ShopKeep R.I.S.E Seeks to Make Funding More Accessible for Minority-Owned Businesses

ShopKeep, a system that empowers entrepreneurs to run their business from anywhere and/or to take their business online, has introduced ShopKeep R.I.S.E. (Reinvesting in Small-Business Equality). 

The new initiative is designed to make funding more accessible to minority-owned businesses. ShopKeep R.I.S.E. offers no-fee, no-interest cash advances to minority-owned business owners to help their businesses grow.

“While we must all make decisions about the types of actions we take as individuals, we believe it’s also critical for the business community to take a stand and to take action where it can make a difference,” said Michael DeSimone, CEO of ShopKeep. “With the creation of this special fund we are taking sustainable action to help drive real and impactful change.” 

Born out of a desire to close existing racial disparities in obtaining small business capital, the R.I.S.E program will award a total of $250,000 in funding on a rolling basis. Eligible ShopKeep customers can apply to receive an advance of $1,000 to $10,000.

Businesses that qualify for funding through ShopKeep R.I.S.E. are small businesses that:

  • Meet the criteria for minority-owned or controlled business. 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.
  • Use ShopKeep as their sole point of sale.
  • Actively process transactions with ShopKeep Payments. Non-ShopKeep Payments customers can still apply for a R.I.S.E. advance and switch if approved for the program.
  • Are based in the United States and majority-owned by a U.S. citizen.

Applications for ShopKeep R.I.S.E. are now open at shopkeep.com/blog/shopkeep-rise.

Use of POS Systems like ShopKeep is surging right now, amid COVID-19 and a rapid transition to the digital ecosystem. 

A cloud-based iPad point of sale system founded in 2008, ShopKeep is used by tens of thousands of small businesses in the United States and Canada — most of which are retail shops, coffee shops, restaurants, and bars. The system allows merchants to ring up sales, print or email receipts, pop a cash drawer, accept credit cards and print remotely to the kitchen right from an iPad or Android tablet. The web-based “BackOffice” allows inventory, employee, and customer management, and analytics and reporting. The smartphone dashboard app allows merchants to view real-time store sales remotely.

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