SourceFunding.org News — SourceFunding.org | The FundingNavigator℠
NEW YORK CITY (MARCH 25, 2021) -- SourceFunding.org Founder W. Michael Short was invited to present on the topic of crowdfunding at New York University's Stern School of Business in Professor Levina’s "Digital Innovation and Crowdsourcing" course.
The focus of the course is on "digital technologies that enable knowledge work, creative industries, and information aggregation." The course also explores "new ways in which traditional firms and startups can be more innovative by harnessing the power of collective intelligence enabled by digital technologies."
Specifically, Mr. Short was invited to present on the overall crowdfunding sector, the various types of crowdfunding, and the use of crowdfunding platforms by high-impact, mission-driven, and philanthropic ventures working to solve social, environmental, and community challenges.
Mr. Short also spoke on the promise of crowdfunding platforms in addressing systemic economic inequalities negatively impacting underserved communities throughout the U.S.
“I’m very impressed by the brilliant Professor Levina and her incredible students,” said Mr. Short. “I look forward to building on our collaboration and work together in the future.”
NEW YORK, NEW YORK (September 25, 2020) — SourceFunding.org Founder W. Michael Short served as a delegate to the 75th United Nations General Assembly’s UNDP Summit on Innovative Finance Strategies to Achieve the Sustainable Development Goals (SDGs) For All Persons of African Descent. This is the second year that Mr. Short was invited to serve on the delegation, which was hosted by UNDP Africa, UNDP Finance Sector Hub, and the Historically Black Colleges & Universities (HBCU) Office of Development and International Cooperation.
Photo from 2019 UNDP Summit on Innovative Finance Strategies to Achieve the Sustainable Development Goals (SDGs) For All Persons of African Descent. The 2020 Summit was hosted virtually due to COVID-19.
2020 Summit Details via UNDP Africa:
BACKGROUND AND CONTEXT:
The global health crisis of COVID-19 has had a profound effect on livelihoods worldwide, leading to a loss of jobs and incomes for an unforeseeable future. The people in the African continent and African minorities in many countries are hit particularly hard in the pandemic. COVID-19 has exacerbated the inequalities faced within the African continent, as well as among the African diaspora, in terms of both the ability to contain the virus and to withstand its socio-economic impact.
This development is complicating efforts to achieve the Sustainable Development Goals (SDGs) for Africans and the African diaspora. The financing for development agenda is severely impacted by COVID-19, as traditional donor countries are struggling with their domestic response to the virus, implying less official development assistance for countries on the African continent. The impact of COVID-19 on the global supply chains and the countries aggregate demands created unprecedented fiscal stress with serious challenges in funding development initiatives. The discussion for financing development is crucial in the context of COVID-19, as there is a tremendous need for funding the post-recovery trajectory of African countries and for people of African descent across the world to build back better. Financing needs are immense, including the need for strengthening the healthcare system, building resilient infrastructure, creating jobs, access to education, transitioning to the green economy, as well as increased capacity for information and communication technology.
Beyond presenting finance mechanisms, this event presents an opportunity to move towards changing the way the financing system – connected with the economic, social and environmental development systems – is ruled, government, and managed, as well as the key actors around it.
Innovative financing mechanisms – as well as setting new ways of engagement to promote trust, accountability, participation, and inclusion within all partners in an horizontal manner – are all required for diverting capital to the much-needed populations and sectors that are most affected by the COVID-19 crisis. It also enables funding interventions that allow for positive social, environmental and financial impact, including for small-scale enterprises, entrepreneurs and workers who are not covered by formal mechanisms and COVID-19 assistance packages. Facilitating access to capital to small-scale enterprises and entrepreneurs in Africa and among its diaspora is crucial for developing and scaling innovative, home-grown solutions that offer solutions to the most pressing challenges emerging from COVID-19, while contributing to inclusive growth by creating jobs, livelihoods and increased income.
There are many opportunities for scaling and adopting innovative financing mechanisms, approaches, and instruments. Some innovative mechanisms may include offering new guarantee schemes for businesses and sectors that are hard-hit by the pandemic, inclusive financial services, mobilizing funds from non-traditional emerging actors such as venture philanthropies and blended finance modalities. A particularly important aspect is offering digitalized financing solutions including mobile payments, mobile banking and remittance services from the African diaspora to populations and businesses whose operation and mobility are hampered by COVID- 19. The COVID-19 pandemic while devastating, also offers a window of opportunity where such innovative instruments can be adopted widely for future resilience.
The United Nations Development Programme (UNDP), as mandated by the UN Secretary General and the General Assembly, is the Sustainable Development Goals (SDGs) integrator in the United Nations System. Contributing to this mandate with the scale and breadth of colleges and university systems provides new opportunities for accelerating progress on the SDGs. The African continent – and countries with a large African diaspora – host thousands of institutions of higher education, with over 200 Historically Black Colleges and Universities (HBCUs) and Predominantly Black Institutions (PBIs) of higher education in the United States, alone. The variety of academic subjects, number of courses, and number of students of African descent (which likely numbers in the millions) all provide opportunities, through academic partnerships, to strengthen educational institutions and outcomes on pressing issues and discussions for solutions, including the recovery from the COVID-19 pandemic and innovative financing. This involves generating the transfer of knowledge, technology and know-how through traditional, as well as South-South and Triangular Cooperation exchanges.
