Rocky Mountain Microfinance Institute

“The Form 990 was prepared by an independent CPA firm. The Executive Director reviewed the 990 in detail, and then provided the board with a copy for their review before the return was filed with the IRS.”

“Each year board members review and sign a conflict of interest statement, disclosing any potential conflicts. The board of directors, as well as the Executive Director, are responsible for overseeing the policy. If a conflict of note should arise, it would be addressed in the appropriate forum (Board meeting, management meeting, or team meeting) by the independent parties present, and a resolution would be defined for how to handle the conflict.”

“In determining compensation and benefits for the Executive Director and other directorial positions, the independent members of the board reviewed comparability data of other similar non-profit organizations. All compensation related decisions and deliberations are documented in the board minutes.”

“The governing documents, conflict of interest policy, and financial statements are available upon request.”

“The Programs - RMMFI serves its clients with both business development and lending services and classifies its entrepreneurs into one of two categories, Business Curious or Business Serious. The four main programs include Outreach, Business Development Program, Business Launch Boot Camp, and RMMFI's Business Builder Loan Program. At a high level RMMFI achieved the following in the Boot Camp and Loan Program: - Graduated 3 Classes of the Business Launch Boot Camp (Class #9, #10, #11) as planned. 100% of all entrepreneurs served in the Boot Camp are low-income, defined as living at or below 80% AMI. - Launched 27 businesses. Beginning with Class #10, RMMFI accepted 11 entrepreneurs for the first time and this has since become the goal for every Boot Camp Class. - After closing loans for Class #11, RMMFI reached the $100,000 mark in loans to entrepreneurs graduating from the Boot Camp. In 2014, RMMFI piloted a new program, the Post Boot Camp, based on feedback from Graduates of the Boot Camp. The program is built to support Boot Camp Graduates who have launched a business and need additional structured assistance to navigate the first and second year of business as they work to find success. In the 2014 PBC Pilot, RMMFI gained insight directly from Boot Camp Graduates interested in continuing to work with RMMFI. Graduates shared the type of support they needed (in terms of business challenges, services desired, and the format/structure for how the support is delivered) and the Post Boot Camp has been structured to address those needs. Generally speaking, business owners seek 1) structured peer-to-peer support, 2) one-on-one mentorship, 3) access to experts to address specific issues related to growth, 4) referrals to trusted business services, 5) accountability, 6) one point of contact within RMMFI to refer to with issues, and 5) access to higher loan dollars. Successes In 6 years, RMMFI is proud to have (through April 2015): - Distributed over $200,000 in loans to low-income entrepreneurs in Denver who otherwise would go without access to business capital - Distributed 59 loans for over $110,000 to Boot Camp Graduates with only one write-off - Allowed over 1,750 individuals to Explore Business Ownership through business training - Graduated 12 classes of the Business Launch Boot Camp with an 85% graduation rate which resulted in the launch or expansion of 101 businesses in Denver - Certified as a Community Development Financial Institution (CDFI) from the U.S. Treasury - Received the 2011 Colorado Innovation in Philanthropy Award from Bank of the West - Received 2011, 2012, & 2014 Right on the Money Award from Consumers United Association - Developed strategic partnerships that represent the for-profit sector, non-profit sector, government, and academia including Rally Software, Mile High United Way, City & County of Denver, Daniels Fund, Denver Foundation, Anschutz Foundation and the University of Denver”