SourceFunding.org uses four metrics to track overall economic impact, which were developed with high-profile university and foundation partners.
The financial technology platform's $10 million pilot was highlighted in "What's Working: Small Business" by Huffington Post & Goldman Sachs and was conducted over several years while founder W. Michael Short served as the youngest member of the Clinton Global Initiative's Community Investing & Small Business Working Groups (2011-16). Building on the successful pilot, the platform's national expansion was planned by university-based institute GSEI in the inaugural cohort of the Ashoka U Commons Accelerator Program (2015-2016). In 2016, the national expansion of SourceFunding.org was highlighted as a $100 million CGI-sponsored Commitment to Action, 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.
Featured by Forbes, CBS News Radio and at the New York Stock Exchange, the national expansion of SourceFunding.org was completed ahead of schedule in late 2017 with coordinated public announcements with partners in January 2018.
In 2017/2018, 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 the FinTech platform's 2016 Clinton Foundation-sponsored initiative known as a "Commitment to Action."
Using 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.