FinTech

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 Speaks at Brooklyn Navy Yard

Photo Credit: City of New York

Photo Credit: City of New York

NEW YORK CITY (September 3, 2017) - SourceFunding.org founder W. Michael Short spoke today on a panel at the Brooklyn Navy Yard about his work with CUNY Medgar Evers College School of Business (MEC) to support grassroots community-based ventures and entrepreneurs. The panel, part of Brooklyn Music Week, was planned by MEC, the Central Brooklyn Economic Development Council, and community-based organization Forever My City.

The panel was held at the Brooklyn Navy Yard Center BLDG 92, a recently renovated facility "designed to engage with the community and inspire future generations to become industrial innovators and entrepreneurs."

Mr. Short spoke about financial inclusion and the launch of SourceFunding.org. He also discussed the International Innovators Initiative (IN2NYC) on MEC's campus.

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IN2NYC, an initiative of the New York City Economic Development Corporation (NYCEDC) in partnership with the City University of New York (CUNY), is the first municipal program in the nation helping international entrepreneurs access visas so they can create jobs in the U.S. IN2NYC is helping selected entrepreneurs gain access to the visas they need to grow their businesses in New York City, and will create more than 700 jobs for New Yorkers in the first three years alone.

"Dr. Jo-Ann Rolle's strategy of creating an experiential and inclusive entrepreneurship program at MEC's School of Business is proving incredibly effective with a number of compelling success stories," said Mr. Short. "By engaging with communities locally and globally, Dean Rolle creates truly unique opportunities for her entrepreneurship students."

To learn more about about entrepreneurship programming at MEC, click here.

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.

Can SourceFunding.org Level the Playing Field for Entrepreneurs?

Pictured: Janet Davas, founder of Hatch consultancy.

Pictured: Janet Davas, founder of Hatch consultancy.

Excerpt from 11/4/2016 article by Janet Davas at Hatch consultancy.

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Small businesses have the power to be a catalyst of transformation for our communities – and our economy. They also employ half of the nation’s private sector workforce and have created roughly two-thirds of net new jobs since 1995. Although interest rates have been kept at historically low levels by the Federal Reserve since the Great Recession began in 2008 in order to spur loan activity and borrowing to grow the economy, a major barrier cited by small businesses – especially non-traditional entrepreneurs – continues to be access to low cost capital.

“These barriers are especially true for women, veteran, and minority-owned companies who tend to be denied credit, receive lesser loan amounts, pay higher interest rates, and continue to remain in need of funding.”

SourceFunding.org Featured at #1 Ranked Maxwell School of Citizenship

Photo Credit: Syracuse University

Photo Credit: Syracuse University

SYRACUSE, NEW YORK (October 13, 2016) - SourceFunding.org Founder W. Michael Short was invited to speak at a Public Diplomacy Symposium hosted by Syracuse University's #1 ranked S.I. Newhouse School of Public Communications and #1 ranked Maxwell School of Citizenship & Public Affairs. Short spoke about the public diplomacy related considerations, challenges, and lessons learned relating to the launch of SourceFunding.org.

Joining Short on the "New Public Diplomacy" panel was Corri Zolli, director of research at the Institute for National Security & Counter Terrorism.

"The prestigious Public Diplomacy Program at Syracuse University is so incredibly impressive and the students and faculty are world class," said Short. "We've had over 250 SU students engaged in our efforts to date and we look forward to building on this strong partnership."


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Excerpt from the SU Daily Orange (click here for link to article):

The “New Public Diplomacy” panel features Michael Short, founder of Short Enterprises. The company focuses on utilizing “market based solutions” to solve problems related to a wide range of topics, from green infrastructure to urban revitalization and STEM education, Short said in an email.

Short said each of these initiatives involves creating and sustaining “public-private-nonprofit-foundation partnerships, which are a key aspect of public diplomacy.”

The symposium is being held in both Newhouse and Maxwell over the course of two days. The two schools offer a joint public diplomacy program, in which Short is an alumnus.

Short said he was specifically invited to discuss the public diplomacy related aspects associated with launching their financial technology platform, called SourceFunding.org. The platform works to connect small businesses with $100 million in funding by the end of 2018, according to its website.

“I credit my education at Newhouse and Maxwell with providing me with the skills and experiences necessary to launch and grow my firm and our initiatives,” Short said.

SourceFunding.org Recognized for "FinTech Innovation"

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NEW YORK CITY (August 1, 2016) - SourceFunding.org was featured for socially responsible "FinTech Innovation" in the August 2016 Business & Management Review. The paper, titled "Exploring Corporate Social Responsibility with the Global Community," was presented at the International Conference on Business & Economic Development in Paris.

Click here for a link to the Business & Management Review


Excerpt from the Business & Management Review:

"W. Michael Short, founder of Short Enterprises and the Global Social Enterprise Institute, spoke on the importance of building dynamic and cross-sector public-private-nonprofit-foundation partnerships in advancing economic development, inclusive entrepreneurship, and innovation. In order to demonstrate this, Mr. Short highlighted the national financial technology (FinTech) initiative that he is spearheading in collaboration with the Clinton Foundation, Ashoka U Commons Accelerator, the White House, various universities, a national network of small business technical assistance providers and financial institutions, among others. The initiative, a Clinton Global Initiative (CGI) sponsored “Commitment to Action” developed in the Ashoka U Commons, is focused on addressing a major barrier to growth cited by small and medium sized enterprises (SMEs): access to low-cost financing. This will be accomplished with the launch of the nation's first FinTech platform focused on community businesses, organizations, and entrepreneurs with a social-impact, mission-driven, or workforce development focus."

Commitment to Action: Financial Inclusion & Economic Empowerment

Newhouse School & Alumnus Develop National Entrepreneurship Initiative

SourceFunding.org (W. Michael Short Founder) FinTech Small Business Lending

SYRACUSE, NEW YORK (October 24, 2014) - The S.I. Newhouse School of Public Communications at Syracuse University and Short Enterprises have partnered to establish the Startup Insider Initiative, a network supporting entrepreneurs throughout the United States. The Initiative's primary focus will be to design and launch SourceFunding.org, a new platform that will streamline access to business financing from trusted community lenders, providing the first alternative to the proliferation of predatory online lenders. The platform will be committed to financial inclusion, working with business owners in underserved communities who don't have access to low-cost financing.