We’ve come to the end of our first MMS program year and want to share the outcomes. We appreciate everyone’s participation in the program and look forward to working together in the coming year to further build success. Three organizations participated in the pilot — CDC Small Business Finance in San Diego, Women’s Economic Ventures in Santa Barbara and Ventura Counties, and Working Solutions in the Bay Area.
In this first year all our participating organizations have:
- Seen their lending activity increase, with one organization almost doubling the number of loans made over the 2012 program year.
- Become proficient using the MMS program, including the Auto Review, Required Document List and communication with Accion Texas underwriting
- Learned the MMS underwriting parameters, and have begun to identify modifications they may want to make to customize the underwriting criteria.
As a cohort, the three members of the program now constitute the fourth largest microlender in the CAMEO network with 85 loans funded. On average, lending by the cohort has increased 150% in first year of this pilot. A fourth organization, Opening Doors in Sacramento, has joined the cohort. We can’t wait to see what they do!
Download the Executive Summary for more information.