IM Financial

Last year on the #podcast I interviewed IM Financial founder Rodrigo Acuna about how #predatorylending disproportionately impacts "unbanked" communities, and more specifically about the importance of providing free financial literacy resources for second generation Americans who are becoming #underbanked #entrepreneurs after being raised in "blue collar" immigrant families with little trust or use for the US #bank system. I think about that podcast a lot - as a US immigrant myself, securing #credit in America was nearly impossible, and I grew my business without access to real credit options of any kind. (one major bank was so kind as to give me a secured - for double the amount I could carry on it - MasterCard to use to help me grow my profitable, established 7-figure services business that wouldn't cover a domestic flight or a client dinner) Many years, a US #creditunion relationship and two exits later....my phone now rings all the time with queries from #investmentadvisors from those major banks that wouldn't lend to me - it seems they would really like to be of assistance to me now! But I'm a classy dame, I will only dance with the ones that brung me. That's Rodrigo's theory behind tying financial literacy to lending - be the first positive banking relationship for an entrepreneur and you will probably retain that business for the long haul. Today I got a pre-approved credit offer from a popular online payment platform. I don't need, nor do I want more credit, but their offer on the surface SEEMS attractive - get approved, buy anything you want over $250 and pay it off in 6-12 months (depending on the offer) at 0% interest. If you use it for lower purchases than $250 the 0% offer doesn't apply and you can't combine items - so it's forcing you to make bigger purchases to get the "better" #financing terms. Out of curiosity, I reviewed the fine print and the Ts and Cs of the credit agreement, and I don't understand them. What am I charged for? How? When? Under what circumstances? Late fees of $41.00 on missing the minimum payment on a maximum $250 line of #credit - plus the penalty #interest at 35% calculated daily from the day I made the purchase to the time my first payment is late? I think? I have watched a lot of mob movies, I think I might take my chances with Big Vinny over this confusing (and pulled right out of my bank account by #ACH) variable #loanservice... How many people will read the contract accompanying their credit application when they need to get their car fixed today to get to work tomorrow? Listen to the #winpodcast to learn how this #startup #fintech #founder is trying to provide options to help people avoid this kind of #lending here: https://lnkd.in/gisv6Sk7

Drum roll please! ?? We are thrilled to introduce the 27 innovative startups that make up the cohort of this year's NYU Entrepreneurs Challenge! ?? Hailing from across NYU, these teams represent the diversity of ideas, backgrounds, and entrepreneurial spirit that define our community. In the coming months, they'll participate in an intensive program of workshops, boot camps, and expert mentoring. The teams will continue to build and refine their ventures while competing for a combined total of $225,000 in seed funding and pro bono services to propel their ventures to the next level. ?? Curious about these innovative teams and the ventures they’re working on? Explore our 2025 Cohort Directory at: https://lnkd.in/ewfj-hiw It was a banner year for applications to the NYU Entrepreneurs Challenge, with concepts ranging from renewable energy to cutting-edge biotech and novel consumer goods to fintech services; submissions were as varied as they were innovative. ?? We thank all of the entrepreneurs who applied and look forward to working with them as well through our many other startup programs and services! #NYUEntrepreneursChallenge #NYUentrepreneurship #NYUstern #NYU #NYUBerkleyCenter #IdeasNeverSleep #Entrepreneurship #Venture #Competition