Crowdfunding program supports Eugene businesses
A new crowdfunding program is underway to help Eugeneans invest in local businesses.
RAINcap mentors local entrepreneurs, helping them to refine their business models and apply to Republic, an investment crowdfunding platform.
There, investors can buy in for as little as $100. They are reimbursed through equity or interest, while Republic takes a fee.
Caroline Cummings is the CEO of RAIN, which leads the project. She said most Oregon businesses can’t access traditional capital, particularly in underserved communities.
”They can't get traditional loans. They don't have family wealth. And they can't go to the traditional venture capital. They're stuck in the middle.”
For investor safety, Republic has an acceptance rate less than 5%. But Cummings wants to raise that number to 75% for her partners.
Arable Brewing Company was the first business to be approved. On August 19, it hosted its campaign kick-off event.