Making Magnolias and NCRC CDF’s journey with GoGeorgia Capital

In 2023, the Community Foundation’s GoATL Economic Inclusion Fund, in partnership with other mission-aligned lenders in Georgia, launched GoGeorgia Capital. GoGeorgia Capital gives small business owners access to multiple loan programs to fund their growth. Applicants can access loans for working capital, facility expansion, and more.

Making Magnolias is the first business to receive a loan – from the National Community Reinvestment Coalition Community Development Fund, Inc. (NCRC CDF) – through GoGeorgia Capital. Through its Admissions Pal tool, Making Magnolias aims to revolutionize the admissions process and empower students to navigate the journey of applying to professional schools with ease, confidence and success. 

In this Q&A, Stacia Rowe of Making Magnolias and Patrick Dixon of NCRC CDF (pictured) discuss both sides of the GoGeorgia Capital process.

Making Magnolias-Admissions Pal

What inspired you to create Making Magnolias-Admissions Pal?

The inspiration for Making Magnolias-Admissions Pal stemmed from my own experiences and those of my co-founders. We realized the significant challenges students, particularly those from minority communities, face in navigating the admissions process. Our vision was to create a platform that would level the playing field and provide equitable access to educational opportunities.

Was there a student you had in mind when you created the platform?

While there wasn’t a specific student in mind, the platform was inspired by the collective experiences of many students we encountered who were struggling with the complexities of the admissions process. Their stories and challenges were a driving force behind our mission.

Tell us more about the software/app and the resources that help students with their admissions process.

Our platform is a comprehensive tool that offers a range of resources, including personalized consulting, application guidance, essay review services and interview preparation. We use an intuitive, user-friendly interface that simplifies the admissions journey for students. The software also includes a database of information on various schools and programs, helping students make informed decisions. Our platform allows students to showcase their skills and qualifications while also connecting with recruiters and allowing a space where advisors can help them effectively navigate the admissions process. 

How did you find out about GoGeorgia Capital?

We discovered GoGeorgia Capital through a financial consultant.

How was the process with GoGeorgia? (Applying, getting matched, information, etc.)

The process with GoGeorgia and NCRC CDF was straightforward and informative. After we got matched with NCRC CDF on GoGeorgia Capital, each step was clearly outlined, and the team at NCRC CDF was supportive throughout. They provided valuable information that helped us understand how their capital could benefit our business. Patrick and his team were flexible and open to answering questions even prior to their application process. The NCRC CDF portal allowed seamless upload of required documents. They were patient and helpful while I gathered documents and collected whatever information I needed to make an informed decision. 

What advice would you give to other small businesses/nonprofits looking to use GoGeorgia Capital hoping to qualify for a loan?

My advice would be to clearly articulate your business vision and how the capital will help in achieving your goals. Contact a loan advisor before you apply so you can introduce yourself and find out if their loans would benefit your business. Ask as many questions as you need, and prepare all personal and business financial documents. Be prepared with detailed plans and financial projections. Also, take advantage of the resources and support offered by organizations like NCRC CDF to maximize the benefits for your business.

How will this capital help Making Magnolias grow?

The capital will be instrumental in scaling our operations and enable us to enhance our software capabilities, expand our outreach to more communities and invest in marketing strategies. This support will help us reach a wider audience and deepen our impact, allowing us to further our mission of making education more accessible.

NCRC Community Development Fund

How did you find out about GoGeorgia Capital?

We discovered GoGeorgia Capital through networking at a Georgia Social Impact Collaborative event. Sydney Hulebak, senior impact investment operations manager at the Community Foundation, introduced us to this innovative platform during its early stages. Our organization is constantly seeking avenues to amplify our community impact, and GoGeorgia Capital presented a unique opportunity. The platform’s focus on local empowerment and economic development caught our attention, as it resonates with our commitment to nurturing community growth and resilience.

Tell us about your relationship with GoGeorgia Capital as a community development financial institution (CDFI) and the process of getting matched with a small business.

Our relationship with GoGeorgia Capital as a CDFI has been a rewarding experience. The matching process is impressively efficient and user-friendly. When we connected with Stacia’s business through GoGeorgia Capital, the interaction was streamlined and productive. We conducted an initial call to understand her business needs, followed by a swift pre-qualification process. This efficiency is crucial for us as it enhances our ability to swiftly deploy capital to where it’s most needed.

What advice would you give to other CDFIs interested in working with GoGeorgia Capital?

Our key piece of advice is to approach this collaboration with openness and adaptability. Being receptive and flexible with applicants is vital. It’s important to understand the unique challenges and aspirations of small business owners. This empathetic approach enables CDFIs to tailor their support and maximize their impact.

What types of businesses does NCRC CDF support?

NCRC CDF provides loan capital to assist minority- and women-owned small and micro businesses of all stages. Our financial products and services are offered to assist borrowers who often have been denied and/or lack adequate access to traditional sources of loans and capital. We finance for-profit businesses and non-profit organizations through loans from $5,000 to $500,000.