Economic Empowerment

Despite Texas ranking #2 in minority entrepreneurs and #4 in women entrepreneurs in the U.S., research shows that only 1% of Black business owners get a bank loan in their first year of business, compared to 7% of White business owners. Latina entrepreneurs face similar challenges, starting businesses with one-eighth the household wealth of White households, making debt financing a necessity. According to the Federal Reserve Bank, 16% of men-owned small businesses in Texas were denied financing compared to 45% of women of color-owned businesses; 52% of men received all the financing they requested, compared to 22% of women of color-owned businesses.

The impact of loans on small business success is substantial, with a University of Texas study reporting access to financing increases businesses' probability of survival by 51%. However, with systemic barriers like credit scores, collateral, and a documented business record, many socially and economically disadvantaged entrepreneurs lack the financial profile necessary to qualify for a traditional business loan. Many minority entrepreneurs are targeted by poorly regulated lenders with exorbitant interest rates, further exacerbating their financial challenges.

Latino business owners are more likely to experience a funding shortfall relative to white business owners, with only 25% receiving full funding compared to 50% of white business owners (2017 State of Latino Entrepreneurship, Stanford University). Latina-owned businesses operate with much smaller revenues and obtain external funding at much lower rates than their male counterparts, largely because they feel unqualified to access funding from financial institutions so they do not apply.

According to the Association for Enterprise Opportunity’s The Tapestry of Black Business Ownership in America report, the main barriers to establishing and growing Black-owned businesses are gaps in wealth, credit, and trust. Decades of systemic discrimination by financial institutions contributed to the Black community’s distrust of banks. One identified solution to break this cycle involves nonprofits offering technical assistance and microloans investing in culturally competent staffing, outreach, and marketing to bridge the trust gap.

Factors contributing to racial and gender disparities include institutional discrimination and lack of access to affordable credit and mentorship opportunities.

As a Community Development Financial Institution (CDFI), JUST provides access to capital without checking a credit score or requiring collateral and offers peer support and business coaching to elevate Black and Brown women entrepreneurs. Our platform utilizes cutting-edge technology to streamline the loan application process, provide real-time visibility into group members' progress toward goals, and minimize administrative burden for both clients and staff. Through our fully digitized loan system, clients can easily apply for loans, track their progress, and access support services from anywhere with an internet connection. The JUST technology stack includes Salesforce, Microsoft Azure, JustCall, WhatsApp, and an e-learning tool.

Our innovation to global microfinance is our client-centric leadership program, known as the JETA program (JUST Entrepreneur Trust Agent). JETAs are clients who graduate from our leadership program and launch business support groups with other entrepreneurs they trust. This client-led model fosters trust and creates a decentralized community of entrepreneurs developing financial skills to build businesses across Texas, grounded in peer support. In addition to leading business support groups.

The JUST model is built around the idea that investing capital, peer coaching, and community in ambitious women will help close the racial and gender wealth gap.

Capital:
JUST offers diverse financial products to boost income, enhance credit scores, and build assets. Clients find a capital solution that works best for the person's individual needs, and they can choose a new solution as their assets grow.

• Small Dollar Loans: Tailored for starting or expanding small businesses, these loans range from $750 to $10,000, with repayment over 26 weeks.
• Growth Loans: Available up to $30,000 for clients with filed business taxes and formal registration, accompanied by additional business support services.
• Personal Loans: Ranging from $500 to $1,000, these loans help cover personal expenses, providing a payday lending alternative that improves both credit and financial health.
• Investments: Eligible clients receive principal allocations from JUST’s balance sheet into shared ownership products from high-yield savings to real estate (including their own homes). 

 Peer Coaching:  Rooted in the leadership of our JETAs, hundreds of business support groups meet weekly and encourage consistent goal setting, experience sharing, and mutual support to overcome personal and entrepreneurial challenges. This approach fosters a caring and compassionate lending environment that can scale, focusing on small groups of near peers where social proof catalyzes potential.

Community: We nurture social capital by facilitating small group meetings, online forums, and statewide events, fostering camaraderie and support for clients, particularly those facing isolation. This cultivates strong repayment habits and a thriving entrepreneurial community.

Through these solutions, JUST empowers Black and Brown women entrepreneurs to build successful and sustainable businesses, ultimately contributing to a more equitable and inclusive economy in Texas.

