LiftFund

San Antonio, TX   |  www.liftfund.com

Mission

The mission of LiftFund is to provide credit and services to small businesses and entrepreneurs who do not have access to loans from commercial sources and to provide leadership and innovation to the micro-lending industry.

Ruling year info

1994

Principal Officer

Ms. Janie Barrerra

Main address

2007 W. Martin St.

San Antonio, TX 78207 USA

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Formerly known as

Accion Texas Inc.

EIN

74-2712770

NTEE code info

Management Services for Small Business/Entrepreneurs (S43)

Management & Technical Assistance (B02)

IRS filing requirement

This organization is required to file an IRS Form 990 or 990-EZ.

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Communication

Programs and results

What we aim to solve

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Our programs

SOURCE: Self-reported by organization

What are the organization's current programs, how do they measure success, and who do the programs serve?

Business and Financial Management Training

To support both current and potential small business owners, LiftFund provides one-on-one business and financial management and group training designed to help individuals develop a business plan, understand and implement accounting procedures, develop marketing strategies, improve their credit scores, and manage their businesses profitably. LiftFund provides additional training to its clients through strategic partnerships with small business development centers and like-minded community organizations.

Population(s) Served

Based on a proprietary scoring engine developed in 2004 called Microloan Risk Assessment™, LiftFund designed MMS™ as a tool for much faster and more accurate decision-making in lending services. MMS™ allows new microlenders to leverage the existing knowledge and resources within the microlending industry, rather than reinvent the process for their business. LiftFund also utilizes a Customer Relationship Management (CRM) system to better accommodate the tracking of client data and measurement of outcomes before, during and after a loan is made.LiftLearn, LiftFund’s interactive learning platform offers videos on entrepreneurial subject matter, frequently asked questions, as well as downloadable templates and tools for entrepreneurs in all business stages. LiftLearn is accessible from any device, does not require software downloads and is available in both English and Spanish. Technology is imperative to LiftFund’s ability to remain impactful through efficient and effective systems that support the needs of small business owners.

Population(s) Served

LiftFund has developed over 20 specialized loan products with flexible underwriting criteria to accommodate the diverse business owners at every stage of their business development. These lending products fill the gap for small business owners who are shut out of traditional banking products and services due to due to little or no credit, inexperience in business startup and management, discrimination, or lack of resources. A few of these products include: Promise Loan; a $5,000 loan product based on business instinct, character, and basic financial literacy and Up Loan; a $15,000 loan requiring minimal documentation and is a quick approval product. LiftFund offers micro and small loans from $500 to $500,000 with the average loan size in Houston being $32,000. LiftFund utilizes our own flexible risk assessment model to provide small business loans to clients with FICO credit scores as low as 500, or even no credit; unlike conventional banks. LiftFund loans fill wealth gaps and promote economic equality, development and job creation in all the communities we serve.

Population(s) Served

LiftFund is working to meet the growing demand for affordable and safe small business loans for entrepreneurs who cannot qualify for capital through traditional sources. One-way LiftFund intends to address this growing demand is with The Dream Maker’s Fund Houston is a regenerating loan fund LiftFund has developed to address the growing demand for affordable and safe small business loans for Houston entrepreneurs who cannot qualify for capital through traditional sources. Donations to the Fund are used for loans to underserved small business owners in Houston, and 100% of the principle payments on these loans reinvested back into the Dream Maker’s Fund Houston, making the Fund a self-sustaining loan fund capable of increasing the impact that individual donors and LiftFund, as a nonprofit organization, have over time.

Population(s) Served

The Harvey Relief Program provides gap financing to small business in designated disaster Texas counties at 0% interest rate to finance heavy equipment, lease hold, inventory, staffing for businesses in recovery. The program also provides technical assistance to include business training and tools to increase resiliency to future disasters through disaster preparedness for small business owners. With our collaborators, we host events with experts offering vital information on public and private resources, insurance, taxes after a disaster, accounting for losses, social media to hasten recovery and build clientele and revenue, and emergency planning. And LiftLearn, our digital learning platform, provides specific content on disaster preparedness and resiliency building for small businesses.

Population(s) Served

Where we work

Accreditations

Community Development Financial Institutions Fund of the U.S. Department of the Treasury - Community Development Entity Certification (Annual) 1994

Awards

Affiliations & memberships

Feeding America - Affiliate

National Council of La Raza (NCLR) - Affiliate

United Way Member Agency

Our results

SOURCE: Self-reported by organization

How does this organization measure their results? It's a hard question but an important one.

Number of loans issued to clients

This metric is no longer tracked.
Totals By Year
Type of Metric

Output - describing our activities and reach

Direction of Success

Increasing

Total dollar amount of loans issued

This metric is no longer tracked.
Totals By Year
Type of Metric

Output - describing our activities and reach

Direction of Success

Increasing

Number of job skills training courses/workshops conducted

This metric is no longer tracked.
Totals By Year
Related Program

Business and Financial Management Training

Type of Metric

Output - describing our activities and reach

Direction of Success

Increasing

Number of jobs created and maintained

This metric is no longer tracked.
Totals By Year
Type of Metric

Output - describing our activities and reach

Direction of Success

Increasing

Number of financial literacy courses conducted

This metric is no longer tracked.
Totals By Year
Related Program

Business and Financial Management Training

Type of Metric

Output - describing our activities and reach

Direction of Success

Increasing

Number of clients served

This metric is no longer tracked.
Totals By Year
Type of Metric

Output - describing our activities and reach

Direction of Success

Increasing

Goals & Strategy

SOURCE: Self-reported by organization

Learn about the organization's key goals, strategies, capabilities, and progress.

