Business of the Year: Innovation Refunds

In 2021, Innovation Refunds was established to help facilitate the growth of small and mid-sized businesses (SMBs) by democratizing access to working capital through government-funded programs like the Employee Retention Credit (ERC).

Studies show that the number of SMBs applying for ERC is well below those who are eligible – leaving billions of dollars unclaimed. Founders at Innovation Refunds believed that was due, in part, to the extensive process and requirements to determine eligibility. Historically, SMBs were required to hire a tax professional directly – incurring upfront costs – and spend time away from their business to find out if they were eligible.

Innovation Refunds knew there was a better way, and the company was built to disrupt the conventional model. Innovation Refunds created a marketplace of CPAs, tax attorneys, and other tax professionals who examine SMBs tax situations and determine their eligibility – without any up-front costs. Clients only pay if they are qualified, file for the ERC, and receive a check from the government.