A revolutionary matchmaking app connecting entrepreneurs, small businesses, and nonprofit organizations with the best source of funding so they can grow, create jobs, & transform communities.
Financial Inclusion & Economic Empowerment
While many impact oriented ventures focus on supporting one underserved group while excluding others, SourceFunding.org is bridging the funding opportunity gap by leveling the playing field for ALL entrepreneurs, businesses, and organizations in order to promote financial inclusion & economic empowerment on a national scale.
Working with the #1 ranked Newhouse School of Public Communications at Syracuse University & Medgar Evers College (City University of New York), SourceFunding.org is a tech-enabled platform designed to support historically underserved small business market segments. Although women now make up 40% of new entrepreneurs in the United States, for example, they only received 4% of the financing received by small businesses last year and SourceFunding.org will be working to address this inequity.
SourceFunding.org has 4 major metrics developed with Clinton Foundation as part of its $100 million CGI Commitment: businesses assisted, funding deployed, jobs created, & economic impact.
Businesses Assisted & Funding Deployed:
In the first full year operation nationally, SourceFunding.org will help over a thousand small businesses access financing with a collective origination value of a hundred million dollars in 2018.
In 2019, the platform will help nearly 10,000 small businesses access financing with a collective origination value of roughly a billion dollars. The "funding facilitated" metric is measured and reported in keeping with our 2016 CGI Commitment to Action.
Using an economic impact multiple of $3 of economic impact for every $1 in funding facilitated via the platform to underserved small businesses, SourceFunding.org will generate $400 million in economic impact nationally in 2018 and $3 billion in economic impact nationally in 2019. As the platform grows, so too will the platform's significant and compounding economic and community impact.
Using data published the U.S. Small Business Administration, SourceFunding.org projects that funding facilitated via the platform will create 665 jobs in 2018 & 5,149 jobs in 2019. The job creation metric is based on this U.S. SBA data showing that, on average, 5.4 new jobs are created for every $1,000,000 in financing received by a small business in the U.S.
The Problem We Solve
Overcoming The Funding gap
Although interest rates have been kept at historically low levels by the Federal Reserve since the 2008 financial crisis in order to spur loan activity and borrowing to grow the economy, a major barrier cited by small businesses – especially non-traditional entrepreneurs – continues to be access to low cost capital along with the real-time technical assistance needed to successfully launch and sustain a small business. While banks say that there is currently a lack of demand, and are concerned that they cannot find enough qualified borrowers, small business owners indicate that, despite being creditworthy, they are still having difficulty accessing the low-cost capital they need.
The platform's development was showcased by the Clinton Global Initiative, highlighted at the 2016 State of Women Summit hosted by the White House, featured by the Huffington Post and Goldman Sachs 10K Small Businesses Initiative as "What's Working: Small Business,” and recognized as a “FinTech innovation” in the August 2016 Business and Management Review.
High Profile Partnerships
COLLABORATION IS OUR COMPETITIVE ADVANTAGE
Noteworthy collaborators have included the Obama White House, New York City Economic Development Corporation, the Thunderbird Institute at ASU, Dreambuilder, Kiva, CDC Small Business Finance, the U.S. Departments of Education and Treasury, Stanford, Yale, the State University of New York, Medgar Evers College, the New York State Small Business Development Centers, and Syracuse University. In addition, the Ashoka organization assisted in the planning stages of the SourceFunding.org national launch as part of our founder's participation in the inaugural cohort of the Ashoka U Accelerator.
Our Commitment to Action
As a mission driven organization, SourceFunding.org is committed to achieving significant economic impact during our national launch. In June 2016, the SourceFunding.org national launch was announced as a Clinton Global Initiative “Commitment to Action" by founder W. Michael Short and founding investor Janet Davas, mentor with the W.K. Kellogg Foundation and founder of Hatch, LLC, and Liberty's Kitchen. As a Clinton Foundation sponsored initiative, SourceFunding.org has the goal of promoting financial inclusion and community revitalization by empowering the nation's significantly underserved small business and entrepreneurs.