Rocky Mountain Microfinance Institute

Organization Overview

Rocky Mountain Microfinance Institute is located in Denver, CO. The organization was established in 2010. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 09/2021, Rocky Mountain Microfinance Institute employed 28 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rocky Mountain Microfinance Institute is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.

For the year ending 09/2021, Rocky Mountain Microfinance Institute generated $2.7m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 26.5% each year . All expenses for the organization totaled $1.7m during the year ending 09/2021. While expenses have increased by 19.6% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

RMMFI CREATES THE SPACE FOR COMMUNITIES AND PEOPLE OF ALL BACKGROUNDS TO REALIZE THEIR UNIQUE POTENTIAL THROUGH THE POWER OF ENTREPRENEURSHIP. RMMFI INVESTS IN ENTREPRENEURS' PERSONAL AND BUSINESS DEVELOPMENT THROUGH A PROVEN MIX OF CLASSROOM, COACHING, CAPITAL, AND COMMUNITY. SINCE 2008, RMMFI HAS SUPPORTED THE LAUNCH OR EXPANSION OF MORE THAN 300 BUSINESSES IN COLORADO, 90% OF WHICH ARE OWNED BY WOMEN AND/OR PEOPLE OF COLOR, AND LENT OVER $878,000 THROUGH MORE THAN 300 LOANS WITH A 94% REPAYMENT RATE. INTENTIONALLY BUILT ALONG THE IDEA, LAUNCH, AND THRIVE BUSINESS INCUBATOR PATHWAY, RMMFI'S PROGRAMS HELP ENTREPRENEURS BUILD STRONG FOUNDATIONS IN BOTH THEIR BUSINESSES AND THEIR LIVES. RMMFI'S HOLISTIC APPROACH BRINGS PEOPLE, BUSINESSES, AND COMMUNITIES TOGETHER TO ALLOW INDIVIDUALS TO TAP INTO THE SOCIAL AND ECONOMIC BENEFITS OF BUSINESS OWNERSHIP AND CREATE IMPACT FOR THEIR BUSINESS, THEIR HOUSEHOLD, AND THEIR COMMUNITY.

Describe the Organization's Program Activity:

Part 3 - Line 4a

IDEA - EVERY ENTREPRENEUR'S JOURNEY STARTS WITH AN IDEA. WHETHER IN BUSINESS FOR A WHILE AND HAVEN'T SEEN THE RESULTS THEY'VE WANTED OR HAVE MULTIPLE IDEAS AND CAN'T DECIDE WHICH TO PURSUE, THE IDEA PHASE OF RMMFI'S PROGRAMMING HELPS BUILD THE FOUNDATIONS NEEDED FOR SUCCESS. IN IDEA, QUALIFIED ENTREPRENEURS CAN RECEIVE: COHORT-BASED PROGRAMMING, MENTORSHIP, AND SEED CAPITAL.LAUNCH - AFTER COMPLETING THE IDEA PHASE, RMMFI INVITES QUALIFIED ENTREPRENEURS TO CONTINUE THEIR BUSINESS JOURNEY IN THE LAUNCH PHASE. JUST LIKE IT SOUNDS, LAUNCH IS ALL ABOUT HELPING GET BUSINESSES UP AND RUNNING WITH AN ACTIONABLE PLANS AND ALL THE TOOLS AND SUPPORT THEY NEED. THE LAUNCH PHASE BEGINS WITH BUSINESS LAUNCH BOOT CAMP, A 12-WEEK INTENSIVE PROGRAM OFFERED THREE TIMES A YEAR TO 10 COMMITTED ENTREPRENEURS. FOLLOWING GRADUATION FROM BUSINESS LAUNCH BOOT CAMP, WE WORK WITH ENTREPRENEURS TO CREATE AND UPDATE LAUNCH PLANS THAT HELP THEM SET TANGIBLE BUSINESS GOALS FOR THE NEXT YEAR AND KEEP THEM CONNECTED TO ONGOING SUPPORT. ADDITIONAL GRADUATE RESOURCES INCLUDE A PEER SUPPORT GROUP, SKILL-BUILDING WORKSHOPS, A FREE COWORKING SPACE, VIRTUAL AND LIVE MARKETPLACES, AND PROMOTION THROUGH RMMFI'S BUSINESS DIRECTORY. IN TOTAL, THE LAUNCH PHASE OF RMMFI PROGRAMMING LASTS 15 MONTHS.THRIVE - ONCE ENTREPRENEURS HAVE SUCCESSFULLY LAUNCHED THEIR BUSINESS, THE THRIVE PHASE HELPS THEM GROW AND SUSTAIN IT. IN ADDITION TO RESOURCES OFFERED IN THE LAUNCH PHASE, ENTREPRENEURS IN THRIVE HAVE ACCESS TO: PEER NETWORKS, ADDITIONAL COHORT-BASED PROGRAMMING, ACCESS TO CAPITAL UP TO $75,000, AND SPECIALIZED PROGRAMMING TO MEET THE UNIQUE NEEDS OF THE ENTREPRENEUR.


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Board, Officers & Key Employees

Name (title)Compensation
Rob Smith
CEO
$145,216
Ravi Duggirila
Treasurer
$0
Jay Whisenton
Secretary
$0
Jarrod Schleiger
Chair
$0
Chris Coble
Board Member
$0
Kathy Streeter
Board Member
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $333,146
All other contributions, gifts, grants, and similar amounts not included above$1,979,080
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$2,312,226
Total Program Service Revenue$372,219
Investment income $1,570
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $0
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $2,686,015

Grants Awarded

Over the last fiscal year, Rocky Mountain Microfinance Institute has awarded $78,100 in support to 2 organizations.

Grant RecipientAmount

SECOND CHANCE CENTER

Org PageRecipient Profile

Aurora, CO

PURPOSE: GENERAL OPERATING

$44,000

COMMUNITY ENTERPRISE DEVELOPMENT

Org PageRecipient Profile

Aurora, CO

PURPOSE: GENERAL OPERATING

$34,100
View Grant Profile

Grants Recieved

Over the last fiscal year, we have identified 20 grants that Rocky Mountain Microfinance Institute has recieved totaling $472,233.

Awarding OrganizationAmount
Kaiser Foundation Health Plan Of Colorado

Oakland, CA

PURPOSE: Rmmfi's Idea, Launch, Thrive Program - Generationa

$80,000
Dakota Foundation Dtd 122997 Holaday A Bart Ttee

Jamestown, ND

PURPOSE: PROVIDE MICRO LOANS TO UNDERSERVED ENTREPRENEURS

$70,000
Denver Foundation

Denver, CO

PURPOSE: GENERAL OPERATING SUPPORT

$54,000
Nord Family Foundation

Amherst, OH

PURPOSE: EVALUATION AND LEARNING INITIATIVE

$50,000
Gates Family Foundation

Denver, CO

PURPOSE: PROJECT SUPPORT

$50,000
Bank Of America Charitable Foundation Inc

Charlotte, NC

PURPOSE: OPERATIONAL SUPPORT

$35,000
View Grant Recipient Profile

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