Wyoming entrepreneurs who have struggled to access a business loan will benefit from new funding, supporting those currently not served by the financial mainstream.
MoFi received a $50,000 grant from Wells Fargo to help finance these “nearly bankable” small businesses in Wyoming and across the Northern Rockies. MoFi will use the funds to expand its Path to Bankability program for Wyoming businesses. This offering helps MoFi’s borrowers build profitable businesses and meet the requirements for a long-term bank relationship, a key success indicator for borrowers.
Dave Glaser, MoFi President, stated, “thanks to this generous grant from Wells Fargo, MoFi will be able to expand its reach in Wyoming, helping nearly bankable business owners build thriving businesses and contribute to stronger, more vibrant communities.”
MoFi’s goal is to help borrowers refinance at a bank within 24 months. Many of MoFi’s borrowers are referred by commercial lenders like Wells Fargo, which are unable to make a loan but go the extra mile to connect clients to MoFi to help in the short term.
Wells Fargo Region Bank President, Shari Knoll, shared, “our bankers refer ‘nearly bankable’ customers to MoFi, as we’ve seen the success of Path to Bankability, where MoFi’s services are the difference between a struggling business and a thriving one. We’re pleased to make this additional investment in our longstanding collaboration to benefit Wyoming’s entrepreneurs.”
Established in Missoula, Montana, in 1986, MoFi expanded its services to Wyoming in 2018 and now serves a five-state region in the Northern Rockies. It expects to provide nearly 15% of its small-business loans to Wyoming businesses this year, and MoFi has already provided financing to businesses in Cheyenne, Cody and Casper.
MoFi’s loans range from $1,000 to $1 million and can be used for purposes such as the purchase of real estate, equipment or inventory for an existing business, as well as for remodeling or working capital.