ABOUT THE FUND
TheMain Street Entrepreneurs Seed Fund supports Georgia State student entrepreneurs, recent alumni and Georgia State community entrepreneurs with seed funding and mentorship to start and grow new ventures.
JT Trujillo, CEO & Founder
Alumni, B.B.A. Finance 2022
In Progress, No Official Launch Date
Over 100 million Americans need an alternative solution to payday lending. Payday loans are not offered in some states and when they are available, the interest rates and fees essentially trap customers in a cycle of debt.
hand+sum offers flat fee microloans with a discount model, eliminates FICO/credit scores to determine creditworthiness, and will include an array of financial literacy resources.
My business model is a fee-based model.
Tier-based flat fees for loans ranging between
$100-$500. The fees I charge is how I generate revenue.
I am trying to capture three core markets:
1. The 100 million American that need to borrow
at least $400 at least twice a year,
2. The 32 million Americans that make up the under-banked community which has no other
access to loans other than payday lending,
3. The over 12 million Americans use payday
Money Lion, Dave, SoLo Funds, and existing payday lenders.
USE OF FUNDS
65% for the website to conduct application intake
10% legal/incorporating fees
Why did you launch your company?
I was inspired to launch hand+sum after taking a few classes and seeing how advancing financial technology is being used to help under-served consumers of financial products. After digging deeper and conducting lengthy research I found that my community was in drastic need of a viable solution to payday lending and similar products.
What does entrepreneurship mean to you?
“Do well by doing good.” – Benjamin Franklin
Have you always been entrepreneurial?
I have not always been an entrepreneur but I have always enjoyed innovation and using existing information & technology to improve systems and processes. I like to think that entrepreneurship runs in my blood because my mother and older sister are successful entrepreneurs.
What advice can you offer to entrepreneurs?
Don’t stop working (whether it entails education/training, market/customer research, or chipping away at a goal/milestone), because once you stop working that’s when doubt starts to creep into your goals.
How has your formal education/experiences at Georgia State played a role in your becoming an entrepreneur?
I am a finance major at Georgia State possessing almost seven years of banking and FinTech experience specializing in fraud, compliance, and credit risk mitigation. At Georgia State, I am part of the Georgia FinTech Academy and LaunchGSU. These clubs/organizations have inspired and furthered my entrepreneurial aspirations and idea.
What innovative technologies are being leveraged in your business?
My identity verification process includes biometric data, GPS tracking, IP confirmation, Multi-Factor authentication, and others. Machine Learning will streamline the underwriting process.
Has your company participated in any pitch competitions, accelerators or incubators?
Yes, Foundations of FinTech Opportunity Project, Entrepreneurial Thinking Final Pitch Competition, Main Street Entrepreneurs Seed Fund and EIX e-Fest 2022
How has Georgia State supported you in your entrepreneurial journey?
Georgia State helped support me by offering classes such as Foundations of FinTech, Commercial Banking and FinTech, and Entrepreneurial Thinking for Startups. Being part of Georgia State has exposed me to other like-minded individuals seeking to make an impact with their own ideas. A former professor of mine has become a mentor to me. I have also made several connections and networked through some of the case competitions and class projects I have participated in.
Share a fun fact about yourself that most people don’t know.
I was an amateur MMA fighter with an undefeated record.
ABOUT THE FUND
The Marcus Foundation supports Georgia State student entrepreneurs, recent alumni and Georgia State community entrepreneurs with seed funding and mentorship to start and grow new ventures.