Denied Decker_ - Grant Application

[Decker_]

Firm Name
BlockFi

Which grant pool are you applying for?
Innovation, Startup, Research and Development (R&D)

How do you plan on using your grant funding?
I plan to use the grant funding to build and instate a credit score system for lenders and borrowers to use. Lenders report borrowers' behavior during loan periods. This allow borrowers to get better rates, and lenders the ability to pick out bad apples.

Ideal Grant Amount $125,000

If awarded, I intend to use the grant money allocated to me for its intended purpose on which it was approved for, and provide a breakdown in my application thread of how the funding was used.
Yes

 

[inceee]

Please provide a very detailed breakdown of what the amount requested would be used for.

 

[Decker_]

Please provide a very detailed breakdown of what the amount requested would be used for.

It would cover business costs broken down like this:

15% of funds would be allocated to advertising and eating the costs of allowing smaller banks to use the credit score system as well.

25% of funds would be used for advertising and paying employees to audit credit reports, history, as well as other factors that contribute to the credit score people obtain

55% of the funds go toward a legal reserve, to ensure the credit score I intend to allow bigger banks to lean on for risk management and pay history, doesn't get voided due to my company that maintains said credit score imploding due to legal-fee-bankruptcy

5% of funds are allocated toward renting a physical location to arrange meetings between myself and those who represent large banks to discuss adoption of the risk management solution BlockFi intends to provide.

 

[Dept. Commerce]

Denied

The DoC has decided to reject your application at this time. We recommend that you re-apply when you have begun some operations or have an MVP and a basic revenue model.