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Non-Profit Foundation
FINANCE | Lending / Microfinance
coralus.world

Investments

19

Funds

1

Partners & Customers

3

About Coralus

Coralus is a crowd-lending platform. It connects crowdfunding with microfinance to back five female-led startups a year. It operates investment funds to support women-led businesses. It was formally known as SheEO. It was founded in 2015 and is based in Toronto, Canada.

Headquarters Location

10 Dundas Street E

Toronto, Ontario, M5B 2G9,

Canada

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Latest Coralus News

How the new FAFSA form will affect state grants for college students

Oct 25, 2023

State aid programs may need to adapt, as they often rely on data elements from the Free Application for Federal Student Aid. Published Oct. 25, 2023 Listen to the article 4 min This audio is auto-generated. Please let us know if you have feedback . Dive Brief: State financial aid programs may need to adapt to the new Free Application for Federal Student Aid, which is expected to increase Pell Grant eligibility and provide additional aid to more students, according to a report released Monday from the State Higher Education Executive Officers Association. States often rely on federal financial aid data when distributing need-based college funds and base eligibility standards on those used by Pell Grants, SHEEO said. Changes to how the FAFSA calculates a student’s expected out-of-pocket contribution will ripple out to the local levels. A growing pool of students who qualify for aid may push local leaders to consider adjusting which students are grant-eligible and how much assistance they receive, the report said. Dive Insight: Congress passed legislation in late 2020 to simplify the FAFSA, an infamously difficult form for students and their families to complete. The updated version will debut in December , according to the U.S. Department of Education. The new FAFSA will change how it calculates students' out-of-pocket contributions, which determines Pell eligibility. The form is moving from a calculation called the Expected Family Contribution, or EFC, to one called the Student Aid Index, or SAI. The SAI formula is intended to be more straightforward and is based on information that may be more readily available to students and their families. The simplified form will largely benefit students, both for its ease of use and the expected increase in aid eligibility, the report said. Using the SAI formula, about 33% of students are expected to receive a larger Pell Grant, while over 1% can expect a decrease. A majority of students, almost 67%, will see no change. Around 56,600 Pell recipients would lose their eligibility under the new methodology, representing about 0.6% of students who currently qualify. However, the total number of Pell-eligible students would grow by nearly 220,000, the report said. These changes could have big impacts on state aid programs. For instance, the shift may require changes to grant calculations. States with first-dollar programs — those that grant awards without considering other aid students receive — are the most likely to be affected by the updated FAFSA, the report found. The growing pool of eligible students is likely to strain their budgets. The effects on last-dollar scholarship programs — ones that award grants after weighing other aid students receive — are harder to predict, SHEEO said. A majority of state grant programs follow this model. If larger numbers of students are expected to be eligible for these awards, states may need to raise their qualification thresholds or adjust the cap on their awards. State grants based on Pell eligibility would run into the same issues, the report said. The new FAFSA has some negative effects, which SHEEO said it likely underestimated in its report due to lack of data. A closing loophole for families with small farms and businesses may cause some students to lose out on college funding, it said. Under the new calculation, applicants whose families own farms and companies with fewer than 100 employees must report currently exempt business assets. Students with more than one family member in college face another concern, as expected family contributions will no longer be divided among each person. The new FAFSA is already posing a challenge to states and institutions , as it's being released two months later than usual and still does not have a firm implementation date. Experts say the delay is conflicting with financial aid deadlines set by governments and colleges, and its new reporting requirements are compounding nationwide staffing shortages in financial aid offices.

Coralus Investments

19 Investments

Coralus has made 19 investments. Their latest investment was in Gotcare as part of their Pre-Seed on November 25, 2021.

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Coralus Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

11/25/2021

Pre-Seed

Gotcare

$0.94M

Yes

2

10/28/2019

Angel - III

Beany

$1.5M

Yes

ICE Angels, and Undisclosed Investors

1

5/12/2019

Grant

The Better Packaging Co

Yes

1

4/12/2019

Loan

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10

3/5/2019

Loan

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10

Date

11/25/2021

10/28/2019

5/12/2019

4/12/2019

3/5/2019

Round

Pre-Seed

Angel - III

Grant

Loan

Loan

Company

Gotcare

Beany

The Better Packaging Co

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Amount

$0.94M

$1.5M

New?

Yes

Yes

Yes

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Co-Investors

ICE Angels, and Undisclosed Investors

Sources

2

1

1

10

10

Coralus Fund History

1 Fund History

Coralus has 1 fund, including Coralus Perpetual Fund.

Closing Date

Fund

Fund Type

Status

Amount

Sources

Coralus Perpetual Fund

$0.81M

1

Closing Date

Fund

Coralus Perpetual Fund

Fund Type

Status

Amount

$0.81M

Sources

1

Coralus Partners & Customers

3 Partners and customers

Coralus has 3 strategic partners and customers. Coralus recently partnered with PNC Financial Services Group on September 9, 2021.

Date

Type

Business Partner

Country

News Snippet

Sources

9/14/2021

Partner

United States

PNC Bank Launches Project 257: Accelerating Women's Financial Equality

`` Project 257 and our partnership with SheEO are two great examples of PNC Financial Services Group , Inc. 's support of women across our footprint , '' said Lou Cestello , PNC Financial Services Group , Inc. 's head of Regional Markets and regional president of Pittsburgh and Southwestern Pennsylvania .

3

3/8/2021

Partner

United States

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10

7/28/2015

Partner

Canada

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10

Date

9/14/2021

3/8/2021

7/28/2015

Type

Partner

Partner

Partner

Business Partner

Country

United States

United States

Canada

News Snippet

PNC Bank Launches Project 257: Accelerating Women's Financial Equality

`` Project 257 and our partnership with SheEO are two great examples of PNC Financial Services Group , Inc. 's support of women across our footprint , '' said Lou Cestello , PNC Financial Services Group , Inc. 's head of Regional Markets and regional president of Pittsburgh and Southwestern Pennsylvania .

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Sources

3

10

10

Coralus Team

4 Team Members

Coralus has 4 team members, including , .

Name

Work History

Title

Status

Vicki Saunders

Founder

Current

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Name

Vicki Saunders

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Work History

Title

Founder

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Status

Current

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