Rocky Mountain MicroFinance Institute
The Rocky Mountain MicroFinance Institute (RMMFI) is a Community creating economic and social mobility in people’s lives through entrepreneurship. We help curious people transform into serious entrepreneurs through skill building, mentorship, and micro-lending.
For 8 years, RMMFI has filled a gap in services to low-income entrepreneurs (80% Area Median Income or below) in the Denver Metro Area. The entrepreneurs RMMFI serves are equipped with an ability to deliver a product/service, but lack the knowledge, resources, and support necessary to turn a skill into a viable business. The typical RMMFI Entrepreneur also faces life barriers, both economic and social, that can regularly disrupt any form of business and personal advancement.
By providing access to necessary support, under-resourced individuals with an entrepreneurial spirit and a strong work-ethic have the opportunity to build a business that will create much-needed income for the owner and has the potential to create jobs and prosperity for the community.
RMMFI is the only Community Development Financial Institution (CDFI) in Denver that serves low-income entrepreneurs with business development AND lending, helping first to launch businesses, then to sustain and grow businesses that can eventually access more mainstream sources of capital and business development services.
In 8 years, RMMFI is proud to have:
- Distributed over $357,000 across 142 loans to 96 individual low-income entrepreneurs in Denver who otherwise would go without access to business capital – overall default rate in program = 5%
- Seen 21 borrowers access $98,000 in additional capital after successful repayment of their initial loans
- Graduated 16 classes of the Business Launch Boot Camp with an 88% graduation rate which resulted in the launch or expansion of 135 businesses in Denver
- Allowed over 2,000 individuals to Explore Business Ownership through business training
- Named the 2016 Small Nonprofit of the Year by the Denver Metro Chamber of Commerce
The Denver Foundation has been an essential partner, allowing the organization to grow and change to support RMMFI Entrepreneurs as a grantee in the Economic Opportunity Initiative. Over the past five years, with the support of The Denver Foundation, RMMFI developed, piloted, and launched a new program, developed a strategic plan with Board and Staff, utilized two dynamite interns from the Denver Scholarship Program, and grew RMMFI’s Business Builder Loan Pool with a Program Related Investment.