When banks won’t loan to women entrepreneurs, CDFIs will. Mastercard is helping to build that ecosystem so more women can raise money for their businesses.
Money is a crucial ingredient for starting and growing companies. Debt is by far the dominant form of outside funding."We hear a lot about the gap in venture capital funding for women, but the vast majority of women who need capital are not forming hyper-growth startups. They are starting small businesses to pursue economic freedom, flexibility, and independence.
As nonprofits, CDFIs don’t have money to invest in the technology to improve their loan application processes. Many use pen and pencil processes. Enter Mastercard. As an electronic payment company, it has the technology to issue credit in a safer more simple way. Mastercard Impact Fund helps CDFIs automate their processes.
he Center also is helping the Opportunity Fund and the Rescue Committee Center for Economic Opportunity. In addition, the Center is trying to reach more CDFIs by working in combination with its partner banks. CNote is focused on increasing the pool of money CDFIs invest by raising it from you and me. More typically, CDFIs raise money from the United States government, commercial banks, foundations, and faith-based organizations. CNote’s recently launched the Wisdom Fund, which is a fixed income vehicle that lends to women-owned businesses through a select group of CDFIs. Investors earn a 4% annual return for a 60-month investment term.
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