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    Cantaloupe to offer small business financing for self-service operators

    Feb. 7, 2025
    Unattended retail technology Cantaloupe has partnered with Fundbox to provide small businesses with streamlined access to capital for flexible access to cash flow and expansion through equipment investments.
    Related To: Cantaloupe Inc.
    Image by kstudio on Freepik
    Cantaloupe to offer small business financing for self-service operators

    Unattended retail technology Cantaloupe Inc. has partnered with Fundbox to provide small businesses with streamlined access to capital for flexible access to cash flow and expansion through equipment investments.

    Cantaloupe Capital seeks to mitigate one of the challenges of the self-service retail industry: small businesses often have difficulty accessing traditional financing options. In announcing the partnership, Cantaloupe cited the 2024 Federal Reserve Small Business Startup Credit Survey, which reported that of those applying for traditional financing, only 43% of startup small businesses with employees received funding, and only 29% of owner-operated startups received funding.

    According to the company, the Cantaloupe Capital offer focuses on factors like steady business performance and growth potential. Eligibility criteria are tailored to small businesses. Prospective borrowers can evaluate the offering through an online application process and published interest and repayment rates.

    What they are saying

    "The majority of our customers are small and growing businesses, many of them sole proprietors. Cantaloupe understands their need for accessible financing solutions that can help them scale their operations," said Elyssa Steiner, chief marketing officer of Cantaloupe Inc. "With Cantaloupe Capital, we're breaking down barriers to funding by facilitating quick and easy online access to capital for owner-operators that will allow them to invest in new equipment, manage seasonal fluctuations, and capitalize on growth opportunities in the rapidly evolving self-service retail space."

    “Traditional banks and financing options don’t always meet the needs of startups or growing small businesses,” Steiner continued.

    “We are excited to collaborate with leading platforms like Cantaloupe to empower small business customers with seamless access to capital, helping them unlock new opportunities for growth and success”  said Rina Jariwala, COO of Fundbox. “As someone from a family of small business owners running vending machines and storefronts, I’ve seen how access to capital can be a game-changer. This collaboration brings innovative solutions to the entrepreneurs who will drive our economy forward.”

     

    More about business development from VendingMarketWatch.com

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