Cedar River Finance Company

What Cedar River Finance Company does

Cedar River Finance Company (CRF) is a privately held Iowa-based consumer finance company founded in 2014 by the Smulekoff family after the closure of the original Smulekoff's Home Store, from which it inherited over 120 years of furniture lending heritage. The company operates a B2B2C model, partnering with small and medium-sized merchants across Iowa (and select surrounding states) in verticals including home improvement, automotive repair, furniture, jewelry, dental, renewable energy, and specialty retail — enabling those merchants to offer point-of-sale consumer financing to their end customers.

CRF's core product set includes fixed-rate installment loans at 15%–21% APR with terms up to 72 months, 30/60/90 day no-interest payment programs, and Apollo 6 and Apollo 12 zero-interest promotional programs that convert unpaid balances into long-duration installment contracts at 15% APR. A second revenue line — managed debt collection for business partners — includes statements, demand letters, payment processing, credit reporting, small claims filing in Iowa, and skip tracing, with partners receiving 65%–80% of collected amounts. Additional services include notary, booking/billing, underwriting support, and credit card processing.

The company is intentionally low-tech: credit decisions are made manually rather than via automated scoring, payments are accepted online (via Clover), by phone, mail, automatic debit, and in-person at the Cedar Rapids office, and the go-to-market is relationship-driven via a dedicated sales person doing phone and in-person outreach to Iowa SMBs. Revenue is not publicly disclosed, and no funding rounds, headcount, or AI/ML capabilities are documented in the source material.

Name

Cedar River Finance Company

Legal name

Cedar River Finance Co, Inc.

Website

https://cedarriverfinance.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

1–10 employees

Short description

Cedar River Finance Company is a privately held Iowa-based consumer lender that provides installment loans, no-interest promotional financing, and managed debt collection services to small and medium-sized merchants across home improvement, automotive, furniture, jewelry, and other retail verticals via a B2B2C partner model.

Ownership category

akta.pro rank

Product category

Consumer Lending Services

NAICS

Sales Financing (52222)

SIC

Personal Credit Institutions (6141), Services-Consumer Credit Reporting, Collection Agencies (7320)

akta.pro primary industry

Small-Dollar Short-Term Installment Loans (Non-payday) (FSAKAMAI)

Keywords

• Consumer financing
• Installment loans
• Retail credit services
• Debt collection
• Small business lending

Headquarters

HQ city

Cedar Rapids

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Installment Loan Interest: Cedar River Finance generates revenue through interest-bearing installment consumer credit agreements with APRs ranging from 15%-21%, with loan terms up to 72 months. Interest rates vary based on creditworthiness.
2. No-Interest Promotional Plans: Revenue generated from 30/60/90 day no-interest payment programs where customers pay evenly over 3 months with no interest. If not paid in full, balance converts to a 72-month contract at 21% APR.
3. Apollo 0% Interest Programs: Apollo 6 (minimum $699 financed) and Apollo 12 (minimum $3,000 financed) programs offer 0% interest for the promotional period. Any remaining balance converts to a 72-month installment contract at 15% APR, generating interest income on the converted balance.
4. Debt Collection Services: Debt collection services for businesses where CRF collects consumer accounts. Partners receive 65-80% of collected amounts monthly based on account age when submitted. Set-up fee of $50 for every 50 accounts, plus postage fees and small claims filing fees.
5. Credit Card Processing: Credit card processing services for merchant partners offering consumer financing.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Cedar River Finance Company provides retail consumer financing and managed debt collection services to small and medium-sized businesses in Iowa and surrounding states. Partner businesses offer CRF installment loans (15%-21% APR, up to 72 months), 30/60/90-day no-interest payment programs, Apollo 6 and Apollo 12 zero-interest promotional financing, and credit card processing to their customers at the point of sale. CRF also operates a full-service debt collection business (statements, demand letters, calls, payment processing, credit reporting, small claims filing, skip tracing) and offers ancillary services such as notary, booking/billing, and underwriting.

Product overview

Cedar River Finance Company offers a unified consumer financing platform centered on installment loans and payment programs. The core offerings include 15%-21% APR fixed-rate installment loans with terms up to 72 months, 30/60/90 day no-interest payment programs, and Apollo 6/12 zero-interest promotional financing options. The company also provides managed debt collection services with configurable parameters for partner businesses, including credit reporting, small claims filing, and skip tracing. Additional services include notary, booking/billing, underwriting, and credit card processing. The platform operates on a business-to-business-to-consumer model, enabling partner businesses (retailers, contractors, service providers) to offer consumer financing and/or outsource debt collection to CRF.

