply devoted to career-oriented professional job creation. And, we both prize flexible financing so we can scale our projects as quickly and effectively as possible and increase the impact we make exponentially both locally and nationally.”
“So many lenders only look at things in terms of the financials, but our two organizations had complete alignment given our shared goals and our innovative way of approaching financing,” noted PeopleShores Finance Chief Maria Shipilov. “These aspects of NJCC made them incredibly creative, flexible and caring. Their top concern was always how to structure the deal so it could provide maximum benefit to our mission.”
NJCC and PeopleShores share more than a mission — they share a vision for what’s possible when communities are empowered with the right tools, training and capital. Both organizations are committed to building long-term solutions that not only meet today’s needs but also lay the foundation for sustainable economic growth.
“This investment reflects NJCC’s strategy of achieving strong, risk-adjusted returns while advancing broad-based economic opportunity,” said Hall. “By supporting initiatives like PeopleShores, we’re investing in scalable solutions that strengthen local economies and create sustainable, future-facing employment opportunities. It’s a clear demonstration of how mission-driven capital can deliver strong financial results, lasting economic development and measurable socioeconomic impact.”
Programs like those structured by PeopleShores, which offer training positions and apprenticeships, are groundbreaking because they maximize job creation and lead to long-term career pathways. However, they call for investors who understand the significant promise of patient capital to generate economic development and competitive returns, and financial service organizations who know how to invest in high-potential opportunities, Hall noted.
“We do this by putting capital to work where people need it most now and in the future — namely for affordable housing and innovative economic development projects that bring transformative change to entire communities,” he said.
