Number 293 September 27, 2024 St. Louis
Justine Petersen In The News: IgniteMO to Provide Capital for Disadvantaged Missouri Business Owners
Pictured Sheri Flanigan-Vazquez and Aida Richardson
Starting October 1st, Justine Petersen will launch the IgniteMO Loan program, designed to support small businesses throughout Missouri with over $105 million in funding over the next decade. The program seeks to empower more than 2,000 small businesses, providing critical financial support, and promoting statewide economic development.
A standout feature of IgniteMO is its focus on equitable distribution. Missouri has set a goal of at least 20% of the loans will be allocated to recipients outside the St. Louis and Kansas City metropolitan areas. This commitment ensures that small businesses in rural communities also have access to much-needed funding.
Supporting Local Businesses with Flexible Loan Terms
IgniteMO offers loan terms of up to 60 months, and Justine Petersen will follow strict underwriting guidelines to ensure responsible lending. The anticipated average loan size will be under $50,000, targeting small businesses that might otherwise struggle to secure financing from traditional lenders.
Sheri Flanigan-Vazquez, Chief Operating Officer of Justine Petersen, shared key insights about the program’s financial structure: “Our initial draw is just under $8 million. IgniteMO is a 50% participation program; therefore, we plan on originating $16 million in loans between now and February 2025 to qualify for the next draw.” This approach allows for steady capital deployment and sustained lending capacity over time.
You can read the full article here, Press Release: Startup Investor, Nonprofit Launch Missouri Small-Business Loan Program
Check out the flyer below to find out more information. We are excited that this will begin on October 1st, 2024!
More Exciting News for Justine Petersen: $2.735 Million
We are excited to announce that Justine PETERSEN has been awarded the FY 2024 Community Development Financial Institutions (CDFI) Program Financial Assistance Award and the Native American CDFI Assistance (NACA) Program Financial Assistance Award. These prestigious accolades highlight our ongoing dedication to promoting economic opportunity, financial inclusion, and community development in the region.
We have received $2.735 million in funding from the CDFI Program, which provides crucial support to mission-driven organizations like Justine PETERSEN, enabling us to improve access to capital, credit, and financial services in underserved communities. This award will strengthen our ability to assist small businesses, affordable housing projects, and individuals striving for financial independence.
The NACA Program Award further recognizes our efforts to support Native American, Alaska Native, and Native Hawaiian communities. With this funding, we aim to expand our outreach and tailor financial services to address the specific needs of these communities.
The financial support from these programs will directly benefit the communities we serve, empowering more individuals and small businesses to build assets, improve credit scores, and achieve economic mobility. With this new funding, Justine PETERSEN will continue to provide affordable loans, personalized financial coaching, and credit-building opportunities, ensuring our contribution to sustainable growth in underserved regions.
As we celebrate this achievement, we reaffirm our commitment to fostering equitable access to capital and opportunity for all.
For more information, go to www.cdfifund.gov
Justine PETERSEN Sends our Salesforce Captains to San Francisco!
Earlier this year, we made a groundbreaking decision to switch our customer relationship management (CRM) platform to Salesforce. This monumental shift has opened up new possibilities for the organization, streamlining operations and creating more efficient processes for employees and clients alike. Salesforce, the leading cloud-based software company headquartered in San Francisco, CA, is renowned for its innovative technology and global impact, making it a dream choice for organizations looking to elevate their systems.
The excitement did not end with the CRM switch. Two of JP’s champions, Amy Jung and Samantha O’Rourke, had the incredible opportunity to attend Salesforce’s prestigious Dreamforce conference. Held annually, Dreamforce brings together individuals and organizations from across the globe for an immersive experience of learning, networking, and inspiration.
Reflecting on her experience, Amy Jung expressed awe at the sheer scale of the conference: “I knew Salesforce was a big company, but I didn’t know how big until I attended the Dreamforce conference. Not only was the conference spread out through multiple buildings and outdoor spaces, but there were also hundreds of available sessions to attend each day on a variety of different topics. With so many things to see, do, and learn, it was honestly a little bit overwhelming at times, but also a very great opportunity to see just how much we could expand Salesforce within JP over the next few years.”
At Dreamforce, Amy and Samantha gained invaluable insights into how nonprofits like JP can harness the full power of Salesforce. While attending numerous sessions and engaging in networking conversations, they learned about optimizing their current use of the platform and explored future possibilities. One of the most exciting reveals of the conference was Salesforce’s new AI-driven feature, Agentforce. Although JP may not be ready to fully implement this innovative tool just yet, Amy and Samantha are eager to continue exploring the platform’s capabilities.
“Through working sessions and networking conversations, Sam and I were able to gain more insight into our current use of Salesforce in the nonprofit world, while also learning about potential future uses… Samantha and I are excited to continue exploring all that the platform has to offer and creating better processes within JP that will make our employee and client experience even more streamlined!”
With only six months of Salesforce under our belt, we are already experiencing the benefits of the transition. Amy and Samantha’s experience at Dreamforce marks the beginning of an exciting journey for JP as we continue to refine and expand our use of Salesforce, creating a more integrated and efficient future for the organization.
This new chapter, powered by cutting-edge technology and inspired by Dreamforce, promises to take the organization to new heights in serving its mission and community.
Oktoberfest at the Greencubator!
Our friends at the Greencubator St. Louis are hosting an Oktoberfest celebration! It’s a fun event for the whole family. The menu is currently a secret, but the entire kitchen staff will be there! Be prepared for good food, good beer, and good times! Stay tuned for more updates!
Join us on October 13, 2024, won’t you?
Halloween Scavenger Hunt Begins Tuesday!
The FDIC Event on Promoting Fair Homeownership and Wealth Creation in BIPOC Communities
The Federal Deposit Insurance Corporation (FDIC) hosted an event aimed at promoting fair homeownership opportunities and wealth creation in underprivileged BIPOC communities. This event served as a platform to raise awareness about recent funding initiatives and available resources for homeownership, particularly in St. Louis, Missouri.
Pictured: Nikki Wilson (left), Alicia Chestnut (middle) and Marcus Bolden (right)
Justine PETERSEN’s own Nikki Wilson and Marcus Bolden were in attendance, supporting this impactful cause. We want to show that we are all in this together and that we are all in for making stronger and more equitable communities throughout St. Louis.
Bring your Car Loan To Us! The Drive Program is the Right One For You!
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Justine Petersen Housing and Reinvestment Corporation · 1023 N Grand Blvd · Saint Louis, MO 63106-1641 · USA