Differentiator

Problem solved

Functional benefit

Products and services

• Installment Loans (15%-21% APR) Fixed-rate installment consumer loan agreements with terms up to 72 months, offered through partner businesses to their customers at point of sale. Interest rates and C&C (commitment and closing) fees vary based on creditworthiness.
• 30/60/90 Day No-Interest Payment Program Interest-free payment program allowing customers to spread payments evenly over 3 months. If not paid in full, remaining balance converts to a 72-month contract at 21% APR.
• Apollo 6 (0% Interest, 6 Months) 0% interest financing for the first 6 months with a minimum financed amount of $699. All payments in the first 6 months are applied to principal; remaining balance converts to a 72-month installment contract at 15% APR.
• Apollo 12 (0% Interest, 12 Months) 0% interest financing for the first 12 months with a minimum financed amount of $3,000. All payments in the first 12 months are applied to principal; remaining balance converts to a 72-month installment contract at 15% APR.
• Managed Debt Collection Full-service debt collection management for businesses including statements, late notices, demand letters, collection phone calls, payment processing, account tracking, monthly progress reporting, credit reporting, small claims filing, and skip tracing services. Partners receive 65-80% of collected amounts based on account age.
• Credit Card Processing Merchant credit and debit card processing services enabling partner businesses to accept card payments for financed purchases, routed through the Clover payment portal.
• Notary Services Notary services provided as an ancillary service offering.
• Booking/Billing Services Administrative booking and billing services offered as additional support to partner businesses.
• Underwriting Credit underwriting services provided as an additional service offering to support partner businesses' financing decisions.

Quantifiable outcome

• 65-80% payout rate to business partners for collected debts based on account age
• +2 more outcomes

Named customers20 records

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Partnerships

29 partnerships are on record, tiered core.

