Impact Report FY21-22

With his $25,000 Growth Loan, Theo Williams is about to hit a big milestone: moving from a single owner operator to managing a team of drivers with a fleet of vehicles. 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 pivot his business model to the changing times. In the summer of 2021, Theo purchased 0 his own box truck, signed up as a contractor with major delivery companies, and took out a Thrive Loan from RMMFI to provide operating capital support as his first invoices started coming in.

This pivot proved to be a savvy business move. His first year as an owner-operator was a big success. Theo quickly paid off his Thrive Loan, purchased a second small box truck and a semi-truck outright, and hired his first driver.

This year, Theo 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 his growing fleet and growing business.

RMMFI's first-ever loan went to Jariatu Yillah, owner of Israel Enterprises. More than a decade ago, Jariatu immigrated from Sierra Leone. She started her business selling imported accessories as a way to build the financial future she wanted for herself and her family. She started with a $500 loan, but that was enough for her to buy a starting batch of inventory. She would pay her rent and use the rest of her profits to buy more inventory, and she steadily started to build up her business.

She continued taking out loans from RMMFI to support her businesses growth, increasing the loan size by $500 each time. In addition to accessing capital, Jariatu regularly worked with RMMFI staff to build her knowledge and mature as a business owner. She also turned to RMMFI to learn more about personal finance, including using credit cards and other debt financing which was not common among her community growing up.

In total, Jariatu has accessed $83,000 in business capital from RMMFI, including her first Growth Loan this year. Her business has grown to the point that she can now take care of her children in college and is considering opening a shop or buying rental property in Sierra Leone to support herself in retirement. Through her entrepreneurial journey, Jariatu has created the opportunities for personal growth and family prosperity she sought when she came to the United States: "Life was such a struggle before, but I think I'm almost there."