Economic Development

Prestigious Newhouse School instrumental in expansion of multibillion-dollar economic development initiative SourceFunding.org

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SYRACUSE, NY (SEPTEMBER 21, 2018) - The #1 ranked S.I. Newhouse School of Public Communications highlighted SourceFunding.org in its latest feature, “Newhouse School instrumental in expansion of multibillion-dollar economic development initiative SourceFunding.org.” The feature celebrates the recent surge in growth for the platform as it surpassed its goals for 2018.

“Multibillion-dollar economic development initiatives originally launched in 2014 and 2015 with the assistance of the Newhouse School at Syracuse University are now helping over 50,000 startups, small businesses, nonprofits and community development organizations expand nationwide by speeding up the financing application process and matching them with the best community funding sources for their particular circumstances and stage of growth.”

Click to read the entire Newhouse article.

IN THE NEWS: SourceFunding.org Founder W. Michael Short Featured on WCBS 880 Small Business Spotlight with Joe Connolly

NEW YORK CITY (June 5, 2018) - SourceFunding.org founder W. Michael Short was featured by News Radio WCBS 880 Small Business Spotlight in an interview about the platform’s national growth, surpassing first-year projections with over 50,000 businesses, startups, and nonprofits served to date, and a mission to combat predatory online lenders and brokers.

Highlighting that “SourceFunding.org makes economics and finance interesting, fun, and understandable as it offers entrepreneurs an array of funding options so they can avoid online predatory lenders,” News Radio WCBS Small Business Spotlight described the platform as “a dating service for entrepreneurs looking for funding” and compared it with popular dating app Tinder, which is operated along with Match.com by $12 billion dollar Match Group, Inc.

“Inherent in this entire situation is a relationship – a relationship between the lender and the small business – and there’s really been a breakdown,” W. Michael Short explained. “What we’ve been able to do is to integrate this really innovative technology to look at the needs and capacities and interests, the particular details of each business, and to be able to look at the lenders across the country, and to be able to find that match.”

SourceFunding.org Founder Invited to UN for Global Summit Hosted by MIT

Pictured on the right:  SourceFunding.org  Chairman & CEO  W. Michael Short

Pictured on the right: SourceFunding.org Chairman & CEO W. Michael Short

NEW YORK CITY (March 7, 2017) - SourceFunding.org Founder W. Michael Short was invited to the United Nations to participate in a summit hosted by MIT's SOLVE Initiative. 

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SOLVE was founded at MIT in 2015, a natural offshoot of MIT’s commitment to open technological innovation, and its long commitment to actionable thought leadership in the public sphere. The mission of SOLVE is two-fold: (1) Identifying the best solutions to specific, actionable challenges through open innovation, & (2) Building and convening a community of leaders and change-makers committed to partnering together to pilot and implement these solutions. To learn more about MIT's SOLVE initiative and their work, click here.

SourceFunding.org Highlighted for Economic Impact at White House

WASHINGTON, D.C. (November 30, 2016) - SourceFunding.org was highlighted for economic impact and small business development at the Obama White House. During 2016, the Obama White House Office of Social Innovation & Civic Participation advised on the platform's launch.

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SourceFunding.org has 4 major metrics developed with Clinton Foundation as part of its $100 million Clinton Global Initiative sponsored initiative known as a "Commitment to Action:"

  1. Businesses Assisted
  2. Funding Facilitated
  3. Jobs Created
  4. Economic Impact

Businesses Assisted

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

Funding Facilitated:

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 a billion dollars. The "funding facilitated" metric is measured and reported in keeping with our 2016 Clinton Foundation sponsored initiative known as a "Commitment to Action."

Economic Impact:

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.

Jobs Created:

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 SBA data showing that, on average, 5.4 new jobs are created for every $1 million in financing received by a small business in the US.

SourceFunding.org Featured by SME Finance Forum

NEW YORK CITY (November 14, 2016) - A new $100 million Clinton Foundation-sponsored platform bidding to take on predatory online lenders by offering America's underserved communities a low-cost alternative, is opening its doors for beta testing. Developed by the Global Social Enterprise Institute (GSEI), SourceFunding.org uses a proprietary common application and matchmaking software to help it connect individuals, businesses and other organizations with a national network of partner community banks, credit unions and economic development organizations.

Commitment to Action: Financial Inclusion & Economic Empowerment