Q&A: How Madelyn Merchant (MBA ’25) Helped Grow Darden’s Board Fellows Program

Madelyn Merchant (MBA ’25) is co-founder and chief operating officer of SBA Source, a financial services firm that helps small business owners secure U.S. Small Business Administration loans. While an MBA student, Merchant served as a board fellow at the Core Knowledge Foundation, a Charlottesville-based education nonprofit, and successfully secured a five-year gift from Golub Capital that provided the resources to name and expand the Board Fellows Program at the Darden School of Business.

Madelyn Merchant (MBA ’25) turned a second chance into a transformational five-year gift from Golub Capital, helping reshape Darden’s Board Fellows Program.

Q: Where did you grow up, and where did you go to college?

Madelyn Merchant: I grew up in the Pasadena area of Southern California, in a small town called La Cañada. I went to the University of Southern California, where I studied business at the Marshall School of Business. At the time, I was interested in consumer behavior and why people make decisions, particularly related to consumption, and how marketers influence those decisions.

What was your professional experience prior to Darden?

I began my career in sales at Oracle, where I sold enterprise software, before moving to Wayfair to work in merchandising for quite a few years. I then joined a startup in Bogotá, Colombia, focused on business-to-business e-commerce, where I helped supply corner stores across Latin America with inventory through a digital platform.

Was anyone in your family involved in nonprofit work, or how did you develop that interest?

One of my earliest exposures to nonprofit work was through Children’s Hospital Los Angeles, where my mom and I participated in an American Girl doll fashion show fundraiser for several years. I was very young at the time, but it stayed with me — the idea that spending time on something that directly benefits others is meaningful and important.

What drew you to the Board Fellows Program at Darden, and how did your experience change once you got involved?

I first learned about the Board Fellows Program when I was applying to business school and thought, ‘That’s definitely something I want to do.’ Once I got to Darden, I was disappointed to learn that many students had never heard of the program. It was a student-run club, so it could fluctuate drastically year to year, depending on student leadership. I became a board fellow and was elected vice president of the club.

I was matched with Core Knowledge, a nonprofit focused on education equity. At the time, board fellows weren’t required to complete a pro bono project, and there wasn’t a strong precedent set for organizations. I mostly shadowed board meetings, and it wasn’t always clear to board members who I was or why I was there — which ended up being a valuable learning experience for me. My priorities shifted to making the Board Fellows Program better and more meaningful for future Darden students.

What led you to pursue grant funding for the Board Fellows program, and what was that process like?

Darden had a Board Fellows program, but it wasn’t reaching its full potential. Charlottesville has one of the highest concentrations of nonprofits in the nation, so there was a real opportunity to deepen our impact locally.

Our previous vice president mentioned a potential funding opportunity with Golub Capital. I had never written a grant application before, so I spent months figuring out how we could qualify. With support from our faculty advisor, Professor Yo-Jud Cheng, we submitted an application.

On our first attempt, we were turned down — we hadn’t fully understood Golub’s requirement for matching funding. I asked if we could reapply, and they gave us a second chance — but with only a week to submit prior to the funding announcement at the first-ever Golub Capital Nonprofit Board Fellows Network Annual Symposium. We were able to secure the matching funds just in time, thanks to contributions I connected with through the Darden School Foundation.

This time, we secured the grant, and Darden joined the 20 top-ranked business schools that are part of the network.

The gift from Golub Capital made it possible for Darden to hire a full-time manager for what is now the Darden Golub Capital Board Fellows Program, where fellows serve as nonvoting board members of local nonprofits. Golub Capital, a market-leading direct lender and private credit manager, launched the Network with the mission to make nonprofit boards more effective.

With the additional funding, the program expanded from 18 to 30 fellows in the first year of the grant with plans to grow to over 100 fellows per year within five years. It now offers for-credit courses in board governance and requires all fellows to complete a meaningful pro bono project for their organization. The program is also expanding to include Executive and Part-Time MBA students in both Charlottesville and the Washington, D.C., metro area.

Can you describe the company that you co-founded after completing your MBA?

With my co-founders, Keegan McBride (MBA ’25) and Jacob Lee (MBA ’18), I’m building a startup called SBA Source, which helps small business owners access loans and financing through the Small Business Administration. In addition to guiding them through the process, we’re working to expand our support across all their financing needs – from initial funding for the startup or acquisition, to bookkeeping after they are open for business.

Are you using any of your learnings from your time at Darden in your current role?

Every single day. The work I did on the Board Fellows grant application applies directly to what I do now. Relationships and connections make all the difference, whether you’re securing a grant or working with small business owners and a network of lenders.

Have you stayed connected with the Board Fellows program?

Yes, I’m a volunteer leader for the Bay Area alumni chapter of the Golub Capital Board Fellows Alumni Network. I’m passionate about expanding access to nonprofit board experiences while fostering strong communities of impact-driven young professionals.

I am looking forward to helping make it easy for people to find meaningful ways to plug in —whether they’re transitioning into new cities and roles after business school or simply looking for ways to stay engaged.

Are you involved in any nonprofit work?

I serve on the Young Professionals Committee of GLIDE, a nonprofit social justice organization focused on addressing systemic inequities and creating pathways out of poverty and crisis for people across San Francisco. The committee plays an active role in advancing GLIDE’s community engagement efforts, with a particular focus on shaping and supporting corporate partnership strategy, volunteer engagement and outreach to young professionals.

Securing the grant for the Board Fellows Program and serving in this role with GLIDE are the kinds of experiences that fuel me.

One of my core beliefs is that we can make a meaningful impact by bringing business expertise into nonprofits. The people who energize me most are nonprofit leaders — no one has more passion.