Video testimony: Soñando Sin Limites (English Subtitles)

JUST is led by our clients, all of whom (99.5%) are low-to-moderate income Latina and Black women; two-thirds of our clients have a combined monthly family income under $3,000; 36% live with less than $2,000 a month; 40% are single mothers; and 65-70% speak Spanish only. Many female entrepreneurs, and over 90% of JUST’s clients, have operated a business on an informal cash basis but have difficulty documenting its financial operations, making them unable to qualify for a business loan from a bank.

Latina entrepreneurs in Texas, many of whom are single mothers or immigrants, pursue entrepreneurship by necessity, are willing to take more risks, and are more trusting compared to Black women. JUST surveyed Black entrepreneurs served and discovered they pursue entrepreneurship because they feel limited in their potential by their current circumstances. Both can face significant challenges every day in meeting financial obligations, dealing with childcare issues, racial and gender biases, and finding education and support in their business development. Yet, they are resilient and leverage entrepreneurship for economic mobility.

In their pursuit of financial stability, JUST clients venture into entrepreneurial endeavors, establishing small businesses such as catering, clothing and jewelry sales, beauty product merchandising, housekeeping, and various forms of self-employment, to generate income for their families. Despite their hardworking grit, low-income women face considerable obstacles when seeking capital from traditional financial institutions to grow their businesses. Typically, they are not able to meet the underwriting requirements of credit scores, collateral, and borrowing records. Moreover, their busy schedules as caregivers and workers prevent their participation in programs and workshops offering essential financial and business skills training.

At JUST, we leverage our clients’ strengths by providing them with much-needed capital, peer coaching, and a supportive community accessible through our digital platform. We recognize their potential and offer financial resources and guidance tailored to their circumstances. JETAs play a pivotal role in co-creating products. Their unique position within the community, informed by lived experiences, ensures that JUST's products are grounded in the realities of the women we serve. JUST’s digital platform also supports JETAs as they form their circles and the onboarding of new clients.

JUST unlocks opportunities for underserved women to achieve financial independence, support their families, and build their businesses. Our holistic microloan program enables low-to-moderate-income women to grow or start a small business, achieve home ownership, obtain personal loans, or establish savings to build a successful future for their families. JUST offers loans and a supportive community that helps clients achieve financial stability, providing tools proven to be key in interrupting the cycle of poverty. Collective success is established when individuals are earning more, saving more, and gaining more confidence. By removing barriers to repairing their financial histories, individuals generate wealth for their families. Communities benefit, and sustainable systems of change are created in the process.

JUST is a groundbreaking approach to microfinance, placing our clients at the forefront as both leaders and owners of our organization. Our team is reflective of the communities we serve, with 90% of our operations staff being entrepreneurs, 75% former clients, 80% female, 87% BIPOC, and 76% fluent in Spanish. This representation ensures that our programs and services are culturally competent and relevant. Our community directors, who are former clients and JETAs, provide crucial local support and maintain regular contact with JETAs across our locations. JUST currently has five community directors, three in Austin and two in Dallas, all of whom support the growing operations in Houston and El Paso.

The JUST model is rooted in our client leaders, JETAs, who play a central role in co-creating our products and services. JETAs have underwriting power and are our most important collaborators, being closest to the challenges faced by clients. She is closest to the problem and therefore best suited to co-create and deliver the solution. Peer support is a key focus, with small groups of like-minded women providing social proof and catalyzing potential at scale.

Our client engagement is extensive, with regular focus groups, surveys, and one-on-one conversations to gather feedback and insights. We offer a range of virtual and in-person services, including a customer service hotline and quarterly in-person JETA meetings, to meet the diverse needs of our members. The feedback informs the development of our financial products and support services, ensuring that they are relevant and effective for our clients. This community-driven approach ensures that our programs and services are responsive and accessible in addressing the challenges faced by Black and Latina women entrepreneurs.

JUST launched in 2016 in Austin, TX, expanding to Dallas in 2020 and Houston and El Paso in 2022. JUST has helped 12,200+ women access $23M+ in loans, maintaining a 99% repayment rate. 

We can reliable open in new markets, however, our ability to reach market maturity in these new markets still needs validation.  Our acquisition is strong - retention and support that leads to transformation - is strong in Austin and still invalidated in our other 3 markets.  We prioritize scalability and sustainability, driven by our belief that if our programs effectively serve low-income communities, it's our responsibility to serve as many people as possible.

To scale and expand reach, we co-created three signature programs with JUST clients, known as journeys, to empower historically marginalized communities through capital and coaching at scale. GROW is a business growth journey that focuses on business acceleration for larger bank loans. JOY is a financial stability journey that builds financial awareness and savings confidence. WEALTH is a wealth-building journey that aims to remove homeownership barriers, offer flexible income, and improve investing knowledge for eligible JETAs.

