# Small Change

Wefunder for Real Estate.

## Elevator pitch
Small Change is an equity crowdfunding platform focused on impact investing in real estate. Real estate developers use our platform to raise capital from anyone 18+. By democratizing the source of capital we aim to create more equitable access for qualified developers who are often overlooked. Our goal is to enable real estate development that yields community impact in the form of affordability, sustainability, and enhanced economic vitality.

- Canonical URL: https://wefunder.com/small.change
- Entity ID: wefunder:company:89338
- Last updated: 2026-06-04T05:02:32Z
- Generated at: 2026-06-04T19:51:50Z

## Quick facts
- Over $10 million raised for 40 social impact real estate projects.
- 435% growth in funds raised on platform from 2020 to 2021, building on 455% growth from 2019 to 2020.
- Deals that have gone full cycle on Small Change have averaged a 12.4% IRR to date.
- 140+ deals in our pipeline, totaling more than $425 million.
- Real estate is an old boy’s club. Not us. 60% of our developers are women or people of color.
- Female founder. 4 companies founded and 14 urban real estate projects under her belt.

## Active fundraises
- wefunder:fundraise:53470: 4(a)(6) successful (USD)
- wefunder:fundraise:68911: 4(a)(6) successful (USD)

## Story
You can review our 5-year plan here. You can read more about SAFEs and how they work here or download and review our SAFE agreement and conversion examples for even more detail.Testimonials From Our Community. 

## FAQ
1. **As an investor on the Small Change platform, it's exciting to see that you all are conducting an offering here on Wefunder - are you all planning on remaining an LLC for tax purposes post-SAFE conversion, and do you have any approximate timeline as to when you anticipate it co...**
   - Hello Lucas - We're very excited to see you here! Converting to a C-Corp is on our mind. At the moment, the plan is to convert in 2023. Thanks for being such a loyal investor!
2. **Hello Eve, my question is why should I invest in SmallChange directly over investing into a property on your platform? Can you provide some insights on your plan to benefit investors? Hello Eve, for some reason I couldn't answer directly from your response. Here's my question,...**
   - Hello Dominick - thanks so much for your question. As to your first question, these are two entirely different opportunities and really, impossible to compare. The first is bricks and mortar. The second is to grow a company. Investing in both might be a great way to diversify your portfolio! And to be clear, Small Change does not have an interest in any of the projects on our platform. We operate much like Wefunder does - providing a service to developers so that they can raise funds from the...
3. **Do you expect that investing in this would give us an equity interest in the target fund, or would it be a similar relationship to the current individual projects?**
   - Hello Alex - thanks for being such a loyal investor on our platform! Small Change is actually 4 companies - a holding company and 3 subsidiaries. The holding company is conducting this fundraise and you will become an investor in the holding company. All of the activities of the 3 subsidiaries flow up to the holding company. One of the subsidiaries is our funding portal where most of the real estate offerings are currently conducted using Reg CF, just like this offering. The rules do not perm...
4. **Hi Eve, congrats on your all your success in RE and excited to see you on Wefunder. My question is the quality of projects on the site, as that's the draw for investors. I'm an investor with Fundrise, Groundfloor, and private RE syndications. I tried to use SmallChange, but wh...**
   - Hi LD - thanks for investing in Small Change! All of our developers have at least one project under their belt and most of them many more (or a team member with similar experience). We make sure that each developer provides sufficient background information so that you can decide whether they meet your own criteria. The unanswered questions are a bit of a mystery to me. I can't find any pending questions in our comment archive! You can always email hello@smallchange.co if there is a technolog...
5. **Hi Eve, would you please elaborate how the subsidiaries make money? And how much would flow to the holding company?**
   - Hello Andrew! When we formed Small Change we wanted to stay focused on Reg CF offerings, but also be able to list Reg A or 506(c) offerings as we grew. Unfortunately funding portals are only permitted to raise funds through Reg CF. Our structure, a holding company + 3 subsidiaries, permits us to list any offering type - Reg CF listing are offered through NSSC Funding Portal (the registered funding portal), Reg A and 506(c) through NSSC Crowd, and the technology is owned and maintained by NSSC...

## Team
- Eve Picker (Founder & CEO)
- Dutch MacDonald (COO)
- Jonathan Greene (Chief of Staff)
- Dziyana Zubialevich (Account manager)
- Andy Owens (UI/UX design lead)
- Michelle Louise Picker (Social media. podcast editor + compliance)

