Become REknown with Hotcards REcovery Loan
Community-sourced loans to support businesses in the Hotcard network with COVID-19 recovery
REbuild. REvive. REinvent. REcreate.
Hotcards and the Become Known™ Family of Companies are partnering with Honeycomb Credit to support small businesses with crowdfunded loans to [RE]-bound from the pandemic.
Hotcards is all about helping you get your message out, and Honeycomb Credit is all about accessing community capital while deepening your community support.
Together, we’re creating an exclusive local marketplace to help you crowdfund the recovery funds you need from your community, alongside fellow beloved businesses in the Hotcards network.
Hotcards Crowdfunded Recovery Loan
Borrow $10,000-$50,000+ in working capital
45 day payment-free period
3.75% interest rate over an initial 6-month interest-only payment period
5% interest rate over a 3-year fully amortizing loan after the interest-only period
No pre-payment penalties
3+ years of operating history
Profitable in 2019
Good credit score for 20% owners
Debt service coverage ratio of 1.2 or higher
Owners have positive net worth
No delinquencies (personal or business)
Lease agreement in good standing
Registered and legally organized business
Blanket lien on the business (lien position negotiable)
Demonstrated community support
Note: Businesses must complete an application, which must pass Honeycomb's due diligence process, to take part in the cohort
Owner, 2nd Semester Consignment Shop
Up until working with Honeycomb, I'd never been on the news. Honeycomb opened that door and allowed me the opportunity to share my story.
Chad & Lauren Townsend
Owners, Millie's Homemade Ice Cream
At least once a week, we have someone who comes up to us and says, "Oh hey, I'd like to meet you, I invested through Honeycomb." It's definitely shown to be a community and network.
Owner, Pittsburgh Pickle Company
The funding really allowed us to pull the trigger. I don’t know if we would’ve ever done co-packing without the loan, and now, co-packing could represent a very significant portion of our revenue stream.
What if I don't qualify for the option?
If your small business doesn't meet the qualification criteria as listed above, and you are interested in community funding as a tool to help support your business, then we would be glad to learn more about your business and see if there is an opportunity to work together. Please complete the form below to schedule a call with one of our small business experts.
What if I need more than $25,000?
If your business needs more than $25,000, then please reach out to discuss with one of our small business experts to see if a larger loan crowdfunding campaign is feasible for your business.
How quickly can I get the capital?
That depends on how long the campaign runs, and how quickly your business reaches its funding goal. Generally, we can have funds deposited within 30 days.
Deadline: May 30, 11:59 pm EST