Impact Report FY22-23
October 1, 2022 – September 30, 2023
A Message from Our CEO - Test
A Message from RMMFI’s CEO
To the RMMFI Community,
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.
In Community,
Jessica Sveen, CEO
Our Lens
Our Lens
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.
DEIA 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 systematically 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.
Theory of Change
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.
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
Outcome
Journey & Impact
Idea Outcomes
Entrepreneurs build community with one another
Entrepreneurs explore and ideate business concepts
Entrepreneurs identify barriers to personal and professional success
Launch Outcomes
Entrepreneurs develop meaningful connections to coaches, customers, and community
Entrepreneurs launch and capitalize their business
Entrepreneurs recognize their own potential and are empowered to define their personal and professional success
Thrive Outcomes
Entrepreneurs invest in their communities as owners, employers, and local leaders
Entrepreneurs and their households experience financial stability and growth through operating thriving, resilient businesses
Entrepreneurs experience self-worth, personal agency, and fulfillment of dreams, potential, and ideas
Impact
Ownership of Self
Entrepreneurship Activates Potential
58% of entrepreneurs report that they’re on the path to achieving what they want in life
Ownership of Wealth
Economic Mobility and Inclusion
73% of businesses remain open and active for at least 2 years
Ownership of Community Health
Vibrant, Unique, and Empowered Communities
76% of entrepreneurs are involved with community events and business partnerships
Year-End Snapshot
Year-End Snapshot
Year-End Snapshot
“What truly distinguishes RMMFI is its commitment to providing opportunities for individuals of all backgrounds while offering essential resources for their success. They inspire and empower each entrepreneur to unlock their true potential, ultimately contributing to a genuinely inclusive and equitable economy with far-reaching multi-generational impact.”
– Domingo Lora-Mendoza
Assistant Vice President of Member Experience
Soopers Credit Union
Entrepreneur Demographics
Entrepreneur Industries
Capital Stats
$531,360
in capital deployed
$1,572,323
95%
repayment rate
Volunteer Stats
247
volunteers engaged
5,838
volunteer hours valued at
$200,594*
*Number of volunteer hours x $34.36, according to Independent Sector.
Reducing Barriers, Creating Opportunities
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.
- 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.
“The Entrepreneur Leadership Training Program provides a unique blend of skill development and real empathy that speaks to the heart of what those transitioning need in their lives, and to help them overcome the unique challenges of creating or growing a business for themselves.”
– Kevin Biehl
Associate Director of Career Pathways and Community Engagement
Second Chance Center
IMPACT
41
formerly incarcerated entrepreneurs explored business ownership through Idea Lab
89%
of entrepreneurs experienced personal growth during the new leadership training program
22
new businesses were successfully launched by formerly incarcerated
After participating in Boot Camp
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
Entrepreneur Features
Jose Romero
“What truly distinguishes RMMFI is its commitment to providing opportunities for individuals of all backgrounds while offering essential resources for their success. They inspire and empower each entrepreneur to unlock their true potential, ultimately contributing to a genuinely inclusive and equitable economy with far-reaching multi-generational impact.”
– David Coleman Program
Kristen Osborn
Broadening Capital Access
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.
- 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.
“I received my grant in summer 2023, and it came at a perfect time! The funds helped pay small stipends to QueenShipp high school youth who worked at our booth during the Juneteenth Music Festival. Over the course of the two-day event, the students actively recruited adult mentors and informed the community about our program.”
– Tanaka Shipp
QueenShipp Denver BLBC #32
IMPACT
RMMFI virtual loan closing with Rubén Portuguez, the owner of CafeTiCOs
Entrepreneur Features
Myles Davis
“I can’t speak highly enough of RMMFI’s impactful work in the community and its holistic approach to providing entrepreneurial support. When their small business clients reach a tipping point where they need responsible, affordable capital to bring their business to the next level, the Growth Loan program helps them achieve that. From launch to expansion, RMMFI is a thoughtful resource aiding every step of the way.”
– Marie Peters
Growth Loan Committee Volunteer
Zaira Ruiz
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.”
RMMFI graduates vending at Rebel Marketplace, one of RMMFI's Marketplace Access Opportunities
Community-Focused Growth
Broadening Capital
Access
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.
- 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.
IN THE 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
“Region 10 and the West Central SBDC are thrilled to bring RMMFI’s Business Idea Lab to our six-county region. The program provides a much-needed Spanish language resource to Colorado’s western slope. We first engaged with their program in Gunnison with the help of partners – the City of Gunnison, Western Colorado University, the Gunnison County Chamber of Commerce, Immigrantes Unidos, and the Hispanic Affairs Project – last spring by providing financial support, as well as SBDC business consulting and program coordination support. Seeing the value of the program, the enthusiasm of the participants, and the commitment of the RMMFI team, we were inspired to bring it to more communities in our region.”
– Nancy Murphy
Region 10 Small Business Development Center
“I feel like this experience is helping to make the SLV [San Luis Valley] a better place – it is positive and encouraging and creating great connections to support fellow entrepreneurs help them overcome the unique challenges of creating or growing a business for themselves.”
– Holly Ray
San Luis Valley BLBC #1 Graduate and RMMFI Volunteer
Features
Kitchen Network Idea Lab Pilot
“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.”
– Audrey Field
Financial Assistance Manager CO Department of Local Affairs
World Denver Fellowship Program
Volunteer Appreciation Happy Hour
Denver Startup Week
RMMFI staff and partners testified on a bill to minimize the impact of medical debt on credit scores
“I feel like this experience is helping to make the SLV [San Luis Valley] a better place – it is positive and encouraging and creating great connections to support fellow entrepreneurs help them overcome the unique challenges of creating or growing a business for themselves.”