## Q&A
- Q: As an investor on the Small Change platform, it's exciting to see that you all are conducting an offering here on Wefunder - are you all planning on remaining an LLC for tax purposes post-SAFE conversion, and do you have any approximate timeline as to when you anticipate it converting into equity?
  - A: Hello Lucas - We're very excited to see you here! Converting to a C-Corp is on our mind. At the moment, the plan is to convert in 2023. Thanks for being such a loyal investor!
- Q: Any updates???
- Q: Hello, Are you available for some discussion on your campaign?
  - A: Hello! I see you are marketing specialists. We're not looking for help there but if there is something else you'd like to discuss, let me know.
- Q: Since I would like to invest on behalf of a church, I am not the owner. How do I proceed?
  - A: Hello Margaret - I've asked the WeFunder team to explain how you should proceed. I will get back to you ASAP. Thanks so much for your interest!
- Q: I have been asked to make an investment on behalf of a church -- not as an individual. Looking for guidance, please.
  - A: Hello Margaret - we consider non-profits accredited investors on Small Change but I will need to check with the WeFunder team on how you can accomplish this. I will get back to you ASAP. Thanks so much for your interest!
- Q: We have nothing to discuss for now except the promotion of this campaign using email marketing strategy
- Q: Is Smallchange going to Be listed in the near future in NYSE or NASDAQ?
  - A: No, not in the near future.
- Q: When is the pre ipo offering going to end for smallchange ?
  - A: Hello Francisco, if you are asking when this Reg CF offering will end, our SEC filing has an end date of 4/30/2023.
- Q: Thank you for explaining the structure and revenue model. Could a new subsidiary invest in each deal? So if the holding company has cash, can it fund this 4th subsidiary and therefore participate in ownership of each real estate devlopment project? I believe there's a rule against Reg CF raising money for funds but does the structure I described comply and therefore solve the goal of allowing investors in Small Change to indirectly own real estate?
  - A: Andrew - thanks for digging in! Reg CF does not permit Small Change (the company) to have an interest in the projects that are listed on the funding portal subsidiary. But we are permitted to have an interest through another subsidiary, as you suggest. We already have one that we can use, NSSC Crowd! So what you're suggesting is correct. Even now, without further subsidiaries created, Small Change (the company) could be an owner in real estate if we decided to develop a project and raise funds through NSSC Crowd. And therefore all investors would indirectly be owners of real estate. The only thing we can't do is raise funds through Reg CF. We'd have to come back to Wefunder, or anther funding portal, to do that!!
- Q: Hi Eve, would you please elaborate how the subsidiaries make money? And how much would flow to the holding company?
  - A: Hello Andrew! When we formed Small Change we wanted to stay focused on Reg CF offerings, but also be able to list Reg A or 506(c) offerings as we grew. Unfortunately funding portals are only permitted to raise funds through Reg CF. Our structure, a holding company + 3 subsidiaries, permits us to list any offering type - Reg CF listing are offered through NSSC Funding Portal (the registered funding portal), Reg A and 506(c) through NSSC Crowd, and the technology is owned and maintained by NSSC Tech ... and licensed back to NSSC Funding Portal and NSSC Crowd. Revenue is generated through transaction and success fees for each listings, Since all subsidiaries are wholly owned, 100% of all revenue flows up to the holding company. Please let me know if you need more detail.
- Q: An investor posted this question on our recent update: "Nice 5 Year Growth plan. Do you have an Exit Plan also?" and I wanted to share my response. "We are very much open to an acquisition in the future but as a mission-driven organization we would only take that step with a partner who would offer the opportunity to maintain our mission and significantly scale our impact. And of course the economics of the deal would have to make sense - but that goes without saying. At this stage we think potential acquirers could include other real estate funds or crowdfunding platforms that want to expand their impact portfolio, but that could change as we grow."
- Q: Hi Eve, congrats on your all your success in RE and excited to see you on Wefunder. My question is the quality of projects on the site, as that's the draw for investors. I'm an investor with Fundrise, Groundfloor, and private RE syndications. I tried to use SmallChange, but when I asked a few developers questions (on active projects), I never received a response weeks later. I was excited to invest in "impact" RE projects, but some developers don't seem like experienced operators.
  - A: Hi LD - thanks for investing in Small Change! All of our developers have at least one project under their belt and most of them many more (or a team member with similar experience). We make sure that each developer provides sufficient background information so that you can decide whether they meet your own criteria. The unanswered questions are a bit of a mystery to me. I can't find any pending questions in our comment archive! You can always email hello@smallchange.co if there is a technology glitch. We are super responsive!! Let me know if you have any other questions.
- Q: Do you expect that investing in this would give us an equity interest in the target fund, or would it be a similar relationship to the current individual projects?
  - A: Hello Alex - thanks for being such a loyal investor on our platform! Small Change is actually 4 companies - a holding company and 3 subsidiaries. The holding company is conducting this fundraise and you will become an investor in the holding company. All of the activities of the 3 subsidiaries flow up to the holding company. One of the subsidiaries is our funding portal where most of the real estate offerings are currently conducted using Reg CF, just like this offering. The rules do not permit us to have an interest in any of those projects. The second was formed specifically to conduct both Reg A + 506(c) offerings and the third is our technology subsidiary and licenses the platform to the other two subsidiaries. We have always contemplated conducting our Impact Fund, which would be a Reg A+ offering, in the second subsidiary. All activity from this subsidiary will flow up to the holding company, which hopefully you will be an investor in. Please let me know if you need further information. We'd love to have you on board!
- Q: Hello Eve, my question is why should I invest in SmallChange directly over investing into a property on your platform? Can you provide some insights on your plan to benefit investors? Hello Eve, for some reason I couldn't answer directly from your response. Here's my question, What is your exit plan? How do you intend to make profits for investors? With a property I can expect it to sell it in a few years.
  - A: Hello Dominick - thanks so much for your question. As to your first question, these are two entirely different opportunities and really, impossible to compare. The first is bricks and mortar. The second is to grow a company. Investing in both might be a great way to diversify your portfolio! And to be clear, Small Change does not have an interest in any of the projects on our platform. We operate much like Wefunder does - providing a service to developers so that they can raise funds from the crowd. So by investing in the projects, you will not be investing in Small Change.
  - A: With regards to your second question, our goal is to build a significant company that has meaningful impact. Either of the following would be a win - sell to a larger company with the same mission or build a huge pipeline with significant cash flow. Right now we are focused on building our pipeline and products to increase our value and to increase our revenue stream. We expect the exit path to become more defined over the next year. Investors would participate in either win through a proportional share of profits. Properties usually do have a more definitive path to an exit since the market can be assessed much more easily. That's the risk (and joy) of building this company. It's a new idea with no easy comparables, but clearly a pretty big need.