The Hilltop Microfinance Initiative
In 2013, SIPS funded the Hilltop Microfinance Initiative (HMFI). HMFI is managed and staffed by Georgetown University students who choose to commit their time without compensation to the cause of entrepreneurship. The organization prides itself on the passion of its employees to provide one-on-one services. HMFI is a 501(c)3 non-profit organization registered in Washington D.C. that is financed entirely by the generosity of individuals and foundations committed to ideals of financial empowerment and entrepreneurship.
The Hilltop Microfinance Initiative aims to empower individuals by promoting financial independence and stimulating economic growth in and around D.C. It achieves these goals by providing small business loans, personalized business consulting, citizenship loans, and credit-builder loans to low-income entrepreneurs and immigrants who are unable to access capital in the formal financial system.
These small business loans provide financing to grow small businesses into sustainable, long-term community establishments. By seeking out those who are underserved by traditional financial services, HMFI fills a void by integrating these individuals into a thriving community. With small business loans ranging from $500 to $10,000, all HMFI clients are charged at a fixed interest rate of 1% with term lengths ranging from 6-24 months.
HMFI also offers free financial coaching sessions to groups of adults in the DC area. Coaching curriculum directly addresses clients’ areas of interests and needs.
Check out their website www.hilltopmfi.org/ for more information!