ATB BoostR COVID-19 update
We've been listening
We’ve made changes to the ATB BoostR platform in order to help small businesses get quick access to capital, and provide a platform to connect with their biggest fans.
Check out our BoostR FAQ below. To learn more about how ATB is helping businesses through relief programs, visit us here.
ATB BoostR is a rewards-based crowdfunding program that ATB launched in 2015. It is a platform that offers Alberta entrepreneurs a place to raise money often in exchange for a “reward” (to pre-sell a product, service or experience). Crowdfunding is typically an ‘all or nothing’ model, which means that typically a business owner has 30-45 days to reach their crowdfunding goal. However, with the COVID-19 relief program, we have removed the ‘all or nothing’ model. This means when a business comes to the platform to create a campaign, whatever money they raise they get to keep. Businesses can sell existing inventory, pre-sell products, future experiences or services, gift cards or receive donations.
From May 1 to September 1, 2020, to help support businesses launching campaigns during COVID-19 crisis, ATB Financial will waive our 3.1% platform fee and cover the credit card processing fee* ($0.30 per transaction). In addition, the 2.9% Stripe payment process fee* will also be waived and will be paid for through the generous support of the McConnell Foundation.
*Credit card processing fees will be covered to a maximum of $9,000 and the Stripe payment processing fees will be covered to a maximum of $21,750.
We believe in Alberta businesses, and we understand that the COVID-19 pandemic is causing a lot of uncertainty and worry for business owners. We want to provide an online platform for businesses to still receive capital while their doors may be closed. Together, we will get through this.
Any Alberta-based business (for profit or not-for-profit) can register and create a campaign, whether they are an ATB customer or not. Traditionally, ATB BoostR campaigns have been used to start and grow a business or test an idea. During the pandemic, however, businesses can use BoostR to generate cash flow, even while their doors may be closed in some cases. This could mean selling existing inventory or gift cards, or pre-selling products, experiences, or services, or simply asking for the community to support you through a donation.
No, security regulations do not allow anything that can be thought of as a security ownership in the business or its assets to be offered as a reward. Nor can a reward be similar to a loan repayment or cash.
We are currently updating the backend of BoostR to ensure timely payment for our businesses. Expect to see your first payment on or before May 1st. After May 1st, credit cards will be charged every Wednesday and you will see the funds in your account approximately 5 business days after.
We are currently updating the backend of BoostR to ensure timely payment for our businesses. If you have boosted a campaign prior to May 1st, expect to see your credit card processed on May 1st. If you have boosted a campaign after May 1st, your credit card will be charged the Wednesday following your contribution. We have temporarily changed our current model to a flexible model in light of COVID-19—now, whatever funds are raised are given to the business, regardless of that business hitting their crowdfunding goal.
The business owner will contact you at the end of their campaign to organize getting your reward to you.
Fulfilling rewards is the responsibility of the business that received the funding. Neither ATB BoostR nor ATB can guarantee fulfillment. We suggest you take the time to make an informed decision before supporting campaigns on any crowdfunding platform. Read the company’s story, check out the website or related links, and make sure you are comfortable with the business and its goals before you contribute.