Referrals/Applications - business owner candidates are referred to us by our collaborative homeless shelter partners. Referred candidates go through a lengthy selection process that takes a minimum of 2 months.
New Hope Business School - business owner candidates are required to successfully complete our 6 month business school program. During this program, students are working with entrepreneurs and business experts to develop their business plans.
BFFLoan Committee - after successfully completing their business plan, students will present their plan to the BFF Loan Committee in order to graduate and receive funding approval.
B-Corp Launch Development - a separate for-profit corporation is set up for each homeless business owner candidate.
Loan Repayment - candidates that graduate and are approved for funding receive a 0% interest loan; no payments are required during the initial year of the launch and the balance is due over the next 48 months.
Supportive Relationships - small businesses often fail because the owners do not have the expertise and cannot afford to have experts (e.g. accountants, attorneys, marketing, public relations) necessary to run a successful business on their team. Because BFF has engaged experts in the community to volunteer their time to help our students throughout their design, launch, and development stages, we are increasing the odds that they will be successful.
Through our unique operating model we are enabling our high potential homeless business owner candidates to go from a state of homelessness to being a social entrepreneur.