About This Study
This study evaluates the Funding Foundations Pilot Program, developed by the Rocky Mountain Women’s Business Center (RMWBC) to connect rural women entrepreneurs to funding. The six-week, virtual program aimed to build financial skills, confidence, and entrepreneurial abilities while offering up to $1,000 in loans from a regional lender at the start of the program, with the possibility to qualify for more at the conclusion of the program.
Participants were selected through a low-barrier process, requiring residency in a non-metro area (less than 50,000 people) within Montana, Minnesota, or North Dakota as well as: a clear business idea, for-profit status, and basic online skills to navigate an LMS. Using Kirkpatrick & Kirkpatrick’s 4-level model and pre- and post-surveys, the study measured changes in financial service use, funding strategies, and entrepreneurial skills.
This program suffered high rates of attrition, but those who completed the program reported high rates of satisfaction and demonstrated positive behavior change. Both at the beginning and at the conclusion of the program, despite some financial attitude and behavior change, no participant was able to qualify for loans.
Participants were re-evaluated 9-12 months after the program to see if they had obtained funding, but indicated no pursuits of outside funding.
Key Findings
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Increased Financial Service Use
- Participants used financial services more often.
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Shift in Funding
- Some participants moved from funding through personal savings to external sources like loans and grants.
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Less Discomfort Seeking Funding
- Participants felt more comfortable pursuing funding.
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Lower Financial Skill Confidence
- Confidence in financial skills slightly declined (possibly due to particpants’ recognizing their knowledge gap).
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High Satisfaction
- Participants were highly satisfied with the program.
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Empowered Rural Businesses
- Program participants agreed the program was valuable.