Collaborations to increase commitment for operationalizing innovative finance – and mobilizing the wide range of actors as investors – in a solidarity response to Build Back Better among persons of African descent, contributing to closing the immense funding gap resulting from COVID-19 and achieving progress towards the Sustainable Development Goals.
A strong partnership between UNDP, development finance institutions, government actors including Ministries of Finance, Trade and Business Development, HBCUs/PBIs, academia including the African Universities and the Ministry of Education in Africa, FinTech institutions, private sector actors (including MNOs), and civil society actors working on African diaspora issues would offer an unparalleled synergy for the achievement of the SDGs, particularly advancing innovative financing mechanism solutions for all persons of African descent.
Therefore, this summit, at the margins of the 75th Session of the United Nations General Assembly, aims to convene representatives of government and institutions of education, finance, trade and business development to develop a collaborative, ongoing alliance among institutions, member states, people of African descent, private sector, civil society and UNDP Africa to facilitate and create new partnerships that advance the agenda for innovative finance for all people of African descent.
SUMMIT OBJECTIVES:
The overall objective of the forum is to develop a platform for discussion among high-level stakeholders in Africa and representatives of the African Diaspora to share emerging innovative financing mechanisms in the thematic areas that include, but are not limited to, domestic resource mobilization, inclusive financial services such private equity and bonds for SDGs, blended finance, raising capital from non-traditional actors, digital financial products and remittances that will finance post-COVID 19 needs.
The specific objectives are to:
Highlight financing challenges, opportunities, and regulator bottlenecks which impede investments (informed by the COVID-19 context) in Africa and among persons of African descent;
Showcase best practices of innovative financing mechanisms, policies, and operational practices (including special investment needs in African countries to address liquidity and debt challenges) that are utilized in Africa, the North America, the Caribbean, and among the African diaspora population at-large, especially in the areas of COVID response and recovery packages, including innovative fiscal stimulus;
Establish and maintain working partnerships of interested UN Member States, educational institutions serving predominantly persons of African descent, the UNDP Africa and Finance Sector Hub, development finance institutions, private sector, NGO/CSOs and cognate organizations;
Develop a roadmap of actions that will harness innovative financing with a focus on specified SDGs (3, 4, and 7);
Prepare, within 10 months, and in anticipation of the 76th Session of the UNGA, a culminating report which assesses progress made relative to the above declared Summit Objectives
Syracuse University’s #1 ranked S.I. Newhouse School of Public Communications featured SourceFunding.org in its latest article, which highlights the platform’s recent surge in growth.
“Newhouse School instrumental in expansion of multibillion-dollar economic development initiative”
NEW YORK, NEW YORK (September 19, 2018) - Multi-billion dollar economic development initiatives launched in 2014 and 2015 at Syracuse University’s S.I. Newhouse School of Public Communications and with the support of the Public Diplomacy Program in 2016 continue to grow and are now supporting the expansion of over 50,000 startups, small businesses, nonprofits, and community development organizations nationwide by matching them with the best sources of funding for their particular circumstances and stage of growth.
The national economic development initiatives, first recognized in 2014 by Huffington Post ( “A New Platform for Social Enterprise Startups in the U.S.”), have evolved into a cloud-based financial and database technology venture known as SourceFunding.org thanks to the early support of over 100 Newhouse students and faculty, both the Maxwell School of Citizenship & Public Affairs and Martin J. Whitman School of Management, Le Moyne College’s Madden School of Business, and numerous other university, foundation, and banking partners nationally.
Founded by technology entrepreneur and Newhouse alumnus W. Michael Short, and with a growing leadership team that includes SU grads Sara Brainard and Brian Cronin, SourceFunding.org was featured as a Forbes Editors’ Pick for leveling the playing field for small businesses, highlighted for economic and community impact at the White House, compared with Amazon as a marketplace for business finance on the floor of the New York Stock Exchange, and noted for socially responsible “FinTech Innovation” in the Business & Management Review.
SourceFunding.org is the only online platform providing a software as a service (SaaS) matching entrepreneurs, startups, businesses, nonprofits and community development organizations with the Responsible Finance Network™, which includes all of the 14,323 community banks, credit unions, non-profit lenders and community development financial institutions in the United States.
Using advanced matchmaking algorithms and artificial intelligence, the platform speeds up the business financing search and application process and provides a trusted and transparent alternative to the growing number of predatory online lenders and brokers that are plaguing the nation's businesses with hidden fees, astronomical rates, misleading information, and hindering broader economic growth, job creation, and business development nationally.
“ 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,” said Joe Connolly, host of News Radio WCBS 880 Small Business Spotlight. He then described the platform as “a dating service for entrepreneurs looking for funding” and compared it with popular dating application Tinder, which is operated along with Match.com by $12 billion dollar Match Group, Inc.
One of the many entrepreneurs benefiting from the SourceFunding.org matchmaking platform is Ashley Warmington of Brooklyn, NY, founder of award-winning tech company Cozy Oasis and recent graduate of Medgar Evers College School of Business where SourceFunding.org currently operates a field office.
Using the funding secured with the help of SourceFunding.org, Ashley expanded her company and created jobs in her local community. Ashley’s tech company is now the top ranked AirBnB property management company in New York City.
“Searching for financing to grow my company took a lot of time away from my business and each lender handed me a big stack of application forms,” said Ms. Warmington. “SourceFunding.org matched me with the right funding from the most trusted source on the first attempt, which saved significant time and money.”
