Rocky Mountain MicroFinance Institute celebrating five years of micro-loans

Eric Peterson | Tuesday, July 30, 2013
Founded in 2008, the Rocky Mountain MicroFinance Institute (RMMFI) is a nonprofit that makes loans of $2,500 and less to local small businesses.

"We founded it because we saw there was a gap in services for low-income entrepreneurs in Denver," says Co-Founder and Development Director Stacey Saggese. "There are incubators and small-business development centers, which is great, but it misses a whole segment of our entrepreneurial company."

RMMFI organizes three Business Launch Boot Camps a year. Each class has 10 entrepreneurs, and they receive up to $2,500 at the end of the 12-week program, based on participation in classes, mentoring and public events.

"The idea is they come into the boot camp business-curious and leave business-serious," says Saggese. Graduates include Birds & Belles Boutique, Maple Street Pie Company and Radiant Gardens.

The last of the three, described by Saggese as "a boutique garden designer," has experienced 400 percent growth in 2013. "She now employs one person 30 hours a week and hires contract workers."

"These businesses launch and that is just the beginning," adds Saggese. "It's not just about launching businesses. It is about creating a sustainable income."

She says micro-loans can be counterproductive without a solid strategy. "If you don't have a plan, the loan can be a detriment. It doesn't help you -- it hurts you."

RMMFI has 40 volunteers for every camp (contact Saggese for information). The loan pool is funded by the federal CDFI fund as well as investments from local businesses, organizations and individuals.

The latest graduating class will throw their caps skyward at RMMFI's five-year anniversary party at 6 p.m. on Aug. 1 at the Wynkoop Brewing Company; the event is open to the public.

"They look at small-business ownership to start at the ground floor and build the life they really want to live," Saggese says of graduating entrepreneurs. It's an amazing moment."

Contact Confluence Denver Innovation & Jobs News Editor Eric Peterson with tips and leads for future stories at eric@confluence-denver.com.

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Eric is a Denver-based tech writer and guidebook wiz. Contact him here.

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