– Holly Ray
San Luis Valley BLBC #1 Graduate and RMMFI Volunteer
Entrepreneur Features
Kitchen Network Idea Lab Pilot
“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.”
– Audrey Field
CO Department of Local Affairs
World Denver Fellowship Program
Volunteer Appreciation Happy Hour
Denver Startup Week
RMMFI staff and partners testified on a bill to minimize the impact of medical debt on credit scores
Community-Focused Growth
Broadening Capital
Access
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.
- 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.
IN THE 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
“Region 10 and the West Central SBDC are thrilled to bring RMMFI’s Business Idea Lab to our six-county region. The program provides a much-needed Spanish language resource to Colorado’s western slope. We first engaged with their program in Gunnison with the help of partners – the City of Gunnison, Western Colorado University, the Gunnison County Chamber of Commerce, Immigrantes Unidos, and the Hispanic Affairs Project – last spring by providing financial support, as well as SBDC business consulting and program coordination support. Seeing the value of the program, the enthusiasm of the participants, and the commitment of the RMMFI team, we were inspired to bring it to more communities in our region.”
– Nancy Murphy
Region 10 Small Business Development Center
“I feel like this experience is helping to make the SLV [San Luis Valley] a better place – it is positive and encouraging and creating great connections to support fellow entrepreneurs help them overcome the unique challenges of creating or growing a business for themselves.”
– Holly Ray
San Luis Valley BLBC #1 Graduate and RMMFI Volunteer
Features
Kitchen Network Idea Lab Pilot
“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.”
– Audrey Field
Financial Assistance Manager CO Department of Local Affairs
World Denver Fellowship Program
Volunteer Appreciation Happy Hour
Denver Startup Week
RMMFI staff and partners testified on a bill to minimize the impact of medical debt on credit scores
“I feel like this experience is helping to make the SLV [San Luis Valley] a better place – it is positive and encouraging and creating great connections to support fellow entrepreneurs help them overcome the unique challenges of creating or growing a business for themselves.”
– Holly Ray
San Luis Valley BLBC #1 Graduate and RMMFI Volunteer
Entrepreneur Features
Kitchen Network Idea Lab Pilot
“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.”
– Audrey Field
CO Department of Local Affairs
World Denver Fellowship Program
Volunteer Appreciation Happy Hour
Denver Startup Week
RMMFI staff and partners testified on a bill to minimize the impact of medical debt on credit scores
Financials
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.
“The Entrepreneur Leadership Training Program provides a unique blend of skill development and real empathy that speaks to the heart of what those transitioning need in their lives, and to help them overcome the unique challenges of creating or growing a business for themselves.”
– Kevin Biehl
Associate Director of Career Pathways and Community Engagement
Second Chance Center
IMPACT
41
formerly incarcerated entrepreneurs explored business ownership through Idea Lab
89%
of entrepreneurs experienced personal growth during the new leadership training program
81%
of formerly incarcerated entrepreneurs felt more prepared to launch their business
After participating in Boot Camp
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
50%
increase in Boot Camp graduation rates among formerly incarcerated entrepreneurs following the introduction of business grants
Entrepreneur Industries
Jose Romero
Jose is originally from East LA and moved to Trinidad, CO for a job opportunity. This marked the beginning of a transformative journey. While settling in Trinidad, he faced job challenges due to his past involvement with the judicial system, but his determination led him to explore other employment opportunities. “I wanted to show that I wasn’t afraid of hard work,” he says. While working in the restaurant industry as a cook, Jose developed a passion for cooking and running a restaurant, which inspired him to establish Ghetto Dias, a catering company that he and his wife run, and launch a janitorial company with exclusive car dealership contracts.
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.
“What truly distinguishes RMMFI is its commitment to providing opportunities for individuals of all backgrounds while offering essential resources for their success. They inspire and empower each entrepreneur to unlock their true potential, ultimately contributing to a genuinely inclusive and equitable economy with far-reaching multi-generational impact.”
– David Coleman Program
Kristen Osborn
Kristen’s entrepreneurial journey was born out of necessity and healing after a health diagnosis left her unable to pursue traditional employment. To alleviate her symptoms, she channeled her passion for creating gifts. “I enjoy making things that I know other people will enjoy giving as gifts, so I started with that and slowly made my way up from there expanding bit by bit as I got comfortable.” Kristen launched Enchanted Shadows in her home of Sterling, CO which specializes in zodiac keychains, custom ceramic mugs, personalized merchandise, crystals and crystal bead jewelry. 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.
Financials
Fiscal Year 2022-2023 Expenses
Fiscal Year 2022-2023 Revenue Sources
Capital Portfolio by Product
RMMFI selected as a 2023 Impact100 Grant Finalist
RMMFI receives the 2023 Right on the Money Award from the Consumers United Association
RMMFI Board of Directors
RMMFI selected as a 2023 Impact100 Grant Finalist
RMMFI receives the 2023 Right on the Money Award from the Consumers United Association
“Each and every time I meet a new cohort and hear about their businesses I fall in love with humanity again. I am overwhelmed by their passion and vision for what they see is needed in our world.”
– Azure Taylor
Denver BLBC #15 Graduate and RMMFI Volunteer
RMMFI Board of Directors
Get Involved
Photos by Friends & Lovers Photography and McBoat Photography.