Impact Report FY22-23
October 1, 2022 - September 30, 2023
A Message From our CEO
Jessica Sveen, CEO
I am excited to share with you the remarkable year we had at the Rocky Mountain MicroFinance Institute (RMMFI). It has been a momentous year, marked by a significant milestone – 15 years of RMMFI’s unwavering dedication to empowering Colorado entrepreneurs. This report will not only provide insights into our past year’s accomplishments but also offer a glimpse of where we are headed.
RMMFI’s mission has always been grounded in the transformative power of entrepreneurship, and this year was no exception. Within this report, we present our three key priorities that have guided our efforts in the past year. Our overarching theme this past year was “Extending Our Reach.” As we grew, we stayed committed to fostering a community-focused and partner-connected approach that amplifies the impact of our work on the wider ecosystem.
We reflect on our priority to support formerly incarcerated entrepreneurs and how it has laid the foundation for uplifting our highest barrier business owners, as we continue to provide equitable access to opportunities for our formerly incarcerated community.
We celebrate our milestone in capital deployment – from $1 million in 14 years to $1.5 million in 15 years. Our “capital meets capacity” philosophy has proven to be a driving force behind our impact.
Our impactful, proven model has ignited demand, and as we look ahead, we recognize the need to adapt our systems for scalability and sustainability.
Throughout this report, you will find stories that highlight the profound influence of our work on the entrepreneurs within our network. We also showcase news articles and features that celebrate the incredible achievements of our entrepreneurs.
It’s essential to acknowledge that none of our accomplishments would be possible without the steadfast support of our valued community. Thank you for joining us on this journey of reflection, celebration, and commitment to a future where opportunities know no bounds. Together, we will continue to reduce barriers and create opportunities for accessible, inclusive entrepreneurship throughout our state.
Our Lens
Our North Star
People are unstoppable forces. Life circumstances are real and sometimes overwhelming, yet they should not determine what we can do in the present or be in the future. We believe everyone should be free to make choices to activate the possible. RMMFI creates the space for communities and people of all backgrounds to realize their unique potential through the power of entrepreneurship.
Diversity, Equity, Inclusion, and Accessibility Statement of Commitment
RMMFI recognizes that in order to pursue our North Star we must approach our work and lead through a framework of racial, gender, and geographic equity. We know racial inequities and systemic barriers in education, access to capital, and access to opportunity have kept people of color and systemically marginalized communities out of mainstream access. We intentionally take part in conversations about structural racism as well as engage diverse voices in problem-solving, decision-making and issues of accessibility.
Who We Serve
RMMFI supports resilient Coloradans who are ready for business ownership that have faced marginalization, societal barriers, or low-wage employment. RMMFI works with entrepreneurs from a variety of high-barrier backgrounds across locations, ages, and demographics which results in a diverse, welcoming community of entrepreneurs.
RMMFI's Theory of Change
Key Activities
Inspire
entrepreneurs to activate their dreams
Support
the whole entrepreneur
Educate
on business foundations
Invest
through character-based capital
Connect
entrepreneurs to coaches and community
Advocate
for inclusive entrepreneurial ecosystems
Ownership of Self:
Entrepreneurship Activates Potential
of entrepreneurs report that they’re on the path to achieving what they want in life
Idea Outcomes
Launch Outcomes
Entrepreneurs recognize their own potential and are empowered to define their personal and professional success
Thrive Outcomes
Entrepreneurs are achieving what they want in life and bringing their ideas to life
Ownership of WEALTH
Economic Inclusion and Mobility
of businesses remain open and active for at least 2 years
Idea Outcomes
Entrepreneurs explore and ideate business concepts
Launch Outcomes
Entrepreneurs launch and capitalize their business!
Thrive Outcomes
Entrepreneurs and their households experience economic inclusion and mobility through operating thriving, resilient businesses
Ownership of COMMUNITY HEALTH
Vibrant, Unique, and Empowered Communities
of entrepreneurs are involved with community events and business partnerships
Idea Outcomes
Entrepreneurs build community with one another
Launch Outcomes
Entrepreneurs develop meaningful connections to coaches, customers, and community
Thrive Outcomes
Entrepreneurs invest in their communities as owners and local leaders
Year-End Snapshot
Entrepreneur Stats
99
Boot Camp
graduates this year
470
Boot Camp
graduates all time
38%
increase in programs from last fiscal year
75%
increase in sites from last fiscal year
Entrepreneur Stats
- Black
- Hispanic
- White
- Multi-Racial
- Asian
- Other
Female
73%
Male
25%
Nonbinary
25%
18%
Entrepreneur Businesses by Industry
- Food, Restaurant, & Catering
- Personal Services & Wellness
- Retail
- Arts & Entertainment
- Professional & Business Services
- Construction
- Tech & Web-based Services
- Transportation
- Home improvement
- Creative Services
- Other
Capital Stats
$531,360
in capital deployed
$1,572,323
all time capital deployment
95%
repayment rate
Volunteer Stats
274
5,838 hours
Reducing Barriers, Creating Opportunities
Entrepreneurship has the power to break down barriers and offer hope to those with criminal justice system involvement. Research, like from the National Institute of Justice, shows that entrepreneurship leads to economic independence and reduces recidivism rates to as low as 8% compared to the national average of 68%. At RMMFI, we doubled down on our commitment to support entrepreneurs with these backgrounds. By investing in personal growth, community support, and financial stability, our goal has been to dismantle barriers and give formerly incarcerated RMMFI entrepreneurs a chance to thrive and inspire others.
