Overview
What is In Need Of Capital?
In Need of Capital is a nonprofit organization based in St. Louis Park, Minnesota, with the mission to provide charitable and educational support to individuals with entrepreneurial ventures. They offer financial assistance in the form of loans to small businesses, without personal liability to the business owners. As the business thrives and repays the loan, the profits are returned to the nonprofit to support future startups. Currently, they have aided a dog grooming business, Adore Dog Salon, LLC, which opened in 2022 and is expanding in 2023.
Official website here: www.inneedofcapital.com
Is In Need Of Capital legitimate?
In Need Of Capital is a legitimate nonprofit organization registered as a 501(c)(3) entity. In Need Of Capital 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.inneedofcapital.com
What is the mission statement of In Need Of Capital?
In Need of Capital is organized and operates solely for charitable and educational purposes, adhering to sections 170(C) (2) and 501 (C)(3) of the Internal Revenue Code of 1986. Its primary mission is to provide financial and educational support for individuals with entrepreneurial ventures. This support can take the form of loans to small businesses, with no personal liability for the business owners. As the business succeeds, it uses its profits to repay the loan. Once the loan is fully repaid, the profits are returned to the nonprofit to support other startup ventures. The corporation's goal is to continuously help entrepreneurs and contribute to the growth of new businesses.
Official website here: www.inneedofcapital.com
Who is the CEO of In Need Of Capital?
Mark Saliterman is the Chairperson/ of In Need Of Capital.
Official website here: www.inneedofcapital.com
What is the revenue of In Need Of Capital?
In Need Of Capital's revenue in 2022 was $99,964.
Official website here: www.inneedofcapital.com
Who are the executives of In Need Of Capital and what are their salaries?
Here are 3 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.inneedofcapital.com
Where can I find the form 990 for In Need Of Capital?
In Need Of Capital's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.inneedofcapital.com
Learn more at the official website: www.inneedofcapital.com
Mission Statement of In Need Of Capital
In Need of Capital, a nonprofit organization, is established and operates exclusively for charitable and educational purposes, adhering to the guidelines of sections 170(C) (2) and 501 (C)(3) of the Internal Revenue Code of 1986. Its primary mission is to offer financial and educational support to individuals embarking on entrepreneurial ventures. This support is manifested through providing startup loans to small businesses. Notably, these loans are issued without requiring personal guarantees from the business owners. As the business thrives and generates profits, it utilizes these funds to repay the loan. Upon full repayment, the profits continue to benefit In Need of Capital, contributing to the support of other budding entrepreneurs. This cycle of lending and repayment serves to strengthen the nonprofit's capacity to aid future ventures, thereby contributing to the growth and success of the entrepreneurial community.
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
In Need Of Capital significantly impacts individuals seeking to launch their entrepreneurial ventures by providing essential financial and educational support. By offering startup loans without personal recourse to business owners, the organization empowers entrepreneurs to pursue their dreams without the fear of excessive personal financial risk.
The investment in small businesses fosters local economic growth, creates jobs, and contributes to community improvement. A prime example of this impact can be seen in the success story of Adore Dog Salon, LLC, which received the first small business loan and has since expanded its operations.
The unique repayment structure allows businesses to use their profits not only to pay back the initial loan but also to contribute back to In Need Of Capital, creating a sustainable cycle of support for future startups. This model promotes a thriving entrepreneurial ecosystem, as successful businesses go on to assist others, magnifying the overall positive impact on the community. Through its efforts, In Need Of Capital plays a vital role in nurturing new business ventures, enhancing local economies, and fostering a spirit of collaboration and growth within the entrepreneurial community in St. Louis Park, MN, and beyond.
This information is meant to be a general summary of In Need Of Capital. 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: $8,783
- Gross Receipts: $99,964
Assets and Liabilities:
- Total Assets: $325,695
- Total Liabilities: $0
- Net Assets: $325,695
Want to help this charity, for free? You can click here to learn more about Give Freely
Organization Details
Founding Year
2020
Phone
(952) 920-8555Principal Officer
Mark Saliterman
Main Address
3059 JOPPA AVE, ST LOUIS PARK, MN, 55416
Website
www.inneedofcapital.comNTEE Category
Code: S43 - Community improvement
If you are a representative of In Need Of Capital 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.