Highlighted at Clinton Global Initiative, the White House, and in the Business & Management Review for socially responsible “FinTech Innovation,” university & foundation-backed SourceFunding.org expands nationally to provide alternative to predatory online lenders in order to solve “massive market failure.”
BROOKLYN, NEW YORK - The nation's first and only universal business funding application, SourceFunding.org, announced the successful completion of its national expansion thanks to the support of university and foundation partners. For the first time, entrepreneurs and small businesses in the U.S. can match with, and apply to, every single low-cost community bank and non-profit lender in the country using a single university and foundation backed platform.
Building on the matching algorithms of a dating software, the proprietary platform provides a unique way to access 14,000 community lending institutions while simplifying the small business loan application process. SourceFunding.org is successfully assisting entrepreneurs in all 50 states by providing a free Funding Profile that helps them match with low-cost financing thanks to the generous support of university and foundation partners.
Brooklyn-based tech entrepreneur Ashley Warmington, founder of MWBE certified AirBnB property management company Cozy Oasis and a recent graduate of the Medgar Evers College (MEC) School of Business, successfully secured funding to grow her business with the help of SourceFunding.org, which she is using to create several jobs in her local community and to expand her business internationally.
“When I lost my home during a difficult time in my life, I was blessed with the opportunity to provide cleaning services in exchange for a place to live,” Ms. Warmington explained. “I humbled myself and gave my all to starting my company focused on property management, which has grown to serve 25 clients, and is now expanding further with the help of SourceFunding.org.”
Although Ms. Warmington is no longer a student, as a Brooklyn resident she receives support from MEC and W. Michael Short, who founded SourceFunding.org, and serves as MEC's Entrepreneur in Residence assisting student-run businesses and managing the International Innovators Initiative (IN2NYC) with the New York City Economic Development Corporation.
“Searching for financing to grow my company took a lot of time away from running my business and each lender handed me a big stack of application forms,” explained Ms. Warmington. “SourceFunding.org on the other hand was able to match me with the right funding from the most trusted source and on the first attempt — saving significant time and money — all with the assistance of a personal Funding Advocate looking out for my best interests and assisting throughout the process and when I ran into issues with the lender.”
Without the assistance of SourceFunding.org, businesses spend 33 hours on average completing each loan application without ever knowing in advance if they are applying to a lender that matches their particular circumstances. As a result, roughly 8,000 business loan applications are declined in the U.S. every single day, which experts view as a “massive market failure.”
“Our mission is to provide a private sector solution for this market failure,” said Sara Brainard, VP at SourceFunding.org formerly of the Weinstein Company. “Although women operate over 40% of U.S. businesses, they only received 4% of the business financing last year, and it’s rewarding to build a company that’s not only working to support women in business but leveling the playing field for ALL entrepreneurs.”
Ms. Warmington, the first and only female entrepreneur to win the City University of New York’s annual SmartPitch business plan competition, says she wouldn’t have been able to secure her financing at a 0% interest rate without the assistance of SourceFunding.org.
The national expansion of SourceFunding.org builds on a successful pilot by founder W. Michael Short’s award-winning consultancy and was planned by the Global Social Enterprise Institute (GSEI) in the Ashoka U Commons accelerator as part of an economic development initiative supporting socially responsible businesses, highlighted in “What’s Working: Small Business” by Huffington Post.
Selected as a 2016 Clinton Foundation sponsored initiative known as a “Commitment to Action,” the platform was featured for socially responsible “FinTech Innovation,” and highlighted at the Obama White House.
First housed by Le Moyne College, with the platform’s founder serving as the College’s inaugural social entrepreneur in residence, SourceFunding.org opened its national headquarters in NYC in 2017 with a field office at MEC School of Business.
"Entrepreneurship is an important career pathway for our students but many face significant challenges when seeking financing to grow their companies and create jobs,” said Dr. JoAnn Rolle, dean of MEC’s School of Business. “Our public/private partnership with SourceFunding.org is strengthening our ability to support our entrepreneurs and the communities that we serve.”
The prestigious Maxwell School of Citizenship & Public Affairs at Syracuse University is also among the institutions involved in the development and implementation of the platform’s social enterprise business model. SU’s #1 ranked S.I. Newhouse School of Public Communications is also playing an “instrumental” role along with the Martin J. Whitman School of Management.
“SourceFunding.org is proving that a low-cost, inclusive, sustainable, transparent, and socially responsible approach to business is more profitable in the long-run and in the best interests of not only our company, but most importantly our business clients, our nation’s community banking system, and our economy as a whole,” said founder W. Michael Short. “This is how you reignite the American Dream.”