This challenge of finding the right lender is experienced by nearly all entrepreneurs, small businesses, and nonprofits in the United States - especially in historically underserved communities. On average, businesses spend over 100 hours completing loan applications without ever knowing if they are applying to a lender that actually matches their particular circumstances. As a result, roughly 8,000 business loan applications are declined in the U.S. every single day, which economists describe as a “massive market failure.”
“Entrepreneurs and small businesses face significant barriers in accessing the financing needed to grow and create jobs especially in underserved communities,” said Dr. Jo-Ann Rolle, dean of the School of Business at Medgar Evers College, City University of New York. “This is a reality we contend with on a daily basis while supporting entrepreneurs both on campus and in the community, and our work with SourceFunding.org is designed to streamline that process in order to level the playing field for all entrepreneurs."
To address this challenge, SourceFunding.org is providing platform access to several thousand chambers of commerce, small business development centers (SBDCs), economic development organizations, and community colleges so that they will be able to help entrepreneurs, businesses, and nonprofits identify funding options on an ongoing basis, with immediate results, through a complimentary account provided by SourceFunding.org.
“The Small Business Development Center at Onondaga Community College in Syracuse, New York, was so crucial in helping me launch and grow several ventures, including SourceFunding.org, and I’m thankful for the support provided over the years by the center and its incredible director Joan Powers,” explained W. Michael Short. “Now we are able to return the favor by providing access to our platform to entrepreneurs, businesses, and nonprofits in order to support communities nationwide.”
This motivation, to support communities and hard-working entrepreneurs throughout the country, is what inspired founder W. Michael Short to build SourceFunding.org.
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 .
Small Business Spotlight: SourceFunding.org Serves As Matchmaker For Entrepreneurs And Lenders
Via News Radio WCBS 880 New York (June 5, 2018) - 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.
As founder W. Michael Short explained to WCBS 880’s Joe Connolly in this week’s Small Business Spotlight, SourceFunding.org took the framework from a dating app and repurposed it for small business funding. Connolly described the company as “a dating service for entrepreneurs looking for funding.”
Short and his team launched the national platform in order to provide a low-cost alternative to predatory lenders, which Short said “have just been growing and growing across the country in the last few years.”
He said the best lenders to work with across the country are low-cost community banks, which can lend at low rates and have the best interests of businesses in mind in a way that larger banks might not.
“There are about 14,000 of these community banks – the low-cost CDFIs; the credit unions, and what we’re able to do is for the first time, an entrepreneur can use our system. They’re able to log in and create their free profile; get organized; be able to see what information they need to have ready and prepared to be able to competitively pursue financing,” Short said.
The technology that SourceFunding.org has been developing allows it to be a matchmaking service between entrepreneurs and small banks.
“Inherent in this entire situation is a relationship – a relationship between the lender and the small business – and there’s really been a breakdown,” Short said. “And what we’ve been able to do is to integrate this really innovative technology to look at the needs and capacity 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 – which would be the great match – and sometimes it’s multiple matches.”
Short shared one example of a contractor who was looking for funding for a project and ended up getting taken advantage of. The contractor was a flooring company that has a multimillion-dollar contract for the flooring in an airport expansion and renovation project.
“She took on this loan from a predatory online lender. She thought to herself: ‘Great, wow, I can get this funding from this online lender. I’ll get the money the next day. It’ll go right into my account. Perfect – what could go wrong?’” he said. “Well what went wrong is that the interest rates are sky high, and it’s something between 60 and 70 percent. She didn’t expect that. The fees just were not transparent at all.”
Short said SourceFunding.org can rectify such a situation by refinancing the high-interest debt – finding lenders so she can get the debt off the books and bring the interest rate down to a reasonable level of more like 9 or 10 percent. And the bank matchmaking service can match entrepreneurs or contractors with banks located anywhere in the country – often in places one might not expect.
“How are you going to know that the small community bank in southern Kansas is, you know, rip-roaring and ready to go to expand; they want to do a project in New York and what have you – you’d never know to go talk to that bank, or that credit union, or what have you – all throughout the country,” Short said.
Short said very intelligent people often fall into toxic relationships with predatory lenders offering high-interest loans – even if they do all their due diligence and study up.
"I mean, you go on Google, you go online, and you’re searching for your loans or what have you. Most of these businesses, they go to one bank, they talk to them, they apply. It takes 33 hours for one application. On average, they go to three. That’s almost 100 hours wasted on this paperwork – and a lot of times, it’s the same paperwork over and over,” he said.
SourceFunding.org streamlines the process – offering a list of matches with details on each one to connect clients to the right lender.
“There’s more manual consulting process. But with the technology, the real long-term goal is to have this completely automated. So in the next week, we’re rolling out some new features whereby all that information that we’re talking about that would be helpful for the business to have, they are now going to be able to get it right within their profile – here are top lenders, here’s the information, here are the forms; auto-populating the forms – boom, ready to go,” he said.
Much of SourceFunding.org’s customer base so far is word-of-mouth, but the company also has a network of university and community college partners, Short said.
The company has multiple charging models to make money.
“One model would be if they’d like the complete service; if they need somebody to be helping them along the way or what have you, that’s 7 percent,” Short said. “Now, 7 percent sounds like a lot. But if you factor that in, an equivalent in interest rate – so say, you know, 60 to 70 percent in terms of this predatory online lender. Say we’re able to connect you with a community bank – it’s 8 percent. Well, an equivalent rate – it raises your rate to like 11 percent. Eleven percent – a lot better.”
But SourceFunding.org is transitioning away from percentage fees, and is moving toward an annual fee. Customers set up a profile for free and enter their information, and once they begin using the service and looking for the right bank among their matches, they pay an annual fee of less than $100, Short said.
