“Most small business owners don’t want handouts. They want to work and pay back their customers, who love them enough to keep them in business. We want to help people create invested advocates for their business.”
– MIVENTURE CO-FOUNDER JASON CRYSTAL
Small businesses essentially now use the Miventure app to quickly raise the money they need to grow or cover short-term project costs in a 90-day window, similar to other crowdsourcing platforms like Kickstarter or GoFundMe. If the business fails to raise the targeted amount in that window of time, investors get their money back.
If successful, the funds are given to the business in the form of a loan, managed by Miventure. The businesses then repay the funds plus monthly interest to those investors, via an escrow account set up in their name, minus a 7% fee on the total amount raised to the app for hosting the project.
Investing in private businesses and business ventures can be risky, so the app lets users invest in small amounts (as little as $25) to keep that risk minimal.
Prospective investors can log onto the Miventure app and read about the listed businesses and their corresponding campaigns prior to investing. Each business will have a report and risk assessment portfolio along with a different set interest rate, set by the business itself, related to how long the campaign is and how much they’re asking for. Read the full article here.