Each journey includes access to capital, peer coaching, and community support delivered in a tech-enabled solution that allows us to measure results and impact. These journeys combine community support and financial tools to assist clients in meeting their families' essential needs, growing their businesses, and transitioning from being beneficiaries of low-cost capital to owners of productive, wealth-creating assets. We are implementing tech solutions to measure engagement and ROI, allowing for data-driven decision-making and optimization. JUST is investing in operating infrastructure to establish a predictable growth model that prioritizes efficiency, continual evaluation, and impact.

JUST has placed a priority on achieving a diverse base of funders to support our long-term sustainability. Excluding our CDFI fund dollars, we have received 100% private funding from different sources including local and national foundations, high-wealth individuals, corporate partners, and banks.

JUST’s partnership with private foundations enables us to access philanthropic capital to fund expansion and innovation. We work closely with existing foundation partners, including The Rockefeller Foundation and the Michael and Susan Dell Foundation, to deliver on grant goals and secure additional future funding. Investment from JP Morgan Chase supported the digitization of JUST’s lending operations.

JUST also partnered with 60 Decibels to produce a report about our social impact on the lives of women entrepreneurs. This partnership with an end-to-end impact measurement firm helped us gather feedback to better understand our impact and areas for critical improvement. A key finding is JUST’s Net Promoter Score of 96 is the highest that has been recorded from 60 Decibels’ global survey of over 600 organizations.

As JUST continues to expand its reach across Texas and support a growing client base, we find ourselves facing several key challenges at the intersection of technology and financial inclusion. Our organization is committed to providing accessible financial services, particularly through digital platforms, and enhancing user experience from onboarding to loan renewal is essential to our mission.

One of the primary barriers we face is the need for technical support and resources to further develop and optimize our digital lending platform. While we have made significant strides in leveraging technology to streamline our processes and reach more clients, there is still room for improvement. This includes enhancing the user interface and experience, integrating advanced security measures, and implementing data analytics to better understand and serve our clients' needs.

In addition to technical challenges, securing adequate funding is crucial for sustaining and scaling our operations. As a relatively young organization, access to additional financial resources is vital for us to continue our mission of financial inclusion and empowerment. While we have a dedicated support team, additional funding would enable us to invest in talent acquisition, technology infrastructure, and marketing efforts to reach underserved communities more effectively.

Furthermore, we recognize the importance of ongoing learning and collaboration within the social impact space. Being part of Solve's community would provide us with invaluable opportunities for peer support, coaching, and networking. By connecting with like-minded organizations and individuals, we can learn from their experiences, share best practices, and collectively address the systemic barriers to financial inclusion.

Through Solve, we hope to overcome these barriers by accessing both monetary and non-monetary support. This includes potential funding opportunities, technical expertise, mentorship, and strategic partnerships. With Solve's guidance and support, we believe we can enhance our digital lending platform, reach more underserved communities, and ultimately drive greater financial inclusion across Texas.

By providing access to capital without credit score checks or collateral requirements, JUST is pioneering a trust-based lending model that removes traditional barriers to financing for Black and Brown entrepreneurs. This approach acknowledges the systemic biases present in the formal financial system and offers an alternative pathway to economic empowerment. Together with clients, JUST co-creates financial products and support services tailored to the needs of Black and Latina women entrepreneurs.

JUST goes beyond providing financial assistance by offering peer support and coaching to entrepreneurs. Through a network of over 500 JETAs, JUST fosters a supportive community where entrepreneurs can share experiences, set goals, and receive mutual support. This helps entrepreneurs navigate the challenges of business ownership while building social and economic capital.

JUST's innovative approach has the potential to catalyze broader positive impacts within the entrepreneurship and financial sector. By demonstrating the effectiveness of trust-based lending and peer support models, JUST can inspire other organizations to adopt similar approaches. This could lead to a shift in the market landscape towards more inclusive and equitable practices, ultimately creating greater access to capital and resources for historically marginalized entrepreneurs. Additionally, JUST's emphasis on co-creation and community engagement could foster a culture of collaboration and empowerment within the broader entrepreneurial ecosystem, driving positive social and economic change at scale. JUST’s model of providing equitable capital in a safe and trusting environment can help spur economic opportunity by changing beliefs, motivations, and behaviors, especially in the lending community.

