• CMG MORTGAGE, INC. NMLS #1820

Crowdfunding Encourages Community Engagement

  • August 15, 2017

Crowdfunding is defined as the process of raising money from a large number of people, typically through a website, for a project or small business (Dictionary.com).  Crowdfunding has gained popularity over the past decade, especially since the advent of crowdfunding websites, making it easier for users to reach larger networks outside of their inner circle of family and friends. 

The exciting thing about crowdfunding is that it multiplies your reach. If a friend of yours contributes or comments, it gets shared with their network, amplifying your reach by hundreds, even thousands. If another person in that extended network shares or contributes to the campaign, another entirely new network sees the activity. If this cycle continues, the campaign has the potential of going viral, even reaching millions of people. The more compelling the story, the higher the likelihood of this occurring. 

According to Inc., the first successful online crowdfunding campaign was completed in 1997 when a British rock band crowdfunded a reunion tour.  Twenty years later, crowdfunding has grown from a niche platform to a mainstream source of funds for authors, filmmakers, nonprofits, relief efforts, and even small businesses and startups.  Crowdfunding makes it possible to set previously unattainable goals and achieve them, through community collaboration.  Because of crowdfunding, more ideas are getting shared, independent films have a chance, grassroots political campaigns are possible, and people are getting the help they need.

The crowdfunding community is active, the World Bank Report estimates that the global crowdfunding investment will top $92 billion by 2025.  Since 2009, Kickstarter has had $3.2 billion pledged from 13 million people. Specialized crowdfunding platforms like education, entertainment, research, and charitable organizations are becoming popular vehicles to draw specific crowds. 

HomeFundMe is designed to help more credit-worthy home buyers raise the down payment for their future homes.  Homeowners strengthen neighborhoods and build strong communities.  A contribution to a HomeFundMe campaign is a reinvestment in the community.  Buying a home is a community event, HomeFundMe can help.

 

Sources: Inc, Inc, Kickstarter

HomeFundMe is a service provided by CMG Financial. © 2017, All Rights Reserved. CMG Financial is a registered trade name of CMG Mortgage, Inc., NMLS# 1820 in most, but not all states. Equal Housing Lender. To verify our complete list of state licenses, please visit www.nmlsconsumeraccess.org.

Cindy MacDonell
Senior Loan Officer
NMLS # 316198
Branch NMLS # 1270689

Cindy MacDonell

PHONE: (707) 781-8185
cmacdonell@cmgfi.com

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© CMG Financial, All Rights Reserved. CMG Financial is a registered trade name of CMG Mortgage, Inc., NMLS ID #1820 in most, but not all states. CMG Mortgage, Inc. is an equal opportunity lender with corporate office located at 3160 Crow Canyon Road, Suite 400, San Ramon, CA 94583 888-264-4663. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act No. 4150025; AK #AK1820; AZ #0903132; Colorado regulated by the Division of Real Estate; Georgia Residential Mortgage Licensee #15438; Illinois Residential Mortgage Licensee; Kansas Licensed Mortgage Company #MC.0001160; Massachusetts Mortgage Lender License #MC1820 and Mortgage Broker License #MC1820; Mississippi Licensed Mortgage Company Licensed by the Mississippi Department of Banking and Consumer Finance; Licensed by the New Hampshire Banking Department; Licensed by the NJ Department of Banking and Insurance; Licensed Mortgage Banker – NYS Department of Financial Services; Ohio Mortgage Broker Act Mortgage Banker Exemption #MBMB.850204.000; Licensed by the Oregon Division of Financial Regulation #ML-3000; Rhode Island Licensed Lender #20142986LL; and Licensed by the Virginia State Corporation Commission #MC-5521. CMG Mortgage, Inc. is licensed in all 50 states and the District of Columbia. Offer of credit is subject to credit approval. For information about our company, please visit us at www.cmgfi.com. To verify our complete list of state licenses, please visit www.cmgfi.com/corporate/licensing and NMLS Consumer Access (www.nmlsconsumeraccess.org).