16 percent of minority-owned businesses say their profits are negatively impacted by lack of access to capital, compared to only about 10 percent of non-minority-owned businesses. Our new initiative, ShopKeep R.I.S.E. (Reinvesting in Small-Business Equality), aims to level the playing field with no-fee, no-interest cash advances for minority-owned businesses. For the purposes of this program, a minority group member is an individual who is at least 25% Asian, Black, Hispanic, or Native American as defined by the National Minority Supplier Development Council. Through R.I.S.E, we will be awarding a total of $250,000 in funding to eligible businesses on a rolling basis.
How does R.I.S.E. work?
If your business is approved, you’ll receive up to $10,000 in your business bank account. Our no-fee, no-interest cash advances have no schedules or strings attached. Each day, 11% of your credit card sales will automatically go toward the cash advance, until the total amount of the advance has been reached.
What are the eligibility requirements?
✔ Your business has been using ShopKeep as its sole point of sale for at least 3 months. We take your pre and post-COVID revenue into account when determining your eligibility.
✔ Your business must be actively processing transactions with ShopKeep Payments. If you’re not a current ShopKeep Payments customer, you can still apply for a R.I.S.E. advance and switch if your business is approved.
✔ You are a U.S. citizen, and your business is based in the United States.
✔ Your business meets the criteria for a minority-owned or controlled business.
How do I apply?
The rolling fund is only able to serve a select number of businesses each quarter. If you think your business qualifies for a ShopKeep R.I.S.E. advance, please complete an application. Every R.I.S.E. application is personally reviewed by our team. Due to a high volume of applicants, our response time may be delayed.
Note: Our R.i.S.E. program is evergreen and currently in its first iteration. To stay in the know about on R.I.S.E., bookmark this page in your browser and follow us on Facebook to receive updates.