Wyoming entrepreneurs who have struggled to access a business loan will benefit from new funding, supporting those currently not served by the financial mainstream. MoFi received a $50,000 grant from Wells Fargo to help finance these “nearly bankable” small businesses in Wyoming and across the Northern Rockies. MoFi will use the funds to expand its Path to Bankability program for Wyoming businesses. This innovative offering helps MoFi’s borrowers build profitable businesses and meet the requirements for a long-term bank relationship, a key success indicator for borrowers.
“We’re a point-in-time solution on a borrower’s journey, when a bank loan isn’t an option. Often, these are startups, business turnarounds or expansions that don’t yet have a track record,” said Dave Glaser, MoFi President. “Thanks to this generous grant from Wells Fargo, MoFi will be able to expand its reach in Wyoming, helping nearly bankable business owners build thriving businesses and contribute to stronger, more vibrant communities.”
MoFi provides flexible, responsible financing to entrepreneurs and businesses owners who are unable to access bank financing. Unlike traditional commercial lenders, MoFi assesses borrowers’ potential with less focus on credit score, net worth, equity and assets. Its goal is to help borrowers refinance at a bank within 24 months. Many of MoFi’s borrowers are referred by commercial lenders like Wells Fargo, which are unable to make a loan but go the extra mile to connect clients to MoFi to help in the short term.
“Wells Fargo is a longtime supporter of MoFi’s work to expand economic opportunities for people outside the financial mainstream,” said Wells Fargo Region Bank President Shari Knoll. “Our bankers refer ‘nearly bankable’ customers to MoFi, as we’ve seen the success of Path to Bankability, where MoFi’s services are the difference between a struggling business and a thriving one. We’re pleased to make this additional investment in our longstanding collaboration to benefit Wyoming’s entrepreneurs.”
MoFi’s Path to Bankability plays an important role in helping businesses owners overcome growth hurdles and prepare for a long-term bank relationship. The program provides borrowers with a comprehensive set of services to help with business accounting, credit score improvement, legal documents, marketing, human resources and business operations. Each plan is tailor-made to the unique needs of the borrower and delivered through MoFi’s in-house team of business consulting experts.
Established in Missoula, Mont., in 1986, MoFi expanded its services to Wyoming in 2018 and now serves a five-state region in the Northern Rockies. It expects to provide nearly 15 percent of its small-business loans to Wyoming businesses this year, and MoFi has already provided financing to businesses in Cheyenne, Cody and Casper.
MoFi’s loans range $1,000-$1 million and can be used for purposes such as the purchase of real estate, equipment or inventory for an existing business, as well as for remodeling or working capital. To learn more about its business lending, visit mofi.org.