SourceFunding.org can afford the low price because it is all about volume.
“There are a lot of small businesses in this country. They are the backbone of this country. Eight thousand small businesses are declined for credit every single day,” Short said. “About 3,000 of those businesses are credit-worthy, meaning they simply apply to the wrong place. They wasted their 100 hours to apply and fill out all these forms, and they’ve taken away from their business and they’re wasting all this time – no. No more.”
Short explained that he licensed the technology of a well-known dating company to create his matchmaking service for entrepreneurs and banks.
“We have an exclusive global license on the baseline technology, with a well-known dating company,” he said. “You know, we might not want to reveal it.” Short said the relationship benefits both SourceFunding.org and the dating company, which earns revenue and tests the use of its technology in different sectors.
The smaller community banks that SourceFunding.org matches up with entrepreneurs in need of funding also benefit tremendously. He noted that the small banks are often nonprofits without a huge marketing budget, while predatory lenders have large marketing budgets and advertise everywhere.
“(The community banks) love us. That’s how we’ve been able to develop this network,” Short said. “They’re not having to pay for this qualified, vetted pipeline of applicants. They love it. They’re high quality. They’re not having to waste time, and what have you, in terms of identifying, and they can do what they do best.”
Short explained that SourceFunding.org itself is not a nonprofit, but a “social enterprise.”
“Social enterprise is simply saying that we’re taking the ethos of philanthropy and the market-based approach of capitalism and merging those, so we’re able to have this market-based approach to solving this huge problem in this country,” he said.
YALE UNIVERSITY (May 14, 2018) — SourceFunding.org Founder W. Michael Short was invited to serve on an expert panel in the Innovation in Government and Society course at Yale University. Also serving on the panel was Kat Duffy, who serves as VP of Global Technology Programs at Internews. Mr. Short and Ms. Duffy provided feedback to graduate students on their presentations focused on policy interventions in the areas of energy production, systemic inequality, artificial intelligence, transportation, journalism, and access to healthcare.
NEW YORK CITY (March 31, 2018) - SourceFunding.org was highlighted by Forbes in the feature “A New Funding Platform Aims To 'Level The Playing Field' For Small Business.”
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Excerpt via Forbes:: “ Michael Short was only a few years out of college when he learned first hand about the problems small-business owners, especially those serving low-income neighborhoods, have finding capital to help them grow. After graduating from Syracuse University, he was selected to serve in the university's Engagement Scholars program. Funded in part by the Kauffman Foundation, engagement fellows are charged with tackling thorny development problems from new perspectives. Short ended up working in one of Syracuse's bleakest neighborhoods, supporting the growth of small business owners.”
"All of them were long-standing businesses," Short told me when I met him on the campus of Medgar Evers College in Brooklyn one day earlier in March, "but they were isolated." Meanwhile, he said, community groups offered businesses "a multitude of loan programs, whether it's to buy abandoned buildings, or to do manufacturing," or for a variety of other specific purposes. But these organizations were isolated, too. "The way they're funded, on grants, makes them competitors, not collaborators — they don't refer to each other," Short continued. If you're a business owner, "you're really on your own. It's impossible to get the full picture."
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#Smallbusiness#loan brokers for online lenders are many, but what SourceFunding is doing is much harder, because the banks, credit unions, and nonprofit in its network are not nearly so automated. https://forbes.com/sites/robbmandelbaum/2018/03/31/a-new-funding-platform-aims-to-level-the-playing-field-for-small-business/#1f6ea4bff2bf…
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"In 2014, research by Karen Mills, former administrator of the Small Business Administration under President Obama, confirmed what Short found on the ground [as a Syracuse University Community Engagement Scholar, and later as a social entrepreneur, helping underserved small businesses in a community with the highest levels of poverty concentration among African- & Latino- Americans].”
"There's a disconnect," Short said, "between lenders who say they can't find qualified applicants, and the credit-worthy businesses going from lender to lender and can't find a loan." That year he decided to launch SourceFunding.org as a nationwide resource for small businesses. “If you're a business owner, you're really on your own,” Short explained. “It's impossible to get the full picture of [every funding opportunity & what's the best match]."
"In January, Short, who is 31, launched a national platform intended to provide that big picture — especially for underserved businesses, like those owned by women and minorities, who find it disproportionately harder to borrow money. Over the last four years, his company SourceFunding.org has painstakingly collected data on loan programs and application requirements from some 14,000 institutions nationwide, including small community banks, credit unions, local economic aid groups known as community development financial institutions, and other nonprofit lenders."
About SourceFunding.org
SourceFunding.org provides an easy, safe and secure online system for entrepreneurs, businesses and organizations in the U.S. to apply for low-cost financing from high-quality community lenders using the nation’s first universal small business loan application process.
SourceFunding.org was launched as an inclusive, transparent and low-cost alternative to the rapidly growing number of predatory online lenders and predatory online loan brokers. The financial technology platform’s unprecedented Responsible Finance Network includes over 14,000 trusted community banks, non-profit lenders, credit unions and CDFIs in the U.S.
Highlighted for economic impact at the White House and for socially responsible "FinTech Innovation" in the Business & Management Review, the university, foundation and investor-backed SourceFunding.org is leveling the playing field for ALL entrepreneurs in the U .S. so they can easily find and secure the quality business financing to expand and create jobs.
