Overview
What is Dreamspring?
Dreamspring is a nonprofit Community Development Financial Institution (CDFI) and U.S. Small Business Administration (SBA) lender based in Albuquerque, New Mexico. Established in 1994, the organization focuses on economic inclusion and strengthening underserved communities by providing rapid access to capital and customized support to small business owners in 27 states. Dreamspring targets communities including people of color, women, low- to moderate-income earners, people with disabilities, and start-ups. With a team of 76 employees, the organization has issued over 48,796 loans totaling over $538 million and created or sustained approximately 65,138 jobs. Dreamspring's mission is to expand access to business credit, make loans, and offer training to empower underserved entrepreneurs, enabling them to thrive and contribute to positive economic and social change. In 2022, Dreamspring made 4,093 loans for $71.6 million, generating 10,869 jobs.
Official website here: www.dreamspring.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 97% (Four-Star out of Four Stars)
Dreamspring has achieved an impressive Four-Star rating from Charity Navigator, reflecting its strong performance in several key areas. With an Accountability & Finance score of 92 and an outstanding Impact & Measurement score of 100, the organization demonstrates a commitment to both financial health and measurable outcomes for the communities it serves. This indicates a transparent and effective approach to managing resources and evaluating program effectiveness.
The charity excels in fostering a supportive Culture & Community, reflected in its score of 98. Additionally, its Leadership & Adaptability score of 100 suggests that Dreamspring is well-positioned to respond to changing needs and challenges, which is critical for long-term sustainability. The organization has significantly impacted the small business landscape, having supported over 29,000 small businesses, showcasing its role as a vital resource for entrepreneurs.
Despite its high performance, the Program Expense Ratio of 89.95% indicates that a significant portion of its expenses goes directly to programs rather than administrative costs. This is generally viewed positively, but it's important for donors to be aware of how funds are allocated. Overall, Dreamspring's strong ratings and community impact make it a commendable organization in the nonprofit sector.
This AI summary has been generated from information found on Charity Navigator.
What do the Facebook reviews say about Dreamspring?
72% of the 21 reviewers on Facebook recommend DreamSpring. Here is a summary of their reviews:
Many users express gratitude for DreamSpring's significant impact, particularly in the context of mental health and addiction services during challenging times such as the COVID-19 pandemic. There are numerous acknowledgments of DreamSpring's role in supporting local organizations and small businesses, highlighting the positive influence it has on both individuals and the broader community. The organization is praised for providing essential resources and guidance, helping to create a sense of hope and support where it is most needed.
Overall, sentiments lean toward appreciation and respect for the services that DreamSpring provides. People feel that the organization plays a crucial role in improving lives and fostering resilience within the community. The collective sentiment conveys a strong belief in DreamSpring’s mission and effectiveness, emphasizing the vital contributions of its staff and programs.
This AI summary has been generated from reviews found on Facebook.
Is Dreamspring legitimate?
Dreamspring is a legitimate nonprofit organization registered as a 501(c)(3) entity. Dreamspring 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: $1,181,352
Professional Fundraising Fees: $0
Other Salaries and Wages: $3,981,858
For more financial information, click here
Official website here: www.dreamspring.org
What is the mission statement of Dreamspring?
Dreamspring is a nonprofit Community Development Financial Institution (CDFI) and Small Business Administration (SBA) lender devoted to enhancing economic opportunities for underprivileged communities. Founded in 1994, it offers quick access to capital and customized support to small business owners in 27 states. The organization focuses on communities with people of color, women, low- to moderate-income earners, individuals with disabilities, and start-ups. Dreamspring has issued over 48,796 loans worth over $538 million, supporting an estimated 65,138 jobs. By increasing access to business credit, making loans, and providing training, Dreamspring empowers underserved entrepreneurs to bring their dreams to life and spur positive economic and social change. In 2022, Dreamspring made 4,093 loans, totaling $71.6 million, which created or sustained 10,869 jobs.
Official website here: www.dreamspring.org
Who is the CEO of Dreamspring?
