We had the good fortune of connecting with Mary Kate Morr and we’ve shared our conversation below.
Hi Mary Kate, we’d love to hear more about how you thought about starting your own business?
Rocky Mountain MicroFinance Institute (RMMFI) is a Denver-based nonprofit serving local entrepreneurs, and the development of the organization has been an entrepreneurial adventure in and of itself. In 2007, one of RMMFI’s Co-Founders, Rob Smith, began working for a Denver-based microlending nonprofit. The nonprofit was nationally recognized in the industry, but it suddenly collapsed in June 2008 due to mismanagement. Within two weeks, the board of directors had opted to dissolve the company, leaving 750 entrepreneurs without support and over $1 million in loans outstanding.
Even though Rob had only been with the nonprofit for a year, he was committed to finding a better way to realize the potential of microfinance to impact communities. Rob and three other employees offered to service the outstanding loans, and the four of them launched a new and improved nonprofit known as Rocky Mountain MicroFinance Institute on August 10, 2008.
In the early months of the organization, the RMMFI founders had to work tirelessly to rebuild trust in the community and prove to funders that RMMFI would be different from the nonprofit it was replacing. While challenging, that work proved foundational for the organization, and the relationships forged in those first few months are still some of the strongest RMMFI has to this day.
RMMFI became certified as a Community Development Financial Institution (CDFI) by the U.S. Treasury Department in 2010. From the beginning, the organization has filled a unique space in the microfinance industry. A core part of RMMFI’s approach has always been ensuring that capital meets capacity by integrating capital at strategic points within its holistic and intentional business support programming. At the time RMMFI was established, organizations offering financial education and mentorship as well as a loan fund were rare, and this Capital Meets Capacity model continues to set RMMFI apart today.
RMMFI began by offering elective programming, which was very popular during the Great Recession in 2008. However, the founders noticed that not many people participating in the programs were accessing the loan fund or actually launching their businesses, so there was minimal impact. After this realization, they transitioned to focusing on small cohorts of entrepreneurs and offering increasingly personalized support, a change that was well-received by community stakeholders. Nearly 14 years later, RMMFI has graduated over 45 classes of its longest-running cohort program, Business Launch Boot Camp.
What should our readers know about your business?
RMMFI creates the space for communities and people of all backgrounds to realize their unique potential through the power of entrepreneurship. We invest in entrepreneurs’ personal and business development through a proven mix of classroom, coaching, capital, and community.
RMMFI is focused on serving resilient Coloradans ready for business ownership that have faced marginalization, societal barriers, low-wage employment, or high-barrier backgrounds. We know that, for many, the mainstream economy offers few opportunities for economic mobility and self-sufficiency, which is why we provide another solution: income and wealth generation through business ownership.
Since 2008, RMMFI has supported the launch or expansion of more than 345 businesses in Colorado, 90% of which are owned by women and/or people of color. We have lent nearly $1 million in over 315 loans with a 94% repayment rate. Graduates of our programs have businesses representing a healthy mix of products and services across a variety of industries such as food, auto, wellness, professional services, retail, and light manufacturing.
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. Our 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.
RMMFI strategically integrates lending into our holistic business support programming with our Capital Meets Capacity approach. As a certified CDFI and a trusted microlender, we make loans to invest in the economic opportunity of individuals and communities that are often left out of mainstream financial services due to income level, race, ethnicity, immigration status, criminal justice background, or other reasons. RMMFI’s loans are character-based, meaning we look beyond financial information to consider aspects like the entrepreneur’s involvement with RMMFI programs and mentorship, their growth as an entrepreneur, and their commitment to continuous learning and improvement.
Another thing that sets RMMFI apart is our “Whole Entrepreneur” model. At the heart of every business is a person, and we believe that it is ultimately the strength of these individuals that leads to the creation of healthy businesses and vibrant, prosperous economies. RMMFI builds genuine relationships and deep trust with entrepreneurs, then provides the individualized tools they need to activate their unique potential. As a result, 95% of the entrepreneurs we serve report being on a positive life trajectory due to business ownership.
While RMMFI started in Denver, we have expanded our footprint in recent years and are excited to continue growing to help more individuals and communities activate their potential. We now offer programming in Denver, Aurora, and the San Luis Valley, including a Spanish-language program. We believe strongly in a community-centered, asset-based approach, and we’re proud to partner with trusted local organizations, including Re:Vision, Second Chance Center, and the First Southwest Community Fund as we continue to increase our reach and impact across the state.
Let’s say your best friend was visiting the area and you wanted to show them the best time ever. Where would you take them? Give us a little itinerary – say it was a week long trip, where would you eat, drink, visit, hang out, etc.
Check out the amazing small businesses in Denver! If you need ideas, check out RMMFI’s Business Directory at rmmfi.org/business-directory.
The Shoutout series is all about recognizing that our success and where we are in life is at least somewhat thanks to the efforts, support, mentorship, love and encouragement of others. So is there someone that you want to dedicate your shoutout to?
First and foremost, we want to celebrate the hundreds of Colorado entrepreneurs that have participated in our programs. These innovative, dedicated, and resilient small business owners are creating impact for themselves, their families, and their communities and making Colorado a vibrant and prosperous place to live.
Second, we want to celebrate the hundreds of volunteers who share their skills, expertise, and passion to support inclusive entrepreneurship in Colorado and make sure local entrepreneurs are supported at all stages of their journey.
Finally, we want to celebrate all of our community supporters and partners. Together, we are building an economy that is truly equitable and inclusive, with ripple effects that will last through generations.
Website: https://www.rmmfi.org
Instagram: https://www.instagram.com/rmmfi
Linkedin: https://www.linkedin.com/company/3038680
Facebook: https://www.facebook.com/RMMFI
Youtube: https://www.youtube.com/channel/UCyMuFgxHWh-dgUVTjh8hG8g
Image Credits
Anthony Camera Photography