Photo Credit: Syracuse University
SYRACUSE, NEW YORK (March 6, 2018) - Building on long-standing collaborative efforts and initiatives with Syracuse University, providing over 150 graduate & undergraduate students to date with engaged and experiential scholarship opportunities, SourceFunding.org continues to develop its social enterprise business model with the assistance of the Community Benchmarks Program at SU’s prestigious Maxwell School of Citizenship & Public Affairs.
W. Michael Short, SourceFunding.org Founder, and Director of the International Innovators Initiative ( IN2NYC) at Medgar Evers College School of Business, City University of New York ( VIDEO LINK).
Highlighted in Forbes, at the New York Stock Exchange, at the White House for economic impact, and in the Business & Management Review for socially responsible innovation in financial technology, SourceFunding.org is at the forefront of a new era of hybrid social enterprises: organizations that pursue social missions that are fueled by market-based business models, integrating social and economic objectives.
"The development strategies and plans evolving from our previous work with the Community Benchmark Program in 2015 helped build a strong foundation for the successful national expansion of our hybrid social enterprise business model," said SourceFunding.org CEO W. Michael Short ( SU '10 & SU Engagement Scholar '11). "We're grateful for the opportunity to build on that successful collaboration."
As noted by Huffington Post, in an article highlighting the involvement of SU in the early development of SourceFunding.org with social entrepreneur W. Michael Short, the number of social enterprises in the U.S. has more than doubled since 2006.
“The social innovators leading the hybrid movement have advanced efforts to increase accountability of both for-profit and nonprofit social enterprises by combining the best attributes of each,” writes Chris Miller, CEO of the Mission Center L3C Incubator, in the Stanford Social Innovation Review. “It seems safe to assume that the vanguards of the millennial generation and hybrid movement, respectively, will continue to seek more authentic, transparent, and accountable mechanisms for changing the world.”
Specifically, university, foundation, and investor-backed SourceFunding.org expanded nationally in the U.S. to provide a trusted, transparent, & low-cost alternative to the growing number of predatory online small business lenders that are increasingly using deceptive tactics, misleading fees, and hidden costs to take advantage of entrepreneurs nationwide.
As noted by the U.S. Treasury Department, big banks cut down on their small business lending following the 2008 financial crisis & online FinTech firms stepped in to fill the unmet demand for credit. As a result, the industry boomed and is on track to lend $90 billion a year by 2020. However, according to Opportunity Fund, FinTech loans come at a substantial price with annual percentage interest rates (APRs) reaching from 94% to as high as 358%.
Karen Mills is a Fellow at the Harvard and a leading authority on entrepreneurship & online lending. She was a member of President Obama’s Cabinet, serving as the Administrator of the U.S. SBA from 2009 to 2013 (Photo: U.S. SBA).
Research published by Karen Mills, distinguished senior fellow at Harvard University who lead the U.S. SBA during the Obama Administration, points to a disconnect between traditional banks, that cite a lack of demand from qualified borrowers, and creditworthy business owners, who describe going from bank to bank unable to get a business loan. As a result, businesses are turning to predatory online lending platforms in record numbers.
SourceFunding.org provides the first & only universal small business loan application system accessing every community bank, credit union, non-profit lender, & community development financial institution (CDFI) in the U.S. with the platform's national Responsible Finance Network™ incorporating a network of over 14,000 of the nation's most trusted, transparent, & low-cost lenders.
SourceFunding.org simplifies the capital search process, streamlines the business financing application process, and eliminates over 100 hours of paperwork for entrepreneurs. Using technology to assess the particular circumstances of each entrepreneur, business venture, or organization, along with advanced matchmaking algorithms, SourceFunding.org identifies the small business lending programs that are a good fit out of all the opportunities available.
The platform’s national financial inclusion campaign and social enterprise business model includes multiple independently operated organizations operating toward a shared mission of leveling the playing field for all entrepreneurs in the U.S. in order to stimulate economic impact, community development, and job creation.
NEW YORK CITY (February 23, 2018) - Excerpt from NYSE Interview:
“Roughly three thousand small businesses are declined for credit every single day, not because they're not credit worthy, but because they applied to the wrong source of financing and that's what we're working to fix,” explained W. Michael Short, SourceFunding.org Founder, who also serves as Entrepreneur in Residence at Medgar Evers College, City University of New York, and as President of the Global Social Enterprise Institute. “For the first time in our nation's history, small businesses are able to apply to the continuum of 14,000 community banks in this country with a single application process.”
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Great having you on #CheddarLIVE! https://x.com/Michael_Short/status/967087134967500800…
W. Michael Short
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Enjoyed talking with the talented @thebradsmith & @timsteno on @cheddar at @NYSE about Inclusive Finance! #FinTechhttps://cheddar.com/videos/using-dating-tech-to-hook-up-entrepreneurs-with-funding.amp…
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“On average [ small businesses] apply to three financial institutions for financing, which amounts to nearly 100 hours of application paperwork” said Mr. Short. “What we're able to do for the first time is connect them with the best source of capital so they're able to apply, get matched, and get their capital on the first attempt.”
SourceFunding.org is a university and foundation-backed online platform matching entrepreneurs and small businesses, for the first time in U.S. history, with the complete national network of over 14,000 trusted, transparent, and low-cost community banks, credit unions, and community development financial institutions. Recognized in the Business & Management Review for socially responsible financial technology, the platform was launched to provide a low-cost alternative to the rapidly expanding number of predatory online lenders, provides the first ever universal application system and a personal Funding Advocate to assist clients throughout the entire application process.
