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.
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.
- Businesses Assisted
- Funding Facilitated
- Jobs Created
- Economic Impact
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 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."
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 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.
NEW YORK CITY (November 11, 2016) - SourceFunding.org, a new low-cost lending platform developed by the Global Social Enterprise Institute (GSEI) and entrepreneur W. Michael Short and backed by the Clinton Global Initiative, announced it is inviting participants in its beta testing phase. The platform has also been highlighted at the White House.
The platform is using a proprietary application and matchmaking software to connect individuals, businesses and organizations with a national network of partner community banks, credit unions and economic development organizations.
SourceFunding will generally serve small businesses and “non-traditional entrepreneurs” still struggle to get access to low-cost capital along with real-time technical assistance.
ATLANTA, GA (June 13, 2016) - In June 2016, award winning social entrepreneur W. Michael Short, the Global Social Enterprise Institute (GSEI), and university partners committed to the national expansion of the nations first low-cost financing platform for small businesses.
It is anticipated that this new national financial technology (FinTech) platform, SourceFunding.org, will deploy $100 million in business financing by year end 2018 utilizing a universal application system and matchmaking algorithms to more rapidly facilitate access to low-cost financing through the 14,000 community banks and credit unions in the U.S.
SourceFunding.org Founder W. Michael Short, president of the Global Social Enterprise Institute (GSEI) who at the time was serving as Social Entrepreneur in Residence at Le Moyne College, was specifically focused during the Commons on student entrepreneurial pathways and inadequate access to small business funding throughout GSEI's global network of 250+ collaborating universities and institutions.
The Ashoka U Commons, described as a "virtual accelerator for changemaking education," is an online professional development program for universities engaged in social innovation education initiatives. Over the course of a semester, accelerator participants are grouped into university cohorts as they work to advance a core component of social innovation education such as creating a new course, curriculum, or mapping student pathways at their institution.
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.