ABOUT THE PROJECT
About Underwriting Reimagined
Underwriting Reimagined is a twophase initiative led by Impact Ventures, with support from JPMorgan Chase, focused on reimagining small business lending in Dallas–Fort Worth to better serve entrepreneurs historically excluded from traditional financing.
The Initiative
Underwriting Reimagined is designed to better serve entrepreneurs historically excluded from traditional financing. The initiative brings together financial leaders, business experts, and community advocates to build tools that reflect the lived experiences of entrepreneurs who are too often left out of traditional systems.
Phase 1
Nov 2024 – Aug 2025
Phase 1 centered on listening and learning. Through interviews, focus groups, surveys, and a cross-sector Steering Committee, the project gathered insights from both finance leaders and entrepreneurs about how underwriting is experienced in practice, where it breaks down, where trust erodes, and where opportunity exists for change.
Phase 2
Sep 2025 – 2026
Phase 2 will translate these insights into practice through pilot strategies, policy alignment, and Communities of Practice that support ongoing collaboration, learning, and accountability. This phase prioritizes behavior change, shared standards, and relationship-based approaches that can be implemented now while laying the groundwork for longer-term systems change.
Learning Objectives
● Understand what small business owners value most in a lending relationship
● Identify barriers related to credit history, collateral, and guarantor requirements
● Explore how fear, risk, and trust shape engagement with lenders
● Assess the appeal of relationship-based and community-rooted lending models
● Assess openness to alternative indicators of creditworthiness
● Identify constraints within current underwriting and risk frameworks
● Explore flexible underwriting strategies and shared-risk models
● Understand capacity gaps related to coaching, referrals, and follow-up
Bridge of Perspectives
Throughout our community sessions, both entrepreneurs and finance leaders shared candid reflections on the challenges and disconnects within the current lending process
Entrepreneurs' Perspectives
"I can't find lenders who serve businesses like mine locally."
"I'm scared of taking on debt that could risk my personal financial stability."
"Lenders don't seem to understand my seasonal cash flow and industry-specific needs."
"I have little trust in banks or government agencies to have my best interest in mind."
"I need hands-on coaching and guidance before and after receiving capital."
Finance Leaders' Perspective
"Programs do exist, but awareness is limited. Stronger partnerships and outreach are needed."
"With proper coaching, entrepreneurs can build confidence to manage debt responsibly."
"We want to offer flexibility, but need stronger risk protections like loan guarantees."
"We acknowledge mistrust and can lean on nonprofit partners to help build relationships."
"We strongly agree on the need for technical assistance, but often face limited capacity."
Gratitude: Underwriting for Racial Justice
The Underwriting for Racial Justice framework, developed by the Beneficial State Foundation, was a critical guide for this project. Their research informed development of learning objectives, inspired strategic recommendations, and provided key data to support meaningful conversations. By re-evaluating each of the traditional 5 C's of Credit through a racial and economic justice lens, the project identified opportunities to redefine risk and propose more equitable approaches to lending.