Full Transcript - NYSE Interview:
Tim Stenovec: Michael, Amazon Lending is an invitation-only program and it makes loans for companies that may have difficulty landing traditional business loans - when you saw this news last week, this expansion of Amazon's program, what was your first reaction?
W. Michael Short: My first reaction was excitement. Any opportunity to provide capital to small businesses is a positive in my book. 3,000 small businesses are declined for credit every single day, not because they're not creditworthy but because they applied to the wrong source of financing, and that's what we're working to fix.
Tim: Let’s talk about how your approach is different than Amazon’s.
WMS: Absolutely. For the first time in the nation's history, small businesses are able to apply to the continuum of 14,000 community banks in this country. So, for context: how does it work right now? Small business needs to identify where they’re going to apply for this financing. They go to one, they go to the next, they go to the next. In terms of banks, on average they apply to three financial institutions for financing, or in most cases, they give up. So for us right now, what we're able to do for the first time is connect them with the best source of capital so they're able to apply, get matched, and get their capital on the first attempt.
Brad Smith: What’s the reason that they are denied and they’re not getting that transparency that they need - once you’re able to work with them and kind of figure out exactly why they weren’t given the loan that they needed, what’s the most common reason?
WMS: Absolutely, so it’s pretty simple: each of these community banks have different requirements and types of businesses that they support. You're trying to do your food truck in Brooklyn; how would you ever know that the small community bank in southern Wisconsin is the best match for you? You’d never know that. That's what we help them with.
Tim: Let’s talk about the tech behind the platform. What kind of tech are you using to help businesses with funders?
WMS: Absolutely, so inherent to this entire situation is relationships, between the community bank and the small business. A lot of times it becomes impersonal, and that's where this disconnect occurs. Karen Mills at Harvard published some great research, she used to lead the SBA; there is this giant disconnect between the small businesses and the community banks, and what we're able to do is use the algorithms of this matching technology, and we've built on that over the last few years, to be able to connect them with the right source on the first attempt.
Brad: And so, two part question: First part of it, there’s a certain credit score that comes into play with this as well: how much does that weigh on the initial decision, and how can some of these small businesses still find the bank to work with using your system as well? How much does that play a role?
WMS: Each of these community banks has different requirements, different types of business they're looking to support, so whether their credit score is lower or whether it’s higher, there is usually a bank that's willing to support them. The problem is identifying that match. The application process - each of these applications take 33 hours to fill out all the paperwork, and like I said, three applications per business, that's almost 100 hours wasted - not building their business, but on paperwork. A lot of times this paperwork is the same paperwork, but just in different forms, over and over and over.
Brad: One of the big things that we look at within the Fintech space is how so many different businesses are trying to incorporate blockchain and figure out a way that that can create the right ledger system so that these banks or these small businesses are that much more credible or reputable, based on the past transactions that they’ve done. Do you see that as something that’s weaving into your technology, into the fold, very rapidly - is that on the horizon?
WMS: Absolutely, on the horizon. One of our major investors made his fortune in Bitcoin and sees the future in engaging these community banks and using this type of technology to expedite this process, whether it's contracting or connecting or what have you, and that's exactly what we're working on.
Brad: Are you allowed to tell us who the investor is?
WMS: Not yet, no.
Tim: What are the rates that you’re seeing, Michael - I mean Amazon we know reportedly has rates between 6% and 14%, are yours competitive?
WMS: Absolutely, that’s very competitive. I’d say that you’ll get the most competitive rates from the responsible, transparent and trusted nonprofit lenders, the community banks, and it is in that ballpark - as opposed to so many small businesses, one in five, that are applying to predatory online lenders.
Tim: What is Amazon getting out of this - why is Amazon doing this?
WMS: I think it’s a great way for them to be supporting their merchants. It’s a great way for them to help their merchants grow their businesses and in turn, help Amazon grow - it’s mutually beneficial, and that’s what we’re all about at SourceFunding.org.
Brad: In terms of the small business partnerships that Amazon has created over the course of history, what is the biggest problem area for why they need to get more funding that you’ve found, at least in terms of why they need these small business loans or the additional capital?
WMS: Well, in many instances it's an issue of capacity - many of the small businesses that we work with need to bring on additional staff to be able to grow. I'd say that that's a large majority - they want to be able to bring on new staff, they want to create jobs, and they have that challenge of identifying where they can get that capital - the low-cost capital, not the predatory online lenders that are just doing a horrible disservice to the American small business owner with misleading information, it truly is a disaster.
Tech entrepreneur Ashley 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 from 87 funders at a 0% interest rate without the assistance of SourceFunding.org.
BROOKLYN, NEW YORK (February 8, 2018) - 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.”
NEW YORK CITY (January 15, 2018) - University and foundation-backed SourceFunding.org recently announced a new partnership with Kiva.org to support small business growth and job creation in the US.
Serving as a Kiva Trustee, SourceFunding.org will be recommending entrepreneurs and small businesses for priority access to 0% interest small business loans.
The new partnership demonstrates growing momentum behind SourceFunding.org’s national campaign for the financial inclusion and empowerment of all entrepreneurs in the US.
The partnership also represents further expansion of SourceFunding.org’s Responsible Finance Network™, which has grown to include several thousand trusted, transparent, and low-cost community lenders within the last year.
