Rocky Mountain MicroFinance Institute
Empowers under-served entrepreneurs to use business ownership for economic and social mobility in Denver County, Colorado.
22-year P&G veteran progressing from Advertising and Brand to General Management (U.S., Asia Pacific)
Vandy serves as a Strategic Advisor to the RMMFI’s Executive Director and his team. He has done much of the core research into subjects underpinning what is known as RMMFI 2.0, an effort to transform RMMFI’s reach and impact including adult learning models, competency-based learning, badging, etc. Vandy has also participated in several “boot camp” rounds where RMMFI partners three mentors with each entrepreneur to guide them through the intensive training and loan qualification program.
“The idea of combining micro-funding plus targeted training to underprivileged entrepreneurs resonated deeply. Yes, the outcome data was compelling . . . but even more compelling was the changed life trajectories evident from the entrepreneurs.” ~Vandy Van Wagener
25% of African Americans and 30% of Hispanics in Denver County, Colorado, are living in poverty – poverty rates twice that of the Denver population. Recognizing that entrepreneurship is a tool to break the downward mobility trend of low-wage jobs, RMMFI fills the gap for low income entrepreneurs who have both a feasible business idea and entrepreneurial spark, but often lack the knowledge, resources and financing to transform their ideas into income-generating businesses.
To learn more about Rocky Mountain MicroFinance Institute, click here to visit their website.
RMMFI has launched nearly 200 businesses through 22 cycle of its “Idea, Launch, Thrive” development and support program. Programming is intentionally designed to address life influences of business ownership (e.g., healthcare, childcare, transportation) while building an entrepreneur’s foundation of personal stability to weather challenges.
The program is broad-based, with a rigorous screening phase that ensures the strength of the business idea and commitment of the entrepreneur, a 12 week “boot camp” for the training of business basics, and a subsequent mentoring/coaching process that includes technical, market access and financial support. More than 190 operating loans between $250 and $5,000 totaling nearly $500,000 have been made since the program’s inception, with an outstanding 94% repayment rate.
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With support from $12,500 from the P&G Alumni Foundation, 180 candidates will be enrolled in the “Idea, Launch and Thrive” program in 2019 that will 2018 lead to the creation of at least 30 companies. Funding will be earmarked to Grant digitize its training / mentoring materials and build its online curriculum extending its reach in a replicable manner to even more neighborhoods in the Denver community.
“Boot Camp Leads to a Thriving Business”
After inheriting his father-in-law’s cleaning business, Edgar was struggling to keep the business going. Edgar participated in RMMFI’s boot camp, revamping his business plan and renamed the business. He believes that being a constant learner is key to his success and still leans on his RMMFI mentors. He also lives and works by the “service to others” model and recently joined RMMFI’s team as a business mentor – paying it forward to other entrepreneurs giving them advice and a listening ear. Today Edgar’s business has more than doubled, and he has been able to help others through job creation.
“The only way I know how to help people is through jobs!” ~Edgar, former RMMFI Boot Camp participant and current RMMFI mentor.