DreamSpring

Overview

DreamSpring is a nonprofit organization that functions as a Community Development Financial Institution (CDFI) and U.S. Small Business Administration (SBA) lender. Founded in 1994, DreamSpring is headquartered in Albuquerque, New Mexico. It was established by Anne Haines to address systemic wealth inequities and to provide financial access to underserved communities throughout the United States. As of now, the organization operates in 27 states, focusing its efforts on providing rapid access to capital and support services to entrepreneurs from marginalized and underrepresented groups.

Recent Developments

October 2024: DreamSpring supported women entrepreneurs by appointing Amber Kani, its Head of Stakeholder Engagement, as a U.S. Advisory Judge for the BMO's Celebrating Women Grant Program, which distributed $150,000 in grants.
August 2024: Celebrated its 30th anniversary by announcing the launch of the DreamUp Fund, aiming to scale lending to $1 billion, thereby broadening economic equity and inclusion.
July 2024: Introduced the DreamCreative initiative, assisting creative entrepreneurs to grow confidently with increased financial support tailored to their unique industry needs.
April 2024: Secured $507,000 in Senate appropriations to enhance technical assistance in New Mexico.
January 2024: Anthony Sharett was named the new Chair of DreamSpring's Board, succeeding Edmond Johnson. Alice Rodriguez became Vice Chair.
2023: DreamSpring received a $65,000 grant from U.S. Bank Foundation to disseminate business capital among underserved entrepreneurs.
2022: DreamSpring was recognized as one of the most innovative companies by Fast Company, validating its commitment to fostering entrepreneurship through accessible financing.

Attribute	Information
Founding Date	1994
Headquarters	Albuquerque, New Mexico, USA
Founders	Anne Haines
Revenue	$35 million as of June 2024
Key Investors	Various philanthropic and financial institutions
Industry	Financial Services (CDFI & SBA lending)
Number of Employees	Approximately 66

Early History

DreamSpring began as Accion New Mexico under the leadership of Anne Haines in the early '90s, a time when local entrepreneurs faced significant barriers in accessing traditional financial services. It initially served regional needs but rapidly expanded in scope and geography, moving beyond New Mexico to embrace a wider swathe of underserved communities across the U.S. By focusing on micro-loans designed to cater to startups and small businesses that conventional financial institutions often overlooked, DreamSpring established itself as a pivotal player in community development finance.

Company Profile and Achievements

DreamSpring’s mission centers around bridging financial access gaps and propelling underserved communities into sustainable economic participation. Its business model involves providing micro-loans and credit-building products complemented with educational and mentoring support. This holistic framework ensures that clients are not only beneficiaries of financial capital but also poised for long-term success through enhanced financial literacy and business acumen.

Achieved a significant milestone in 2024 with the DreamUp Fund, aimed to significantly scale up lending capabilities.
Recognized for innovation by Fast Company in 2022, positioning itself as a national leader among CDFIs.
Participated actively in the Paycheck Protection Program during the pandemic, distributing over 24,000 loans nationwide.
Expands influence by hosting and participating in community-focused events such as West Slope Startup Week, enhancing community engagement.

Current Operations and Market Position

DreamSpring continues to play an influential role in the CDFI sector, leveraging its extensive network across numerous states to provide financial support where it is most needed. The organization's drive to incorporate technology and innovative practices, like the remote employee model, has enhanced its operational efficiency, facilitating nationwide service without compromising its Albuquerque roots. The recent establishment of the DreamUp Fund exemplifies its strategic vision to scale impact further by surpassing $1 billion in loans, ensuring access to entrepreneurship for diverse demographics excluded from traditional financial frameworks.

Conclusion

DreamSpring stands as a beacon of inclusive financial services, having exemplified how targeted intervention can uplift entire communities through entrepreneurship. Marking its legacy with over 47,925 loans supporting approximately 67,632 jobs, the organization has proven the transformative potential of CDFIs in addressing wealth inequities. With ambitions to increase its outreach and scale through initiatives such as the DreamUp Fund, DreamSpring is set to continue its essential work in economic justice, nurturing the dreams of America's underserved entrepreneurs and fostering a more equitable financial landscape.