Miventure Launches Crowdfunding App for Small Businesses
Orlando, Fla. (November 4, 2020) – One of the toughest parts of running a business is finding the capital to grow it. Miventure, an Orlando-based company, aims to solve this problem for small business owners nationwide.
Using the Miventure app, small businesses raise capital by accepting microloans from friends, potential customers, and investors nationwide with investments as little as $100.
Unlike other crowdfunding platforms like Kickstarter and StartEngine, that offer rewards and equity, Miventure offerings are structured as term loans (debt). With Miventure, investors receive potential monthly payments until they recoup their principal plus interest.
“There is a significant gap in the market when approximately 42 percent of small businesses loan applications are rejected from banks and credit unions,” says Jason Crystal, Miventure CEO & cofounder. “Our app provides a platform for business owners to showcase their company to a network of everyday people looking to support local businesses while earning passive income.”
The first company to utilize Miventure’s platform will be Boca Code, which offers classes in coding for beginners looking to transition their career path.
“As a tech company, we are extremely excited to be the first company to utilize the innovative approach offered by the Miventure team,” says Ashley Kays, co-founder, Boca Code. “We believe this will be a great way to reach an entirely new group of investors, get the word out about our world-class training programs and the opening of our physical location.”
Miventure is the brainchild of two friends from New York City. There, Jason Crystal was working as a business consultant helping companies scale their operations. He repeatedly saw businesses taken advantage of when trying to obtain financing, especially during early stages of growth.
His partner, Luiggi Pera, worked in banking compliance for JP Morgan and Morgan Stanley, giving him insight on how to structure and design the platform to help surmount the regulatory hurdles relevant to this type of finance product.
The two moved their families to Central Florida in April as they continued building Miventure and, this month, Miventure, Inc. succeeded in becoming a member of the Financial Industry Regulatory Authority (FINRA), a government-authorized organization that helps regulate funding portals.
“This step was crucial because as a funding portal we can allow everyday people to invest in the businesses they want – at a low cost.” Pera says. “There are fewer than 60 registered funding portals in the United States, and not all of these are operational.”
For the UCF Business Incubation Program, Miventure represents the type of high-impact company they want to include more of in the Innovation District. Miventure is planning on hiring 10 employees over the next two years, plus they estimate funding more than 100 businesses in that time period
“The growth Miventure is expecting over time can result in a serious economic impact to the Central Florida region,” says Rob Panepinto, director, Innovation Districts Strategy and Partnerships for the University of Central Florida. “The fact these two young entrepreneurs chose our market to build this company is a significant indicator of what we are working to build here.”
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UCF Business Incubation Program: Rob Panepinto, director, Innovation Districts Strategy and Partnerships for the University of Central Florida, 407-467-5689, rob.panepinto@ucf.edu or Alan Byrd, Alan Byrd & Associates, 407-415-8470, Alan@ByrdConnections.com
About the UCF Business Incubation Program:
The University of Central Florida Business Incubation Program is a community resource that provides early-stage companies with the tools, training and infrastructure to become financially stable, high growth/impact enterprises. Since 1999, this award-winning program has provided vital business development resources resulting in over 300 local startup companies reaching their potential faster and graduating into the community where they continue to grow and positively impact the local economy.
With seven facilities throughout the region, the UCF Business Incubation Program is an economic development partnership between the University of Central Florida, the Corridor, Orange, Osceola, Seminole and Volusia Counties, and the cities of Kissimmee, Orlando and Winter Springs. For the 2017/2018 fiscal years, the activities of these participating firms have helped to sustain more than 6,725 local jobs and have had a cumulative impact of over $725 million on regional GDP and over $1.3 billion on regional sales. During the same period, the program has returned more than $12.00 in state and local taxes for every $1.00 invested in the program. In addition, for every $1.00 of public investment the firms also produced $118 of additional regional GDP and $226 of regional sales. For more information, visit www.incubator.ucf.edu.
About Miventure Inc.:
Miventure, Inc. is registered with the US Securities and Exchange Commission (“SEC”) as a funding portal (“Portal”) and is a member of the Financial Industry Regulatory Authority (FINRA). Miventure, Inc. offers investments to everyone over 18 years of age under Title III Regulation Crowdfunding. For more information or to begin using the Miventure mobile app, visit www.miventure.com.
