Loyola makes it easy for businesses to raise funding from existing customers by offering store credit at a discount (e.g. $100 in credit for $80 up front). The business gets the use of the proceeds immediately while the customer can use the funds for any future purchase via their mobile device.
Pain point we are addressing: Small businesses lack access to short-term funding on reasonable terms. They also generally don't have good tools to engage existing customers. We solve both of these by giving businesses the ability to manage campaigns to raise funding from existing customers in a way that rewards those customers, brings them back, and gives the business the ability to see and connect with those customers going forward.
For the hackathon we have built the merchant-facing app and a text message-based solution for the customers.