• Home Improvement Partners (Roofers, Remodelers, etc.)coreChannel Partner/ Reseller/ DistributorNetwork of home improvement professionals including roofers, remodelers, door/window suppliers, insulation contractors, HVAC, plumbing, and fireplace professionals across Iowa who offer CRF consumer financing to their customers. Partners benefit from fast payment on approved agreements, competitive rates, and free training for their staff.
• PPC RoofingcoreChannel Partner/ Reseller/ DistributorRoofing contractor in Cedar Rapids, IA offering consumer financing for roofing, siding, and gutters.
• PA's Construction LLCcoreChannel Partner/ Reseller/ DistributorRoofing contractor in Cedar Rapids, IA offering consumer financing options.
• All Iowa Construction ServicescoreChannel Partner/ Reseller/ DistributorConstruction services provider in Des Moines, IA offering consumer financing.
• Affordable Pro RoofingcoreChannel Partner/ Reseller/ DistributorRoofing and construction company in Cedar Rapids, IA offering consumer financing.
• Ideal Windows & Door SupplycoreChannel Partner/ Reseller/ DistributorWindows and doors supplier in Marion, IA offering consumer financing.
• AFI InsulationcoreChannel Partner/ Reseller/ DistributorInsulation contractor in Pleasant Hill, IA offering consumer financing.
• Sunergy Renewable SystemscoreChannel Partner/ Reseller/ DistributorGenerator and solar systems provider in Peosta, IA offering consumer financing.
• All Tune & Lube Total Car CarecoreChannel Partner/ Reseller/ DistributorAuto repair and maintenance shop in Cedar Rapids, IA offering consumer financing for automotive services.
• Iowa Transmission RebuilderscoreChannel Partner/ Reseller/ DistributorTransmission repair services in Independence, IA offering consumer financing.
• MySak TransmissioncoreChannel Partner/ Reseller/ DistributorTransmission repair shop in Cedar Rapids, IA offering consumer financing.
• MC Automotive LLCcoreChannel Partner/ Reseller/ DistributorAutomotive repair services in Cedar Rapids, IA offering consumer financing.
• ATC - Auto Truck CentercoreChannel Partner/ Reseller/ DistributorAuto and truck repair center in Cedar Rapids, IA offering consumer financing.
• Milex Complete Auto CarecoreChannel Partner/ Reseller/ DistributorComplete auto care services in Cedar Rapids, IA offering consumer financing.
• CR Home FurnishingscoreChannel Partner/ Reseller/ DistributorFurniture and flooring retailer in Cedar Rapids, IA offering consumer financing.
• Michael & Dowd Home FurnishingscoreChannel Partner/ Reseller/ DistributorFurniture, appliances, and flooring retailer in Vinton, IA offering consumer financing.
• Amana Furniture ShopcoreChannel Partner/ Reseller/ DistributorFurniture and clocks retailer in Amana, IA offering consumer financing.
• Honey Creek Furniture and FlooringcoreChannel Partner/ Reseller/ DistributorFull-line furniture and flooring store in Manchester, IA offering consumer financing.
• Monk's Harvest Artisan Home FurnishingcoreChannel Partner/ Reseller/ DistributorCustom tables and furniture in Monticello, IA offering consumer financing.
• Roth JewelerscoreChannel Partner/ Reseller/ DistributorJewelry retailer in Waterloo, IA offering consumer financing for jewelry purchases.
• Owen Jewelry DesigncoreChannel Partner/ Reseller/ DistributorJewelry designer in Des Moines, IA offering consumer financing.
• Boyson JewelrycoreChannel Partner/ Reseller/ DistributorJewelry company in Cedar Rapids, IA offering consumer financing.
• Keleher's Jewelry InccoreChannel Partner/ Reseller/ DistributorJewelry retailer in Monticello, IA offering consumer financing.
• Miller Dental (Dr. Connie A Miller, DDS)coreChannel Partner/ Reseller/ DistributorDental practice in Marion, IA offering consumer financing for dental services.
• Double Lung Archery InccoreChannel Partner/ Reseller/ DistributorArchery equipment retailer in LaPorte City, IA offering consumer financing.
• Schultz StringscoreChannel Partner/ Reseller/ DistributorMusical instrument retailer in Marion, IA offering consumer financing.
• Ohlendorf EnterprisescoreChannel Partner/ Reseller/ DistributorKirby vacuum independent distributor in Waverly, IA offering consumer financing.
• Kirby of WaterloocoreChannel Partner/ Reseller/ DistributorKirby vacuum sales and service in Waterloo, IA offering consumer financing.
• Family First Safety SolutionscoreChannel Partner/ Reseller/ DistributorFire safety equipment distributor in Lisbon, IA offering consumer financing.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Security Finance: Security Finance is a regional consumer installment lender with a branch network in small and mid-sized US markets and a similar mix of personal loans, retail financing, and tax preparation services. The closest direct comp on the consumer installment side of CRF's portfolio.
• Regional Management Corp: Regional Management is a publicly traded consumer installment lender operating branch offices in smaller US markets, offering personal loans and partner-retail financing. Highly comparable in business model, branch footprint, and target customer segment.
• Mariner Finance: Mariner Finance operates a large branch-based consumer installment loan business serving non-prime borrowers across the US, structurally similar to CRF's installment lending model. The comparable scale-up benchmark for CRF's consumer lending operations.
• OneMain Financial: OneMain Financial is the largest US consumer installment lender focused on non-prime borrowers, offering personal loans through a national branch network. Strategic and operational analog to CRF, scaled up nationally.
• World Finance: World Finance operates a small-town branch-based consumer installment loan business serving non-prime borrowers, the closest direct analog to CRF's branch-and-field model in Iowa. Both target credit-challenged consumers using judgment-based underwriting at similar APR ranges.

Broad incumbents

• Affirm: Affirm is a leading BNPL platform offering point-of-sale installment loans through merchant partners, overlapping with the consumer-facing side of CRF's value proposition. Comparable on the merchant-financed purchase experience but operates at national scale with a digital-first model.
• Synchrony Financial: Synchrony is the dominant US B2B2C retail financing platform, extending private-label credit cards and installment loans through merchant partners. CRF operates a smaller-scale version of the same B2B2C retail financing model.
• Bread Financial: Bread Financial is a major B2B2C retail financing provider offering private-label credit and installment products through merchant partners across multiple verticals. Compares on the B2B2C retail financing architecture though at far larger scale.

Emerging players

• Sunbit: Sunbit provides point-of-sale consumer financing for everyday purchases including automotive, home improvement, and dental — overlapping directly with CRF's core verticals. Comparable on product/use case but differentiated by digital-first experience.
• Enova International: Enova International operates online consumer and small business lending brands across multiple credit tiers and products. Comparable on the consumer installment lending product though delivered through digital channels rather than CRF's branch/field model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cedar River Finance Company