JUST's theory of change is that trust-based lending provided with peer support and technical assistance can dismantle systemic barriers that hinder Black and Brown women from economic opportunity. JUST's innovative approach inspires broader changes in the financial landscape, leading to greater equity and inclusion.

The activities include providing access to capital without credit score checks or collateral requirements, offering peer support and coaching through a network of business support groups, and co-creating financial products and support services with clients.

The immediate outputs of these activities are increased access to capital, improved financial skills and formalized businesses, and enhanced social capital within the entrepreneurial community.

These outputs are expected to lead to several longer-term outcomes, including increased business success and growth, improved financial health and stability, and greater economic empowerment for Black and Latina women entrepreneurs.

60 Decibels found that close to 97% of our clients are flourishing and close to 71% of our clients affirm that the financial, educational, and peer support from JUST contributes to them becoming better employers and leaders. We can report that 63% of clients now have a savings fund because of their involvement with JUST. 

Testimonials from JUST clients: 

“The loans allowed me to start growing my business. I’ve had my business for many years before joining JUST, but I needed capital to make it better. JUST gave me the opportunity to set new goals and dream big.” – Ana Cazares

“I have gotten many great ideas for my business from other JUST entrepreneurs. Things I might’ve never thought of. The power of community, my group’s support, are things that have been priceless in my journey.” – Yolanda Santana

“My experience with JUST has been fun, exciting, and extraordinary … I'm used to doing everything on my own and now I have a community of women around to hold me accountable, check in and share resources. It makes me excited!" – Tawanna Wilkins. 

“Everything has become possible thanks to God and the support of JUST. I am about to open my second salon called Ebenezer barber and beauty shop. I am very happy because my drive to get ahead is my children and I want to leave them a legacy.” – Eva Rodriguez. 

Systematically, JUST aims to take the progress of our clients and show financial institutions that underserved communities can thrive and flourish when given equitable access to capital and support setting them up to disrupt the cycle of economic exclusion and generational poverty.

Our core lending program provides capital, peer coaching, and community to catalyze financial growth and business development. Through these programmatic pillars, more low-income Texas women will gain access to the tools and community they need while developing their soft and hard financial and business skills. Capital includes access to microloans and other financial products that build wealth and savings. Peer coaching occurs as a natural output of small group meetings – where facilitation encourages the sharing of ideas and support to overcome personal and entrepreneurial challenges. JUST aims to reach more low-income women entrepreneurs and equip them with the support they need to launch and grow their small businesses, thereby improving the quality of life for the most vulnerable Texans.   

JUST’s digital platform offers guidance to clients on key fundamentals of building a stronger business alongside taking care of their family’s finances. Honing skills in these areas expedite the creation of our clients’ path towards building generational wealth. We enable our clients to assess their goals and milestones more closely through our digital platform. 

JUST tracks individual outcomes in each loan cycle using questions that assess growth in savings and income, the percentage of participants who report increased confidence in their ability to save, and participants who maintain or increase their savings. We also use the Consumer Financial Protection Bureau's (CFPB) Financial Well-Being Scale as a guide in evaluating client progress. After a loan is granted, we conduct 6-month check-ins to assess improvements in the client's ability to meet financial goals, control finances, and prepare for financial shocks. We consistently monitor our loan portfolio quality to check our repayment rates among other loan portfolio indicators such as the total number of clients, retention rates of new clients to second loans, and the total amount disbursed in loans. 

The success of JUST’s programs is assessed through multiple metrics: the number of new clients enrolled, the successful graduation of entrepreneurs from the JETA program, loan disbursement, and repayment rates, the growth and sustainability of businesses supported by the loans, and client satisfaction. These indicators collectively gauge the program's impact on empowering low-income women entrepreneurs, fostering business growth, and promoting financial stability in underserved communities.

The core technology that powers JUST's solution is a digital platform that combines online tools, mobile applications, and data analytics to provide access to capital, business support services, and peer coaching for Black and Latina women entrepreneurs in Texas. This platform facilitates the loan application process, enables clients to track their financial progress, connects them with peer support networks, and delivers educational resources on business development and financial literacy. Additionally, JUST utilizes customer relationship management (CRM) software to manage client interactions, automate communication, and track program outcomes. The use of digital technology enhances the accessibility, efficiency, and scalability of JUST's solution, enabling broader impact and empowerment of underserved communities.

Full-time Staff: 15

Contractors: 3

In 2016, Steve Wanta, CEO and founder, launched trust-based lending concept in Austin, TX believing microfinance could serve a market in the US that had been structurally locked out of the formal financial system.

