By the numbers
How Our Work Makes a Difference
MoFi has one big goal: to make the financial system work for everyone.
We do this by providing business loans coupled with free business consulting to entrepreneurs who are shut out of the financial system. Business ownership is a proven pathway out of poverty, but building a business requires capital - which is very hard to get if you lack the assets, income, experience, or credit history to qualify for a bank loan.
In a typical year, 90% of MoFi's loans are to a low-to-moderate income person and 65% are to low- or very low-income people. Last year 26% of MoFi's loans were to people of color, and 40% of the businesses receiving loans were owned by women. 100% of MoFi's loans were to people who were turned away from banks and credit unions.
Below, please take a look at our stories and impacts through 2022.
$915,943,425
of financing provided to businesses across the Rocky Mountain West through 2022
4,826
businesses benefitted from the loans and services MoFi provided through 2022
$98,226,604
of financing provided to low-income entrepreneurs and business owners
$742,200,476
of financing provided to business owners in low-income neighborhoods
$201,666,040
of financing provided to female business owners and entrepreneurs
564
Montana families benefitted from MoFi's down payment assistance programs through 2022
$119,155,657
provided for mortgages through 2022, along with $4.9M in downpayment assistance
Success stories
Every day, we're inspired by our incredible, resilient clients. Below you will find just a taste of the stories we get to hear on a daily basis. These folks keep our communities strong.
Colton Crane, Colton Crane Service, Montana
Living in the booming Gallatin Valley, David Colton saw a need to help strengthen an industry that was experiencing growing pains - the construction industry. As a long-time crane operator and one of only two experienced crane inspectors for the state of Montana, David wanted to build his own crane excavating company. Despite having loads of experience, getting financing to start his small business was a heavy lift. After receiving a MoFi small business loan, Colton Crane Service has only seen growth since, even buying a larger crane to keep up with the demand for building new homes and landscaping.
Lumuli Wanyonyi, Multivariable Systems Tech, Idaho
Born and raised on a small farm in Kenya, Lumuli Wanyonyi moved to the United States to work as an electrical engineer. In 2019, he decided to pursue his dream of starting his own electrical systems design and installation company in Meridian, Idaho. He sought financing from multiple banks. He was rejected by them all. Lumuli had no prior business experience, so he was considered too risky by bankers. It wasn't until one banker handed Lumuli a MoFi brochure and he made the call that he was able to put his idea into practice. Now, he is the one eliminating risk for his clients across all 50 states, including the Department of Defense and the U.S. Army Corps of Engineers.
Moran Family, Montana
Abbe Moran and her husband, Kody, were on the hunt for a new house, one in which they could comfortably fit their soon-to-be family of five and one that they could call their ‘forever home.' Because she was pregnant, Abbe had no time to lose. However, a lack of houses for sale in the competitive Missoula housing market, coupled with demand, meant bidding wars kept home prices high. Abbe was always pushed out of the home-buying process. Then, her mortgage lender told her that she qualified for MoFi's HomeNow downpayment assistance program, giving her the financial pull that she needed. In 2021, a new process was put in place to find buyers for affordable townhomes – a home lottery. Abbe was approved! Two weeks after moving into her dream home, Abbe gave birth to her 3rd child, making the Moran's forever home also their new baby's first home.
Get involved:
Inspired by the stories you've heard?
We'd love to have you on board. If you're interested in learning more about MoFi or contributing to our efforts, please fill out this contact form. A member of our team will be in touch with you.
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