“This is yet another exciting step forward in our commitment to level the playing field for all entrepreneurs and small business owners in the US so they can easily find and secure the quality, low-cost, and transparent financing needed to expand & create jobs,” said Sara Brainard, Brooklyn-based entrepreneur and VP of Corporate Operations for SourceFunding.org.
One entrepreneur already benefiting from the new partnership is Ashley Warmington, a student entrepreneur at Medgar Evers College School of Business who is working on her MWBE certification with the support of the College’s nationally recognized Entrepreneurship & Experiential Learning Lab.
Using SourceFunding.org, Ashley’s AirBnB management and concierge company, Cozy Oasis, was matched with Kiva and recommended for funding. The funding will accelerate the company’s growth globally into three new countries, which will create several new jobs in the Brooklyn community.
"Our entrepreneurs and small businesses face significant barriers when seeking financing to grow and create jobs,” said JoAnn Rolle, dean of the Business School at Medgar Evers College. “Entrepreneurship is an an important self directed career pathway for many of our students after they graduate and access to funding is crucial.”
To learn more about the positive impact SourceFunding.org is having, click here.
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.
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.
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.
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.
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:"
Businesses Assisted
Funding Facilitated
Jobs Created
Economic Impact
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.
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.
NEW YORK CITY (November 11, 2017) - 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.
Pictured: Janet Davas, founder of Hatch consultancy.
Excerpt from 11/4/2016 article by Janet Davas at Hatch consultancy.
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.”
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."
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.
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.
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."
Photo: Atlanta Mayor Kasim Reed Speaking at Opening Plenary of Clinton Global Initiative.
Press Release via Global Social Enterprise Institute :
ATLANTA, GEORGIA (JUNE 2016) — Entrepreneur and economic development specialist W. Michael Short was invited to the Clinton Global Initiative Summit in Atlanta, GA, to announce the expansion of SourceFunding.org and the FundingNavigator℠ as a 2016 Clinton Foundation-sponsored "Commitment to Action."
Pictured: W. Michael Short, founder of SourceFunding.org , with President Clinton.
Recognized for socially responsible " FinTech Innovation" in the Business & Management Review and highlighted at the Obama White House, SourceFunding.org is a tech-enabled venture focused on bridging the opportunity divide for the 28 million small businesses in the U.S. so they can expand, create jobs, & transform communities.
SourceFunding.org is the nation's first low-cost matchmaking platform connecting small businesses with the 14,000+ responsible community banks, credit unions, CDFIs, & economic development financing opportunities in the U.S.
SourceFunding.org merges unparalleled access to the nation's financing opportunities with the nation's first universal e-application for small business funding. The proprietary system improves loan application outcomes, reduces friction for businesses seeking financing, protects the credit scores of small business applicants, and provides the nation's first viable alternative to the many predatory online lenders.
SourceFunding.org is scaling up the successful SourceFunding.org pilot by GSEI and award-winning Short Enterprises from 2011-2015, which facilitated access to $10 million in capital for high impact ventures and initiatives in a community with the nation’s highest levels of poverty concentration.
The platform's national expansion was planned in collaboration with university partners in the Ashoka U Accelerator and with the support of founding investor Janet Davas, mentor with the W.K. Kellogg Foundation and founder of Hatch, LLC, & nationally recognized Liberty's Kitchen.
"We're especially thankful for the support of the brilliant team at the White House Office of Social Innovation and Civic Participation like David Wilkinson and fellow Syracuse University graduate Laura Tomasko," said W. Michael Short. "We're also very thankful for the incredibly inspiring team at Clinton Global Initiative and the Clinton Foundation like Dan Goldberg, Stacey Pellegrino, Geoffrey Wnuk, Rose Tobiassen, Shital Patel, Ruchi Bhargava, Kimberly Lovett, and many others."
"The national expansion announcement was also made possible by our involvement in the Ashoka U Accelerator, which helped us refine our model and formulate our CGI Commitment to include a significant focus on empowering the next generation of high impact entrepreneurs that are unable to access the funding needed to launch and grow their ventures," said Short. "The Ashoka U Commons Accelerator is a world-class program."
Click here to read the original article from Global Social Enterprise Institute.
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Jo-Ann Rolle, Ph.D. - Dean, Medgar Evers College, City University of NY
"Entrepreneurs and small businesses face significant barriers in accessing the financing needed to grow and create jobs. The antiquated process for obtaining financing creates under-served communities and this is a reality we contend wit...
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"Entrepreneurs and small businesses face significant barriers in accessing the financing needed to grow and create jobs. The antiquated process for obtaining financing creates under-served communities and this is a reality we contend with on a daily basis while supporting entrepreneurs both on campus and in the community. Our work with SourceFunding.org is designed to streamline that process in order to level the playing field for all entrepreneurs."
8 years ago
Alissa Donnell - Coordinator, Agriculture Business Program, Jefferson Community College, State University of NY
"Agricultural businesses are crucial to the American economy. Providing this sector with a streamlined process for accessing financing will promote innovation, job creation, & economic vitality in rural communities throughout the nation....
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"Agricultural businesses are crucial to the American economy. Providing this sector with a streamlined process for accessing financing will promote innovation, job creation, & economic vitality in rural communities throughout the nation. I'm very pleased to be collaborating with SourceFunding.org.”
8 years ago
Janet Davas - Nationally Recognized Entrepreneurship Expert
"As a mentor with the W.K. Kellogg Foundation, I’ve seen firsthand the challenges that social entrepreneurs and small businesses face when it comes to accessing the funding they need to launch or expand their businesses and create qualit...
