Small Change

Small Change is a real estate investment crowdfunding platform that aims to democratize access to real estate investments while focusing on transformational projects. Founded by Eve Picker in 2015, Small Change operates under SEC regulations to allow both accredited and non-accredited investors to participate in real estate deals. The platform specializes in offering investments in commercial, residential, and mixed-use projects that have the potential to make positive impacts on communities.

Small Change evaluates potential projects using their proprietary Small Change Index, which assesses social impact factors such as affordability, location, transit options, and walkability. Projects must meet a threshold of at least 60% of the criteria in this index to qualify for listing on the platform. As of 2023, Small Change had listed 43 projects across 24 cities, helping to raise almost USD 12 million in aggregate. Notably, 60% of these projects were minority- and/or women-led, aligning with the platform's goal of supporting diversity in real estate development.

The platform offers a variety of investment options, including debt and equity investments, with minimum investments as low as USD 100 for some projects. This low barrier to entry allows a broader range of individuals to participate in real estate investing. Small Change focuses on projects that may have difficulty securing traditional financing, such as those in underserved neighborhoods or with innovative concepts.

Key customers and partnerships

Small Change caters to two primary customer types: small developers and larger developers looking to engage community participation in their projects. The platform has become particularly attractive to minority and female developers, who often face challenges in accessing capital through traditional means. As of 2023, 65% of the projects listed on Small Change had an affordable housing component, while 81% brought investments to neighborhoods that had not seen recent development activity.

Small Change has built partnerships with developers across multiple states, including Michigan, Ohio, and Nevada. The platform's pipeline as of 2023 included approximately 156 deals, with potential listings of around USD 450 million. After applying their filters, live listings, signed agreements, and hot prospects totaled USD 98 million, indicating significant growth potential for the platform.