Hinman CEOs Alumnus Company MyFridgeRental.com Receives Financing, Signs New Agreements
MyFridgeRental.com, a company founded by Hinman CEOs Program alumnus Adam VanWagner and his brother Eric, this summer received financing from BB&T Bank and signed agreements with two new universities, Morgan State University and the University of Maryland, Eastern Shore. The company is also forming agreements with other local universities and is looking to expand further.
MyFridgeRental.com rents, delivers and services dorm-size refrigerators to college students in the mid-Atlantic region. The company rented 2,100 units during the 2010-2011 school year to students at ten different campuses, including the University of Maryland, College Park, University of Maryland, Baltimore County, Johns Hopkins University, American University, Salisbury University, Bowie State University, Fairmont State University, Goucher College, Loyola University and Wilson College.
"The loan we received from BB&T will be used to help MyFridgeRental.com purchase new units for our expanding customer base," says VanWagner. "As we obtain new schools, we like to purchase new units for that school that will last for the duration of our contract."
VanWagner projects additional growth for the company during the 2011-2012 academic year, with an estimated 2,500 units to be rented.
MyFridgeRental.com was the grand prize-winner and people's choice award recipient in the Cupid's Cup competition, held in April, 2011, at the University of Maryland, College Park, winning $18,500 in prizes.
The Hinman CEOs Program, VanWagner says, was a great resource to have when founding the business. "[Director] James Green's advice was very helpful in the aspects of running a business," VanWagner explains. "The Hinman CEOs Program environment itself, just having the ability to always bounce ideas off of James and other students, was crucial. We brainstormed the name for our company on the white board in my apartment with my brother, my roommate, and other Hinman students."
September 2, 2011