Charting impact

Four powerful questions that require reflection about what really matters - results.

To increase financial inclusion, literacy and close the lending gap for DSBOs, we have defined our commitment to DSBOs with the following goals: 1) Improve: customer service experience through communication and digital upgrades, 2) Enhance: systems that support an increase in loan volume and customer service support for current and potential clients; 3) Create: greater market visibility and presence; and 4) Support: provide capacity building and training for our staff as well as collaborate with other CDFIs seeking to enhance small business lending and organizational capacity.
Our vision is to reach beyond geographic boundaries, breaking socio-economic barriers that hinder our underserved DSBOs from achieving their American dream of owning their own financially sustainable businesses.

To achieve our goals we looked at the "opportunity" points in our operations and lending life cycle, mapped out solutions and strategies to address them:
1) Customer digital experience - Technological advancements require us to continually improve and adapt our systems in order to stay competitive, additionally expansion into our new markets of Florida, Oklahoma, New Mexico, South Carolina, and Georgia demands it. We are addressing these issues with: website improvements, online application enhancements, application of mobile devices, LiftLearn enhancements and improvements for entrepreneurs, and phone system upgrades.
2) Loan packaging enhancements - Customer relationship management (CRM) software, fully automated risk modeling, and document management upgrades and improvements will improve workflow, procedures and processes.
3) Sales analytics and support - Business Intelligence (BI) is critical to our operations in each region. BI and through the Search Engine Optimization efforts will enable us to offer services specific to each region as well increase visibility.
4) Human development (internal) - Expanded markets and services require investments in human capital and career development tracks.

LiftFund is committed to promoting financial inclusion and increasing financial literacy for DSBOs and will continue will continue to seek additional sources of funding to support our program. Our data shows that micro- and small businesses has spurred job creation and our programs have increased asset-building among our borrowers and has proven scalable in our 13 states footprint.
To sustain our programs, LiftFund relies on our own revenue streams as well as funding partners in the region. LiftFund is 49% self-sufficient, and all revenue from our loan programs and our proprietary Microloan Management System (MMS) is reinvested back into LiftFund's programs. The rest of our support comes from individuals, organizations, and federal and local governments that believe in our mission of community and economic development. These supports and contributions impacts our communities in perpetuity as loans are paid back and reinvested back into the hands of our DSBOs. With a 95% repayment rate, our DSBOs are proving to be a great investment.
LiftFund has varied partnerships that are essential to sustaining this program. The purpose of these partnerships is to increase outreach to small businesses in the community by taking on a multi-sector approach. We partner with banks who refer prospective clients to LiftFund who are not credit or asset ready for traditional banking. We serve as a gap financing partner to help borrowers build credit and become "bankable" in order to access commercial banking services in the future. As a Community Development Financial Institution (CDFI), we are able to assist government partners in leveraging private funds and deploying restricted federal funds. In addition, we partner with local professionals that volunteer with us to provide training and seminars. LiftFund works with all types of nonprofits, community organizations, and community leaders to cooperatively create opportunities to support socioeconomically marginalized small businesses.
While we have accomplished much, more needs to be done, and we constantly seeking additional funding opportunities for our continued work on behalf of underserved DSBOs.

LiftFund has initiated strategic steps towards achieving our goals:
1) Customer digital experience - LiftLearn, our multi-purpose training purpose has been enhanced to accommodate materials for our client entrepreneurs, MMS clients (that is, clients of other non-profits using MMS, and LiftFund staff. We are in the process of upgrading our phone system that will integrate our hub and spoke business model and our CRM system.
2) Loan packaging enhancements - The first component of the MMS enhancement was the CRM upgrade which will be finished by end of the year. The document management process and the MMS risk assessment model, developed by LiftFund and used by multiple CDFIs, requires continuous improvements and strengthening.
3) Sales analytics and support - Impact reporting is currently being done manually.

Financials

LiftFund
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Operations

The people, governance practices, and partners that make the organization tick.

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Connect with nonprofit leaders

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  • Analyze a variety of pre-calculated financial metrics
  • Access beautifully interactive analysis and comparison tools
  • Compare nonprofit financials to similar organizations

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LiftFund

Board of directors
as of 7/26/2019
SOURCE: Self-reported by organization
Board chair

Jim Adams

Retired

Jim Adams

Wayne Alexander

Tara Ford Payne

Federal Reserve Bank of Dallas

Melinda Guerra-Reeves

Direct Energy

Rey Ocanas

BBVA Compass

Richard (Dick) Schlosberg

Kathryn Snapka

The Snapka Law Firm

Patricia Villareal

Jimmie Keenan

WellMed Medical Management, Inc.

Ana Rodriguez

Iberia Bank

William Moll

N/A

Morris Camp

JP Morgan Chase

Jeff Brouillard

Middle Market Banking

Board leadership practices

SOURCE: Self-reported by organization

GuideStar worked with BoardSource, the national leader in nonprofit board leadership and governance, to create this section.

  • Board orientation and education
    Does the board conduct a formal orientation for new board members and require all board members to sign a written agreement regarding their roles, responsibilities, and expectations? Yes
  • CEO oversight
    Has the board conducted a formal, written assessment of the chief executive within the past year ? Yes
  • Ethics and transparency
    Have the board and senior staff reviewed the conflict-of-interest policy and completed and signed disclosure statements in the past year? Yes
  • Board composition
    Does the board ensure an inclusive board member recruitment process that results in diversity of thought and leadership? Yes
  • Board performance
    Has the board conducted a formal, written self-assessment of its performance within the past three years? Yes