|Fundraising: Currently raising||Team Members: 5|
|Date Founded: January, 2015||Shareholders: 5|
We make a college education affordable for the under-supported student.
This Stakeholder Report is for PYT Funds, Inc. (DELAWARE CORPORATION), DBA Pay Your Tuition
Status of the Company
Growth Cycle and Revenue Summary
In 2019, PYT concluded the year with a total revenue of $18,090.00. Moving onto to 2020, our annualized revenue for Quarter 1 was $10,000, which was similar to our Q1 Revenue in 2019. Q2 tends to be lower as student loan sales are cyclical. We are currently raising a round of venture capital with a goal of $250,000 - $350,000, and plan to raise again in early 2021.
Deals and Partnerships
PYT has two newly confirmed partnerships that will begin operation in June of 2020. The first of which is an agreement with Quotanda’s CareerScore service on our platform. Acquiring this service will help PYT further align with its mission in preparing students for success and helping them over the last hurdle to earn their degrees. Students often graduate with large amounts of debt after college without a job. CareerScore’s service will allow us to increase our student’s chances of landing a job after college and complete our company's mission for them. Next, we had a co-branded scholarship that launched with Goal Structured Solution’s Ascent program in June which helped us gain recognition and traction through their platform. Finally, PYT is in partnering conversations with the Arkansas Community Foundation (ACF) in setting up an impact fund in Arkansas to serve students one of our many projected target markets.
Summary of Status
Overall, PYT has stayed level with our prior year showing $10,000 in annualized revenue at this time. Our growth has been impacted by the effects of COVID-19 on the United States. Currently, we are adjusting our business to the current state by utilizing federal funding as well as raising venture capital to sustain during this pandemic. We have launched the PYT Microloan Program which offers loans of up to $350 dollars for students with a small financial need related to education--whether it be for textbooks, technology, rent, late student aid, or COVID-19 related need, PYT is offering short term loans, and the option to pay a one time fee for lending, or a regular interest charge.
Status of Milestones
Milestones this Period
- $5,000 in Scholarships awarded
- Hired 13 interns, and a Talent Director
- CareerScore Service Partnership
- Co-branded Scholarship
- Originated Direct Loans $5,000
- Donations amounting to $5,623
- Adding financial literacy data to the PYT score
- Website account creation increased by 37%
Milestones due Next Period
- Acquire CDFI Certification by December 2020
- Launch of Ascent product (Co-Branded)
- Initiation of the Non-Profit Sector
Additional Reports By
PYT currently has a number of deals contributed from the FIS Accelerator: Partnerships or relationships with Arkansas Community Foundation, Arkansas Department of Higher Education, University of Arkansas Pine Bluff, and Southern Bancorp.
Other Operational Highlights
- Richard Adams ascends to CEO as Stacie Whisonant takes a Leadership role at the Department of Education
- Facilitation of 700+ student loans
- Approved for $10,000 in Payroll Protection Program funds
- $3,000 SBA Grant (Small Business Administration)
Next Report Goals: December 2020
During the next two quarters, PYT has a few large plans we are on track to execute. First becoming a CDFI certification, turning PYT into a government certified community development financial institution in or to acquire Community Development Funds form larger banks. We also plan to launch a co-branded loan product with Ascent. In addition, we have recently launched a new microloan program to aid students who do not qualify for Federal Student Aid — these loans range from $50 - $350 and are targeted towards assisting students with rent, textbooks, or COVID-19 related needs. Lastly, we are aiming to begin work on a non-profit entity of PYT, in order for our outreach to students to be larger, especially when concerning students who do not qualify for loans or loanerships but are still in need of aid. PYT will then move away from using a Fiscal Sponsorship and focus on supporting our own Non-profit.