Steve partnered with Ivonne Salinas to reimagine US microfinance to emphasize client-centric outcomes. Ivonne, a former Mexican business owner, understood microfinance's impact firsthand. “Could we start something here?” they asked. “Can we make this work in Texas?” Ivonne found 106 ambitious women - the JUST Pioneras - who wanted to build a better life for themselves, their families, and their community. And JUST was officially born.

The entire model of JUST is rooted in our client leaders, the JETA - 100% Black and Latinx women. JUST is community-led. Our lending gives underwriting power to our JETAs. She decides. JUST products are co-created. The JETA is our most important collaborator. She is closest to the problem and therefore best suited to co-create and deliver the solution. JUST prioritizes peer support. Representation is everything. We focus on small groups of near peers and like-minded women where social proof catalyzes potential at scale.

Our commitment extends beyond our service design to our internal operations. Our business model is designed with our clients at the center. For example, we have hired five JETAs to join the JUST team to ensure the community we serve is represented. Our team is 76% female, 86% Hispanic and Black, and 76% fluent in Spanish. We believe that closing the wealth gap requires ongoing, pervasive, and sustained change that can only happen when agency is claimed by people historically and systemically affected by it.

The JUST business model revolves around providing equitable access to capital and support services for Black and Latina women entrepreneurs who have historically faced barriers to traditional financial systems. We offer a range of financial products and services tailored to the specific needs of our target population, including small-dollar loans, growth loans, personal loans, and investments in shared ownership products.

Our primary customers are low-to-moderate-income Black and Latina women entrepreneurs in Texas who are seeking capital to start or grow their businesses. These entrepreneurs often lack access to traditional bank loans due to factors such as limited credit history, lack of collateral, and systemic biases within the financial industry. They need affordable and flexible financing options that can help them overcome these barriers and achieve their business goals.

To address these needs, we provide small-dollar loans ranging from $750 to $10,000, growth loans up to $30,000, and personal loans from $500 to $1,000. These loans are designed to be accessible, with flexible repayment terms and minimal credit requirements. We also offer investments in shared ownership products, allowing eligible clients to receive allocations from our balance sheet into high-yield savings accounts, real estate, and other assets.

In addition to financial products, we provide comprehensive support services to our clients, including business development, financial literacy, peer coaching, and community-building initiatives. Our peer coaching program, led by our network of JETAs provides clients with ongoing mentorship, guidance, and support as they navigate the challenges of entrepreneurship.

We deliver these products and services through a combination of digital platforms and in-person interactions. Our fully digitized loan system allows clients to apply for loans, track their progress, and manage their finances online. We also host regular workshops, training sessions, and community events to provide additional support and networking opportunities for our clients.

Our clients choose JUST because we offer more than just financial assistance – we offer a supportive and inclusive community that empowers them to succeed. By providing equitable access to capital and support services, we are not only helping individual entrepreneurs achieve their business goals but also contributing to broader economic empowerment and wealth creation within Black and Latina communities in Texas.

We have an embedded social enterprise model as a non-proft CDFI and are an entrepreneur support organization. JUST has strong fiscal health with approximately 15 months of operational runway and a $10M balance sheet, including $2.5M from the federal government to be pulled down over 4 years.

As part of JUST’s liquidity management, we structure our financial assets to be available as its general expenditures, liabilities, and other obligations come due. In addition, JUST invests cash in excess of immediate
requirements in short-term investments. To help manage unanticipated liquidity needs, JUST has a committed line of credit in the amount of at least $500,000, which it could draw upon. At this time, we have never drawn on our line of credit.

• Our earned revenue through our products and services helps us achieve financial sustainability to cover costs of our programs. Specifically, JUST’s high repayment guarantees the circulation of our revolving funds for capital lending.

• As a nonprofit CDFI, JUST is uniquely positioned to receive annual funding from banks as part of federal Community Reinvestment Act (CRA) obligations. This low-cost commercial capital is the primary source for our debt financing. JUST has received CRA funds from various bank partners, including local banks like Frost Bank and national banks like JPMorgan Chase & Co.

• Because of our CDFI designation, we can apply annually to the federal government to receive interest-free loan capital.

• JUST partners with foundations to access philanthropic capital to fund expansion and innovation. JUST works closely with existing foundation partners, including The Rockefeller Foundation and Michael and Susan Dell Foundation, to deliver on active grant goals and secure additional future funding