We’re continuing to celebrate RMMFI’s millionth dollar lent by taking a look back at our lending program over the past 14 years. As of the time we reached the $1 million milestone, we had lent $1,016,966 across 329 loans ranging from $246 to $50,000. Our average loan size is $3,091, and our repayment rate is 95% — despite 57% of entrepreneurs having been denied a business loan prior to coming to RMMFI.
RMMFI capitalizes entrepreneurs throughout their journey, from Seed Loans to help test feasibility to Growth Loans to support continued growth and business maturity. Like our programs, our loans are designed to grow with the entrepreneurs and their businesses. 52% of Business Launch Boot Camp graduates have taken out a loan with RMMFI, and 31% of those entrepreneurs have borrowed more than once.
As part of our commitment to creating a more equitable small business economy, we are especially proud that 71% of our loans have gone to minority-owned businesses (as defined by the Small Business Administration) and 67% have gone to woman-owned businesses.
The impact of accessible capital backed by capacity-building support can be seen through the story of Jariatu Yillah, who received RMMFI’s first-ever loan. Jariatu immigrated to the US with a limited education, and she launched her business as a way to build the future she wanted for herself and her family. Starting with just $500, she has steadily grown Israel Enterprises for more than ten years and has now taken over 20 loans from RMMFI totaling about $83,000. Read more about Jariatu’s journey on our blog.
Jariatu’s story shows what’s possible when we create capital systems that are supportive of the person behind the business, are tied to capacity-building services, and grow with the entrepreneur. That’s what has always defined RMMFI’s approach, and we can’t wait to see what Colorado entrepreneurs do with the next $1 million we lend.