InStoreFinance.com Wins $25K Innovation Fund Award
CLEVELAND, Oct. 4, 2012 /PRNewswire/ — InStoreFinance.com, a provider of software programs that allow retail stores to increase sales by financing customers directly, has been awarded $25,000 by the Lorain County (Ohio) Community College Foundation’s Innovation Fund. The Innovation Fund provides capital to promising technology-based Ohio startup businesses.
Through the InStoreFinance.com online payment portal, retailers can directly accept payments from customers who require financing for more expensive purchases.
“Shoppers buying items from $500 to $3,000 often apply for credit. Unfortunately, more than 80 percent of those customers don’t qualify for traditional lending and the sale is lost,” said Jason Nemeth, founder and CEO of InStoreFinance.com. “This extremely common scenario is where InStoreFinance.com can help most.”
Using InStoreFinance.com, customers get the item they want, agree to payment terms, and then pay off the balance over time. The InStoreFinance.com team provides the retailer with an easy-to-use self-finance management website and a rigorously tested applicant screening process that does not solely rely on traditional credit scores.
“Our software is helping businesses all over the region make sales they would have otherwise lost with the traditional sales model. That’s why the Innovation Fund award is so important. It gives fuel to our growing start-up and lets us better service our clients,” added Nemeth.
In addition to receiving funding from the Innovation Fund, the company also was accepted into the first wave of Northeast Ohio startups at Bizdom, an entrepreneurship accelerator that mentors and funds tech-based startups in the downtowns of Cleveland and Detroit. Launched in 2007 by Dan Gilbert, Founder and Chairman of Rock Ventures and Quicken Loans, and Majority Owner of the Cleveland Cavaliers, the nonprofit Bizdom provides entrepreneurs with real world mentorship from top business, sales, marketing, and technology experts associated with Rock Ventures’ extensive family of companies.
“Bizdom is pleased that InStoreFinance.com has been selected for this funding,” said Paul Allen, Leader of Bizdom Cleveland. “This is validation that a good idea, combined with leadership and passion is rewarded. Jason identified a need in the marketplace and took that important next step to offer a solution.”
InStoreFinance.com currently services retail stores in seven states and enables retailers to secure on average an additional $10,000 to $20,000 in monthly revenue per store location. To date, the company has captured more than $2 million in additional sales for its clients.
InStoreFinance.com provides software programs that allow retail stores to increase sales by financing customers directly. Through the InStoreFinance.com online payment portal, retailers can directly accept payments from customers who require financing for more expensive purchases. Founded in 2009, InStoreFinance.com allows customers to get the item they want, agree to payment terms, and then pay off the balance over time. The InStoreFinance.com team provides the retailer with an easy-to-use self-finance management website and a rigorously tested applicant screening process that does not solely rely on traditional credit scores.
For more information, visit www.instorefinance.com.
Bizdom is a three month full-time entrepreneurship accelerator located in Detroit, Michigan and Cleveland, Ohio. Launched by Quicken Loans Inc. Founder and Chairman and Cleveland Cavaliers Majority Owner Dan Gilbert in January 2007, the goal of the program is to create an entrepreneurial hub of tech-based start-ups in the cities of Detroit and Cleveland. Bizdom provides entrepreneurs with intense mentorship and guidance from top business, sales, marketing and technology experts, many of which come from Quicken Loans’ extensive network and family of companies. Upon acceptance into the program, Bizdom invests up to $25,000, which provides entrepreneurs with the funding they need to build their product or service to a scale that merits further investment. At the end of the three months, entrepreneurs have an opportunity to pitch to investors for the necessary funding to take their business to the next level. Entrepreneurs also are provided with a collaborative workspace while in the program. Bizdom, a non-profit, maintains a minority share of ownership in each business, using its share of the proceeds to fund future technology based start-ups in these cities. For more information, visit www.Bizdom.com.