Suzette M Longfellow is the Secretary/Imm Past Chair of Dreamspring. The CEO's salary of Dreamspring is $298,427 and their total compensation is $309,809.
Official website here: www.dreamspring.org
What is the revenue of Dreamspring?
Dreamspring's revenue in 2022 was $25,867,927.
Official website here: www.dreamspring.org
Who are the executives of Dreamspring and what are their salaries?
The average compensation at Dreamspring during 2022 was $67,937. There are 76 employees and 14 volunteers at Dreamspring.
Here are 19 key members and their salaries (Dreamspring's CEO's salary is $298,427 and their total compensation is $309,809):
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- Compensation: $298,427
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- Other: $11,382
- Compensation: $202,048
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- Other: $18,305
- Compensation: $186,459
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- Other: $4,531
- Compensation: $183,192
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- Other: $8,599
- Compensation: $251,909
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- Other: $16,498
- Compensation: $139,840
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- Other: $4,063
- Compensation: $122,232
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- Other: $7,958
- Compensation: $133,397
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- Other: $3,116
- Compensation: $148,766
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- Other: $17,951
- Compensation: $115,241
- Related: $0
- Other: $9,446
Official website here: www.dreamspring.org
Where can I find the form 990 for Dreamspring?
Dreamspring's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.dreamspring.org
Learn more at the official website: www.dreamspring.org
Mission Statement of Dreamspring
Dreamspring, a community development financial institution and U.S. Small Business Administration lender, is committed to fostering economic growth and strengthening underserved communities by providing underrepresented entrepreneurs with rapid access to capital and customized support. Founded in 1994, this nonprofit organization operates in 27 states and focuses on supporting small businesses owned by people of color, women, low- to moderate-income earners, people with disabilities, and start-ups. To date, Dreamspring has issued over 48,796 loans totaling more than $538 million, creating or sustaining approximately 65,138 jobs.
Dreamspring's mission is to expand business credit access, make loans, and deliver training that empowers underprivileged entrepreneurs to bring their dreams to life and become catalysts for positive economic and social change. The organization's loan programs enable small businesses to operate, grow, or start, helping entrepreneurs thrive in their endeavors. In 2022, Dreamspring granted 4,093 loans worth $71.6 million, generating 10,869 new jobs. Through its innovative financial solutions and comprehensive support services, Dreamspring plays a vital role in uplifting communities and fostering economic opportunity for those who might otherwise face significant barriers to success.
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Impact
October, 2024
Dreamspring significantly impacts underserved communities by providing essential access to capital and support for small business owners. With a focus on populations including people of color, women, low- to moderate-income earners, and individuals with disabilities, Dreamspring plays a crucial role in accelerating economic inclusion. Since its founding in 1994, it has issued over 48,796 loans totaling more than $538 million, which supports an estimated 65,138 jobs across 27 states.
In 2022 alone, Dreamspring granted 4,093 loans amounting to $71.6 million, creating or sustaining 10,869 jobs. Beyond just lending, Dreamspring equips entrepreneurs with training and resources, enhancing their ability to start, operate, and grow their businesses. This comprehensive approach helps transform small businesses into catalysts for positive economic and social change, fostering community improvement and resilience.
This information is meant to be a general summary of Dreamspring. 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: $60,881
- Program Service Revenue: $17,871,900
- Gross Receipts: $26,371,224
Assets and Liabilities:
- Total Assets: $95,789,629
- Total Liabilities: $58,236,884
- Net Assets: $37,552,745
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
SBA PPP LENDING FEES
Revenue
$11,769,174
LOAN INTEREST AND FEES
Revenue
$5,995,348
SECURED DEBT
Revenue
$107,378
Organization Details
Founding Year
1994
Phone
(505) 243-8844Principal Officer
Suzette M Longfellow
Main Address
2000 ZEARING AVENUE NW, ALBUQUERQUE, NM, 87104
Website
www.dreamspring.orgNTEE Category
Code: S43B - Community improvement
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