The Micro-Loan Finder seeks to bridge the gap between underprivileged entrepreneurs and access to capital by providing a mobile tool for entrepreneurs to discover their borrowing potential and reach the micro-lenders that can best fulfill that need. The app utilizes an interactive approach to deliver guidance in the areas financial literacy and loan readiness. Based on user inputs - primarily from low-income entrepreneurs in urban and rural areas, the mobile device platform will match entrepreneurs with alternative lending organizations.
The app will be built by Centro Community Partners (Centro), an Oakland, CA-based entrepreneur training and development nonprofit organization. Centro’s goal is to match qualified and well-prepared borrowers with the best micro-lending options and has built a process to determine which micro-lenders are best fits for candidates, based on their needs and profile.
The application will be accessible through web-enabled devices and consists of several tools: profile assessment, lender matching, and recommendations for next steps. The assessment will measure the probability of obtaining a loan from the candidate’s local community development financial institution (CDFI) or micro-lender based on financial information entered by the user. The app draws upon criteria provided by financial institutions and derived from Centro’s own insights to assess the entrepreneur’s probability of receiving a loan. Based on the user’s profile and needs, he or she will be matched to lenders with the best fits.
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