Overview
What is Rocky Mountain Microfinance?
Rocky Mountain Microfinance (RMMFI) is a nonprofit organization located in Denver, Colorado, with a mission to empower entrepreneurs from diverse backgrounds. They provide a holistic approach to personal and business development, combining classroom instruction, coaching, capital, and community support. RMMFI's programs, such as the Idea and Launch phases, help entrepreneurs build strong foundations for their businesses and lives. Through these phases, qualified individuals can receive mentorship, seed capital, and practical tools to launch their ventures. Since its inception in 2008, RMMFI has assisted over 300 businesses in Colorado, primarily owned by women and individuals of color, and has lent over $878,000 with a 94% repayment rate. The organization's mission is to create a space for communities to foster unique potentials through entrepreneurship, contributing to social and economic benefits for individuals, households, and communities.
Official website here: www.rmmfi.org
What are the reviews and ratings of this charity?
Charity Navigator Rating 95% - Four-Star out of Four Star rating
Rocky Mountain Microfinance (RMMFI) has received a Four-Star rating from Charity Navigator, indicating a high level of accountability and financial health. The organization scored 96% in accountability and finance, with outstanding ratings in constituent feedback and financial practices, reflecting its commitment to transparency and effective use of resources. The organization maintains a fully independent board, ensuring integrity in its governance.
User feedback consistently emphasizes the transformative impact of RMMFI's programs on aspiring entrepreneurs. Many participants have praised the Business Launch Boot Camp, noting the supportive environment and practical training that helps them build sustainable businesses. Volunteers also express satisfaction with their experience, highlighting the community engagement and personal growth they encounter while working with RMMFI.
Despite the positive reviews, some feedback might point to the challenge of reaching a broader audience. However, the organization’s focused approach on supporting underserved entrepreneurs appears to create significant community benefits and economic mobility. Overall, Rocky Mountain Microfinance is recognized for its effective programming and dedication to fostering entrepreneurship in the Denver area.
This AI summary has been generated from information found on Charity Navigator and Great Nonprofits.
Is Rocky Mountain Microfinance legitimate?
Rocky Mountain Microfinance is a legitimate nonprofit organization registered as a 501(c)(3) entity. Rocky Mountain Microfinance submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $122,335
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,691,333
For more financial information, click here
Official website here: www.rmmfi.org
What is the mission statement of Rocky Mountain Microfinance?
Rocky Mountain Microfinance (RMMFI) aims to facilitate community development and empower individuals from diverse backgrounds by investing in their entrepreneurial journey. Through a blend of classroom instruction, coaching, capital, and community engagement, RMMFI supports the personal and business growth of aspiring entrepreneurs. Since its inception in 2008, the organization has assisted over 300 businesses, with a majority owned by women and people of color, and has disbursed over $878,000 in loans with a high repayment rate of 94%. RMMFI's holistic approach fosters strong foundations in both individuals' lives and their businesses, bringing people, businesses, and communities together to unlock the social and economic benefits of entrepreneurship and create positive impacts for their businesses, households, and communities.
Official website here: www.rmmfi.org
Who is the CEO of Rocky Mountain Microfinance?
Jessica Sveen is the Chair of Rocky Mountain Microfinance. The CEO's salary of Rocky Mountain Microfinance is $122,634 and their total compensation is $122,634.
Official website here: www.rmmfi.org
What is the revenue of Rocky Mountain Microfinance?
Rocky Mountain Microfinance's revenue in 2022 was $3,540,042.
Official website here: www.rmmfi.org
Who are the executives of Rocky Mountain Microfinance and what are their salaries?
The average compensation at Rocky Mountain Microfinance during 2022 was $56,677. There are 32 employees and 235 volunteers at Rocky Mountain Microfinance.
Here are 13 key members and their salaries (Rocky Mountain Microfinance's CEO's salary is $122,634 and their total compensation is $122,634):
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $122,634
- Related: $0
- Other: $0
Official website here: www.rmmfi.org
Where can I find the form 990 for Rocky Mountain Microfinance?
Rocky Mountain Microfinance's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.rmmfi.org
Learn more at the official website: www.rmmfi.org
Mission Statement of Rocky Mountain Microfinance
Rocky Mountain Microfinance (RMMFI) is an organization dedicated to empowering individuals through entrepreneurship. Its mission is to create an environment where communities and individuals of all backgrounds can realize their unique potential. RMMFI achieves this by investing in entrepreneurs' personal and business development through a comprehensive approach that combines classroom instruction, coaching, capital, and community support.
Since its establishment in 2008, RMMFI has supported the launch or expansion of over 300 businesses in Colorado, with a focus on those owned by women and people of color. The organization has lent over $878,000 through more than 300 loans, boasting a remarkable 94% repayment rate. RMMFI's holistic approach aims to help entrepreneurs build strong foundations in both their personal lives and their businesses, fostering social and economic benefits for their businesses, households, and communities.
The organization intentionally follows an idea, launch, and thrive business incubator pathway, with each phase designed to provide entrepreneurs with the tools and support they need to succeed. The idea phase focuses on building the foundations needed for business success, offering cohort-based programming, mentorship, and seed capital to qualified entrepreneurs. The launch phase helps entrepreneurs get their businesses up and running with actionable plans and all the necessary tools and support.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
October, 2024
Rocky Mountain Microfinance has made a significant impact on the entrepreneurial landscape in Colorado, supporting the launch or expansion of over 300 businesses since its inception in 2008. By investing in personal and business development through a blend of classroom education, coaching, and access to capital, RMMFI creates pathways for entrepreneurs to succeed.
Approximately 90% of the businesses supported are owned by women and/or people of color, demonstrating a commitment to inclusivity. Through more than 300 loans totaling over $878,000, RMMFI has achieved a remarkable 94% repayment rate, indicating the effectiveness of its model.
The organization follows a structured program consisting of three phases: Idea, Launch, and Thrive. In the Idea phase, entrepreneurs receive cohort-based programming, mentorship, and seed capital to help them solidify their business concepts. The Launch phase includes a Business Launch Boot Camp, equipping participants with actionable plans and necessary tools to establish their businesses.
RMMFI’s holistic approach fosters community engagement, bringing together people from diverse backgrounds to leverage the social and economic benefits of entrepreneurship. This not only helps individuals and families but also contributes positively to the overall community, enhancing economic vitality and fostering a culture of innovation and collaboration.
This information is meant to be a general summary of Rocky Mountain Microfinance. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $3,593
- Program Service Revenue: $13,316
- Gross Receipts: $3,540,042
Assets and Liabilities:
- Total Assets: $4,399,998
- Total Liabilities: $507,480
- Net Assets: $3,892,518
Want to help this charity, for free? You can click here to learn more about Give Freely
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Business Class Income
Revenue
$9,090
Loan Collection Income
Revenue
$4,226
Organization Details
Founding Year
2008
Phone
(720) 941-5037Principal Officer
Jessica Sveen
Main Address
1209 W 10th Ave, Denver, CO, 80204
Website
www.rmmfi.orgNTEE Category
Code: S20 - Community improvement
If you are a representative of Rocky Mountain Microfinance and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.