SpringBoard announced today a partnership with Socstock, a web-based social financing platform that enables local entrepreneurs and small businesses to raise capital through the community as an alternative to traditional business loans. SpringBoard will leverage Socstock to help put sustainability behind creative enterprise and offer additional financing resources to entrepreneurs beyond its eight-week business training program. SpringBoard, which is funded by the Carol Ann and Ralph V. Haile, Jr./U.S. Bank Foundation through ArtWorks, will help their graduates raise growth capital with Socstock by subsidizing their access to the company’s platform and directing community demand for particular projects. Socstock will also provide auxiliary resources to SpringBoard graduates through marketing and Cincinnati business contacts.
“Our partnerships with local Cincinnati firms and professional expertise have helped us to successfully train our entrepreneurs. This collaboration with Socstock represents a new opportunity for SpringBoard participants and provides another potential solution for raising capital to grow business,” says Sarah Corlett, SpringBoard Director.
Socstock’s services will be available to all former and future SpringBoard graduates effective immediately. SpringBoarders that choose to utilize the partnership will be able to reach out to their local communities for a zero-interest cash advance, and then repay those customers with a return of goods and services valued at up to two times the original investment. Through the Socstock platform, SpringBoard will also operate a public community funding group, which is intended to harness community support for SpringBoarders and direct that support at particular businesses. Former and future SpringBoard participants will be able to learn more about Socstock at SpringBoard’s Crowd Funding Round-Table on September 17, 2012.
“We are excited to partner with SpringBoard to help them support Cincinnati’s creative entrepreneurs,” says Jay Finch, CEO & Founder of Socstock. “We are inspired by SpringBoard’s mission and therefore humbled to become a resource for their graduates.”
To join theSpringBoard Funding Group and be notified the minute a SpringBoard entrepreneur launches a campaign, visit springboard.socstock.com
Register for our October SpringBoard Session! The deadline to apply is Friday, September 21st!
Visit Socstock – socstock.com
Founded in 2012, Socstock is a web-based platform that allows small businesses and local entrepreneurs to harness the power of their communities to raise zero-interest cash as an alternative to traditional business loans. Customers that support these businesses receive a return of up to $2 in goods, services and exclusive experiences for every $1 they invest. Socstock, short for “social stock”, is revolutionizing the way small businesses get capital and engage with their communities. Socstock is currently enrolled in The Brandery, a start-up accelerator based in Cincinnati, Ohio.