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"As a mentor with the W.K. Kellogg Foundation, I’ve seen firsthand the challenges that social entrepreneurs and small businesses face when it comes to accessing the funding they need to launch or expand their businesses and create quality jobs. Women, for example, only received 4% of all the capital loaned to small businesses last year. SourceFunding.org is fostering financial inclusion, community development, job creation, and pathways to economic stability for historically underserved and marginalized populations and is designed to be the nation’s first responsible and low-cost alternative to the many “predatory” online lenders currently in the marketplace."
6 years ago
Mary Alice Smothers - Nationally Recognized Community Development Expert
“Throughout my career working in a community with the highest levels of poverty concentration among African Americans and Latino Americans in the US, I’ve seen how entrepreneurship is a pathway out of poverty leading to sustainable and s...
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“Throughout my career working in a community with the highest levels of poverty concentration among African Americans and Latino Americans in the US, I’ve seen how entrepreneurship is a pathway out of poverty leading to sustainable and self sufficient families. However, I’ve also seen that so many youth entrepreneurs and family businesses in our community, and in under-served communities all throughout the country, struggle to access the low-cost financing needed to grow and create jobs. I’m proud to be working with SourceFunding.org to promote an inclusive financial system that levels the playing-field for all entrepreneurs."
8 years ago
Francine Hardaway, Ph.D. - Walter Cronkite School of Journalism & Mass Communication, Arizona State University
"My experience working with entrepreneurs in the fields of STEM, new media, and technology has shown me that the challenge of accessing low-cost financing is widespread and limits growth and opportunity. Women in particular face consider...
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"My experience working with entrepreneurs in the fields of STEM, new media, and technology has shown me that the challenge of accessing low-cost financing is widespread and limits growth and opportunity. Women in particular face considerable barriers in accessing financing and I'm pleased to be advising on the development of SourceFunding.org, which will address this challenge, democratize access to capital, and level the playing field for all entrepreneurs."
8 years ago
Ashley Warmington, Entrepreneur & CEO of Cozy Oasis
“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. SourceFunding.org on the other hand was able to match me with the right funding from...
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“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. 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.”
8 years ago
Sue Ellen Allen - Social Entrepreneur Featured by Obama White House
Excerpt from Speech at White House: "In order to revitalize the economy, we must repurpose existing jobs while creating many more. Through our partnership with SourceFunding.org, for example, we’ll be providing at least $50 million in sm...
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Excerpt from Speech at White House: "In order to revitalize the economy, we must repurpose existing jobs while creating many more. Through our partnership with SourceFunding.org, for example, we’ll be providing at least $50 million in small business funding to not only support those transitioning out of prison but also those working in the system who will be transitioning to new roles as the prison population declines. Our work with SourceFunding.org and their foundation and university partners aim to have an economic impact of over 1 billion dollars."
9 years ago
Sara Brainard, Entrepreneur
"Although women operate over 40% of U.S. businesses, they only received 4% of the business financing last year, and it’s rewarding to support a company that’s not only working to support women in business but leveling the playing field f...
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"Although women operate over 40% of U.S. businesses, they only received 4% of the business financing last year, and it’s rewarding to support a company that’s not only working to support women in business but leveling the playing field for ALL entrepreneurs."
6 years ago
Sara Touey, Entrepreneur
"As a student entrepreneur, working with the founder of SourceFunding.org and his initiatives was an incredibly valuable opportunity that enriched my educational experience. I've also seen first hand how other student-run enterprises hav...
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"As a student entrepreneur, working with the founder of SourceFunding.org and his initiatives was an incredibly valuable opportunity that enriched my educational experience. I've also seen first hand how other student-run enterprises have benefited from working with Mr. Short, as well. Whether a quick consultation or a long-term partnership, you will always be considered family. It is a unique experience that you will find nowhere else."
6 years ago
Joe Cunningham, Entrepreneur
"Working with SourceFunding.org founder Michael Short is an incredible experience. He has an unmatched drive and enthusiasm, coupled with a deep knowledge of world affairs and also the way to impact them in the most profound way. He is o...
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"Working with SourceFunding.org founder Michael Short is an incredible experience. He has an unmatched drive and enthusiasm, coupled with a deep knowledge of world affairs and also the way to impact them in the most profound way. He is one of the most professional people I have ever met or worked with, and one of the hardest workers for that matter. He teaches by example and I would work with him again in a heartbeat. He is a major asset to any project or organization he lends his expertise to. Proud to work with him."
6 years ago
Jim Joseph - Dean, Madden School of Business, LeMoyne College
"SourceFunding.org founder W. Michael Short has a wealth of experience and keen insight into social entrepreneurship and the potential it has to change people’s lives. Our students will benefit greatly from the types of initiatives that ...
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"SourceFunding.org founder W. Michael Short has a wealth of experience and keen insight into social entrepreneurship and the potential it has to change people’s lives. Our students will benefit greatly from the types of initiatives that he will develop in collaboration with the Madden School."
6 years ago
Maren King - Director, Center for Community Design Research, College of Environmental Science & Forestry, State University of NY
“Access to capital limits tech transfer and the launch of high growth and high impact ventures developing out of our nation’s colleges and universities. Bringing the financing process up to speed will help accelerate efforts throughout t...
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“Access to capital limits tech transfer and the launch of high growth and high impact ventures developing out of our nation’s colleges and universities. Bringing the financing process up to speed will help accelerate efforts throughout the country to capitalize on underutilized properties and capacities of our institutions of higher education.”
8 years ago
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