There are great companies out there who could be creating value and jobs for our community at a faster pace with greater access to capital within the first 3 years of operations. As part of a holistic vision for venture philanthropy, Access Ventures has created two new revolving loan funds for regional businesses! The first recipient of Access Venture's new "Growth Loan" is Misc. Goods Co.
Tyler Deeb, the founder of Misc. Goods Co., started the Louisville based company after the huge success of a Kickstarter campaign. Their mission is to incorporate good design into American made products. This loan was key in freeing up capital after hiring their first part-time employee, and achieving cost savings by placing larger orders with suppliers! Many business owners are working hard in the first 3 years of operation to develop their customer base, innovate, and establishing sound/audit-able financials. By doing the right things as a start-up, a young business can still be thrown into the “unbankable” category. Access Ventures is seeking to underwrite loans in a way that meets start-ups where they are at by focusing mainly on a sound business “model,” good character, and creative repayment options!
The Growth loan is part of a three step solution that is designed to help a business grow early on, and become bankable within 2 to 3 years. In addition to the Growth Loan of up to $35,000, Access Ventures has created a “Catalyst Loan” of up to $9,000 for businesses in operation under a year. Access has also been a key promoter and sponsor in the creation of a Kiva City. And as a Kiva trustee in Louisville, Access Ventures is able to endorse local entrepreneurs who they have come to know for yet another loan option. It comes down to understanding the purpose of the loan, whether the owner has more social capital than financial, and choosing the loan (or loans) that are the best fit for their business.
Access Ventures is a venture philanthropy that believes all people matter. Therefore, we offer a new alternative for channeling private capital to organizations, leaders, and ideas that have significant potential for high-impact within the community. We respond to complex community problems with holistic solutions by partnering with organizations and leaders to change the way we tackle the most pressing problems around us. With a layered and integrated capital approach, we are in a position to create tailored and appropriate funding strategies that meet a variety of needs for holistic restoration of communities along with propagating the principle belief that all lives have value and dignity.
