We’ve reached an exciting milestone at RMMFI: $1 million lent to Colorado entrepreneurs! That’s $1 million in capital — backed by capacity-building education and mentorship — invested in entrepreneurs whose potential might have otherwise been overlooked by inequitable and inaccessible systems.
Our millionth dollar lent also represented a big milestone for the recipient, Theo Williams. Theo is the owner of TNT Transport Services and graduated from Business Launch Boot Camp in 2019. After taking a Launch Loan from RMMFI that year, COVID and other challenges led Theo to determine that his original business model of being a transportation load broker for car haulers was no longer viable. He put things on hold and saved money to pay back his first loan before making a business pivot.
In the summer of 2021, Theo purchased his own box truck, signed up with Amazon and other companies, and took out a Thrive Loan from RMMFI to provide operating capital support as his first invoices started coming in. His first year as an owner-operator was a big success, allowing Theo to pay off his Thrive Loan within 12 months, purchase a second small box truck and a semi-truck outright, and hire a driver.
Over the past few months, Theo has worked with RMMFI’s capital team and loan review committee to prepare for his third RMMFI loan. Theo’s Growth Loan will go toward getting his semi-truck on the road, improving his operating systems, and seeding a healthy working capital reserve fund as he manages a small fleet and a growing team.
We’re incredibly proud of Theo and all the entrepreneurs whose business journeys are reflected in this milestone. We’re also grateful to the volunteers who have supported entrepreneurs like Theo and made it possible for RMMFI to create this level of impact in our community. Stay tuned for our next blog, where we’ll continue the celebration with a look back on 14 years of making capital accessible to entrepreneurs of all backgrounds.