NJCC Investment Powers PeopleShores National Expansion and Job Creation

Multi-Million Dollar Senior Secured Investment fuels workforce development and tech-enabled jobs across emerging U.S. communities

NEW BRUNSWICK, N.J., June 17, 2025 /PRNewswire/ -- Today, New Jersey Community Capital, a leading national community development financial institution, 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, cyber security 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. 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," NJCC President and CEO Bernel Hall said. "Nothing is more valuable than an employment opportunity that offers someone a pathway to a successful career and wealth creation."

The Need for Tech-Enabled Jobs On The Rise

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," PeopleShores Founder and CEO Murali Vullaganti said. "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."

Why PeopleShores Chose to Work with NJCC

When PeopleShores began searching for a financing partner to support its next phase of growth, values alignment was non-negotiable. 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," Murali said. "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," PeopleShores Finance Chief Maria Shipilov commented. "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."

Strategic Capital Is Building the Workforce of the Future

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," Hall said. "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."

The DC Tech Hub, located at the University of the District of Columbia Congress Heights campus in Washington, D.C., is PeopleShores' most recent launch to benefit from this infusion of capital. The hub provides on-the-job learning, mentorship and opportunities for future technology careers for residents of Ward 8, an area that has long faced economic challenges, including having the Capital's highest poverty rate. Recently, the center celebrated the launch of its apprenticeship program with the current cybersecurity cohort.

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. But they call for investors who understand the significant promise of patient capital to generate economic development and competitive returns, and financial services organizations who know how to invest in high-potential opportunities, Hall observed. "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.

About New Jersey Community Capital
New Jersey Community Capital is a nonprofit community development financial institution dedicated to advancing opportunity through strategic investments and knowledge-based programs. It finances and supports individuals, businesses, educational organizations and communities; preserves and develops affordable housing, community facilities and educational organizations; and creates sustainable economic development that generates quality jobs, improves education and strengthens neighborhoods to ensure that communities can thrive. Among these initiatives is NJCC's Strategic Investments Division, which includes University Ventures, a federally licensed Small Business Investment Company. Founded in 1987, NJCC has grown to serve as a critical architect of community development initiatives, driving economic stability and wealth generation in overlooked areas.

LinkedIn: @new-jersey-community-capital.

Media Contact: 
John Hiltner
[email protected]

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SOURCE New Jersey Community Capital