Extending the Reach
Entrepreneur Leadership Training Program
In collaboration with the Second Chance Center, we introduced a new cohort. The 8-class program provided essential leadership skills training and reached 26 formerly incarcerated entrepreneurs.
Expanded Grant Opportunities
We expanded specific grant opportunities for businesses owned by formerly incarcerated entrepreneurs, making them accessible across all program sites in the state.
Strategic Partnership
Partnering with the Colorado Department of Local Affairs (DOLA), we strategically expanded access to entrepreneurship programs and capital products in communities surrounding state prison facilities.
Enhanced Competencies
To better serve our diverse community, we offered workshops on Diversity, Equity, Inclusion, and Accessibility as well as Trauma-Informed Care training for staff and volunteers.
Our Impact
41
formerly incarcerated entrepreneurs explored business ownership through Idea Lab
89%
of entrepreneurs experienced personal growth during the new leadership training program
22
81%
of formerly incarcerated entrepreneurs felt more prepared to launch their business
50%
increase in Boot Camp graduation rates among formerly incarcerated entrepreneurs following the introduction of business grants
$146,150
in grants and loans to formerly incarcerated entrepreneurs
News
Entrepreneur Highlights
As his catering venture gained traction, he enrolled in RMMFI’s Business Launch Boot Camp program. “RMMFI gave me a lot of confidence. When I first started my businesses, all of the legal stuff was intimidating and RMMFI helped build my confidence to walk in these buildings [that I had to get my licensing at] like I had a sense of belonging.”
Jose subsequently became actively involved in the Clean Slate Leadership Academy by Healthier Colorado, driven by his personal experiences with the judicial system. Clean Slate Leadership Academy empowers individuals with backgrounds like Jose's by providing insights into the judicial system, understanding their rights, and assisting in record sealing. “I've had numerous experiences with the judicial system, and I've had to hustle because of the marks on my record. The Clean Slate Leadership Academy helped me understand the ins and outs of the judicial system so I can help others navigate it and show that it's possible. I just want to give back to a community that has given me and my family so much.”
Jose's goal is to give back to the Trinidad community that transformed his life and provided a profound sense of purpose.
Kristen joined RMMFI last spring, graduating from the inaugural Business Launch Boot Camp serving Northeast CO’s formerly incarcerated community. Post-program, she launched a fully operational e-commerce site, extending her reach beyond local markets, especially catering to the dispersed community in Northeastern Colorado. “Now that I have my website, I can expand my reach to others in the community that know about me but can’t necessarily get to me. Northeastern Colorado is pretty spread out and I want to make sure I’m accessible to everyone.”
While her initial goal with RMMFI was to enhance business efficiency, Kristen found additional value, particularly in the financial workbook that inspired her to initiate her website. She also secured a Seed Loan and Grant through RMMFI, allowing her to access capital without established credit. “Thanks to RMMFI, I was able to get a loan without credit. Now I have credit, and soon I’ll have good credit because of RMMFI.” Kristen’s entrepreneurial journey has not only helped to transform her life by helping her overcome health challenges but has also paved the way for her to expand Enchanted Shadows and build a brighter future for her business and her community.
Broadening Capital Access
As a certified Community Development Financial Institution (CDFI), RMMFI has been a driving force in expanding capital access for underserved business owners. Alongside other CDFIs in Colorado, we have pursued our mission of fostering individual and community wealth through capital access. Last year, we significantly extended our reach to meet demand across the state. Our goal has been to leverage our long held “capital meets capacity” philosophy to provide accessible grants, loans, and resources to more entrepreneurs and more communities.
Extending the Reach
Record Capital Deployment
We deployed a record $531,360 in capital through 242 loans and grants, bringing our cumulative capital accessed to over $1.5 million.
Statewide Expansion
We extended our capital offerings statewide, reaching rural communities for the first time. This expansion ensures that entrepreneurs across Colorado have equitable access to the resources they need to thrive.
Supporting Business Growth
We facilitated marketplace access opportunities by pairing them with $33,000 in grant capital, driving the growth of RMMFI entrepreneurs’ businesses.
Ecosystem Impact
Beyond capital access, RMMFI has actively driven ecosystem change. We testified in support of removing medical debt from credit reports, participated in the Rural Capital Collaborative, and lent our expertise to the advisory council for the Office of Financial Empowerment.
Our Impact
59%
OF ENTREPRENEURS increased confidence in taking on debt to launch and grow their business
80%
of entrepreneurs are very satisfied with the growth trajectory of their business after participating in the Rebel Marketplace and receiving grants
News
Entrepreneur Features
Myles' initial goal in joining RMMFI's Business Launch Boot Camp was to master his business finances and transform his ideas into a comprehensive business plan. He achieved that and more. After graduating Boot Camp, he secured and successfully repaid two RMMFI loans. Summing up his experience, he noted, "The program taught me more than I expected. I learned the ins and outs of how to operate a business beyond just the passion.”
