A Platform for Small Businesses to Raise Working Capital

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"So, a lot of traditional banks haven't innovated in their underwriting process in the last 40 years or so. Most financial institutions focus on business owners that need loans at 10 million plus. So, there hasn't been much need or desire to focus on the small business owners, so we focus on the business owners that are making between 100,000 and a few million." - Roshawnna Movellus

I'm really excited to share with you this week on Financial Planning Innovation, my interview with Roshawnna Movellus who founded EnrichHER. Early on in life Roshawnna learned the importance of educating herself when she was told that she wasn't going to do well at math at the age of 8. Well, 4 university degrees later including a PhD in computer engineering and finance, Roshawnna has shown that she can do whatever she sets her mind to.

A few years ago, Roshawnna started a platform called EnrichHER to help female-led businesses access working capital for their businesses. Whereas traditional banks may overlook these small businesses because they don't have the size, track record, or traditional underwriting metrics, Roshawnna looks to provide funding either directly or through a crowdfunding platform.

In the video, Roshawnna shares the story of her first client on the platform, Barbara, who grew an IT consultancy into a 1.2 Million dollar business from the ground up. Barbara needed some working capital because she wanted to hire new employees and train them prior to placing them on billable contracts. Unfortunately, the traditional lenders would not provide capital and her other option were the invoice factoring companies that charged 10% off the top! Barbara was able to create a profile on EnrichHER and raise the money she needed in a short period of time to reduce her cost of capital.

We wish Roshawnna the best especially during these times of COVID where small businesses need access to capital more than ever before.

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