Programs

  • Program 1 [2020]

    OVERALL PROGRAM. In 2020 New Roots Fund began in earnest our contract with the Small Business Administration. In the first complete year we made 29 loans. We disbursed 43 additional loans in our established program funded by the Office of Refugee Resettlement. In addition, during the 2020 program year we opened 45 Individual Development Accounts for home purchase, business start, or education. COVID-19: New Roots Fund adapted to the coronavirus pandemic, taking precautionary public health measures to ensure the safety of our clients and staff, while continuing to deliver on our mission in the community. As examples, we moved meetings and workshops online using video conferencing, and leveraged Chromebooks that our partners provided to clients, allowing us to continue with strong participation rates.
    Geographies
    Not indicated
    Dates
    Jan 1, 2020 – Dec 31, 2020
    Source
    990
    No causes provided
    No populations provided
    –
    $436.7K

  • New Roots Fund Microloans Program

    OVERALL PROGRAM. The New Roots Fund continued our micro-lending programs in 2022. In 2022 we opened another 52 Individual Development Loan Accounts that ranged in size from $300 to $30,000. In our portfolio we see business loans to women increasing. ~ ~ ~ Entrepreneurs & Loans: Our loan activity creates about 50 jobs per year and increases the entrepreneur's annual net income by $8000. Our entrepreneurs have a high success rate in the range of 95%. As a result, we enjoy a low loss rate with more than 97% of our loans repaid or in good standing. ~ ~ ~ Trainings: To support success we provide business trainings before issuing loans. We delivered 600 hours of pre-loan classroom training, and graduated 80 out of total enrollment of 110. ~ ~ ~ Community: While we support all refugees and asylees, the past year has us more in contact with Afghan and Ukrainian communities. Aghan openness to taking loans to start businesses has increased. We have the opportunity to review reasonable but "new to us" business models in the Ukrainian community, such as Bridal stores and Interior Lighting design. More of our new neighbors are developing business enterprise as alternative to wage labor. ~ ~ ~ Since our founding The New Roots Fund continues our Business Microloans to Immigrants & Refugees program. We provide microloans to refugee, immigrant and low-income entrepreneurs. The fund allows for non-traditional forms of collateral such as small household items and does not require all-inclusive business plans that non-native speakers struggle to produce. Loans are flexible to the needs of the business and seek to maximize their ability to develop, expand and function. In the Seattle-King County area, the New Roots Fund has a long-term commitment to microenterprise with over $1,000,000 loans disbursed over the years, and hundreds trained in best business practices. We strive to deliver the greatest impact to the most disadvantaged people and areas of King County. We provide classroom trainings, technical support and post loan assistance to ensure businesses have the greatest chance at succeeding. By helping these entrepreneurs achieve self-sufficiency, New Roots Fund positively affects the economy of their community and our region. Our services reach an underserved population who possess a passion for self-determination and business. Data since our founding: 348 enrolled in Business Preparation Class since 2012. More than 250 loans made to graduates. Created more than 350 jobs within the businesses that borrowed. Over 84% had family incomes less than 30% of the AMI index. 54% of supported businesses are women-owned.
    Geographies
    Not indicated
    Dates
    Jan 1, 2022 – Dec 31, 2022
    Source
    990
    No causes provided
    No populations provided
    –
    $609.2K