SourceFunding.org will generate $300 million in economic impact nationally in 2018 and $3 billion in economic impact nationally in 2019. The platform was planned and a $10 million pilot was conducted over a number of years by SourceFunding.org founder W. Michael Short when he was invited to participate in the Community Investing Working Group at the Clinton Global Initiative (2011-2016) and during the inaugural cohort of the Ashoka U Commons Accelerator.
In 2016, the SourceFunding.org national expansion was highlighted in the Business & Management Review for "socially responsible 'FinTech' innovation," at a national summit hosted by City University of New York, and at the Obama White House.
The SourceFunding.org national expansion was completed ahead of schedule in late 2017 with coordinated public announcements with partners in January 2018.
In 2017/2018, our team at SourceFunding.org is helping at least 1,000 small businesses access low-cost financing from transparent and responsible community lenders. In 2019, with the help of additional technologies and growing market awareness, SourceFunding.org will help 10,000 small businesses access low-cost financing.
In 2017/2018, SourceFunding.org will facilitate access to low-cost financing with a collective origination value of over $100 million. In 2019, the platform will facilitate access to low-cost financing with a collective origination value of roughly one billion dollars. The "funding facilitated" metric is measured in keeping with our 2016 Clinton Foundation-sponsored initiative known as a "Commitment to Action."
Assuming an economic impact multiple of $3 of economic impact for every $1 in low-cost financing facilitated via the platform to underserved small businesses, SourceFunding.org will generate $300 million in economic impact nationally in 2018 and $3 billion in economic impact nationally in 2019. As the platform grows, so too will the platform's significant and compounding economic and community impact.
The number of jobs created by funding facilitated by our platform will grow from 540 jobs in 2017/2018 to 5,149 jobs in 2019. The job creation metric is based on US Small Business Administration data showing that on average, 5.4 new jobs are created for every $1 million in financing received by a small business in the U.S.