Why are you interested in becoming a Trustee?
We run a small business incubator in our county, and we are eager to connect our entrepreneurs to needed capital to launch their ventures.
What is the mission of your organization?
To design development projects within under-resourced rural communities of the Mississippi Delta Region.
In the past, how effective have you been in achieving this mission?
We set out over three years ago with an established set of goals, created by our board and those that provided us initial seed funding through the Walton Family Foundation. To date, we have either reached every goal we set, or are on track to do so by the end of this year, which is the third and final year of our initial seed funding we received in 2010.
Do you belong to any organizational networks -- nationally, regionally, or locally? If yes, please list.
None at present.
How will you decide who to endorse as a borrower? What due diligence will you conduct?
Any borrower we submit, will have already gone through a rigorous 8 week course on starting a business, and we will have already worked with the entrepreneur at great lengths to help them prepare for the launch of their venture. We take an interim-business-partner approach with our entrepreneurs, so those we would consider endorsing will have already gone through many phases of "stress tests" prior to endorsement.
How do you plan to support the borrower, both before and after the loan is disbursed?
We have an active set of resources (e.g., work & manufacturing space, two industrial kitchens, computers, marketing tools), which have been established to help our clients for at least the first two years of launching their business. We also work one-on-one with them during this time period. At the outset of our interaction, we set out big-picture goals for the business, then we set quarterly objectives to see how those goals are being met. No entrepreneur would be considered until these goals we set and the quarter objectives were reached.
How will you help us ensure that the loans you endorse have a significant and positive social impact?
We will support those entrepreneurs who are working the hardest at what they are doing in our town, aka, those that would start their business without our help if we weren't here. No amount of money will inspire passion and aspiration, so those we would consider for funding will have both of those traits in abundance. We hope these loans will have the impact of giving our entrepreneurs the boost they need in their first few months to a year of their business, and in turn will keep them from shuttering their doors in the first six months due to lack of financing and energy.
- Trustee Type:
- Community/Economic Development 501 (c) (3) Non-Profit
- Paused Tier trustee
- On Zip Since:
- Mar 15, 2013
- Loans Endorsed:
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- Paying on Time:
- Paying Back Late:
- Repaid in Full:
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