While Myles contemplates future expansion through franchising, he's content with his present role, partly due to his like-minded business partner. Business ownership has also allowed him the flexibility he needs to be a dad. “I can shuttle my kids around and make my day work around them, which is one of the most valuable things in life.” Myles’ path to business ownership and journey through RMMFI’s programs and capital offerings has helped provide him the work-life balance he seeks.
Post-construction cleaning is the critical final step before buildings are handed over to owners. Zaira’s company simplifies and oversees the participation of cleaning subcontractors, offering bilingual support in both Spanish and English. Her commitment extends to creating a safe and respectful work environment for her subcontractors, inspired by stories of mistreatment and disrespect experienced by family members in the cleaning profession. “I want to provide them with a good work environment and a sense of independence,” she says.
In 2021, Zaira graduated from RMMFI Business Launch Boot Camp and later secured an RMMFI Growth Loan that transformed her business. “I had a great experience getting a loan with RMMFI. I had built trust, and it felt completely different than if I had gone to a bank. The loan I received allowed me to finish my summer projects without fear of running out of cash flow. It also made me feel more confident and prepared for any future loan requests with a bank. I am super grateful for RMMFI.”
Zaira’s success story includes completing two projects during the Boot Camp, securing three contracts, and expanding her services to include cleaning job site trailers on a bi-monthly basis. Today, she handles larger-scale projects for hotels and property management companies, primarily through word of mouth referrals—an impressive testament to her dedication and the quality of her work.
Community-Focused Growth
In Colorado, the demand for accessible capital and inclusive technical assistance far exceeds the supply – resulting in continued disparities in business ownership across demographics and regions. Alongside trusted partners, we brought RMMFI’s model to additional communities in additional languages last year. Together with partner organizations and institutions, we’re building not just businesses, but stronger, more vibrant communities where everyone has the chance to succeed.
Extending the Reach
Expanding Boot Camps
To ensure our programs reached far and wide, we offered a record 13 Boot Camps in 6 communities across Colorado. Our goal was simple: empower as many aspiring entrepreneurs as possible.
Strategic Partnerships
We piloted an industry-specific Business Idea Lab in Denver and a bilingual program in Gunnison. In partnerships with Kitchen Network, BuCu West, Region 10 SBDC, Western Colorado University, Gunnison Chamber of Commerce, the City of Gunnison, the Hispanic Affairs Project, and Inmigrantes Unidos, we paved the way for entrepreneurs to access multi-organizational resources.
Language Accessibility
Recognizing the importance of language diversity, we offered our first Spanish language cohorts in the San Luis Valley with longtime partners First Southwest Community Fund.
Investing in Technology
We invested in upgraded technology, including a cloud-based loan origination software and a learning management software to enhance the entrepreneur experience with both capital and education.
Investing in People
We shifted team roles and responsibilities to maintain community presence and a partnership-focus as RMMFI expands.
News
- Rocky Mountain MicroFinance Institute helps people with social and economic mobility
- ShopBIPOC launches free online marketplace featuring BIPOC small business owners
- Bienvenido el éxito empresarial para hispanos en Gunnison
- Denver-based micro finance nonprofit expands to southeast Colorado
- Wake up to camels outside of your window at this overnight hogan stay on a southern Colorado farm
Our Impact
70%
70%
of volunteers felt their contributions were very or extremely impactful to the entrepreneurs they supported
82%
82%
of entrepreneurs report confidence in the success of their business idea
19%
19%
of RMMFI staff are graduates and entrepreneurs bringing lived experience
38%
38%
of staff are bilingual or native Spanish speakers, ensuring that language is never a barrier to opportunity
Growth of Entrepreneurs Served by Site
Entrepreneur Highlights
Audrey Field
Financial Assistance Manager, CO Department of Local Affairs
DOLA is proud to partner with RMMFI in introducing regional sites in Colorado to continue the mission of providing business-minded opportunities for justice involved individuals, including entrepreneurial training. The work done by RMMFI ensures that all Coloradans have the opportunity to work toward making their community a great place to be.
Holly Ray
Owner of Wild Spirit Delectables, San Luis Valley BLBC #1 Graduate, and RMMFI Volunteer
Financials
Fiscal Year 2022-2023 Revenue Sources
Programs
84%
Administration
7%
Fundraising
9%
Total Expenses – $3,413,459
Fiscal Year 2022-2023 Expenses
Capital Portfolio by Product
Nick Turner
Director of Strategy & Engagement The Nord Foundation
“Focused on building inclusive community wealth, RMMFI invests in people, not just businesses. Through providing access to capital, technical assistance, and long-term support, RMMFI has a proven track record of equipping all entrepreneurs – especially those in our community who have faced generational disinvestment – with the tools needed to develop, grow and sustain a successful small business.”
RMMFI Selected As a 2023 Impact
100 Grant Finalist
RMMFI Receives the 2023 Right On the Money Award From the Consumers United Association
