Honeycomb co-founder Ken Martin on iheartpgh!
Updated: Aug 10
"We spoke with Ken Martin, Co-Founder of Honeycomb Credit, to learn about the struggles small businesses face and to find out how everyone can up their game and go from a buyer of local to an investor in local through his innovative company."
Check out the full interview HERE!
Here's a small sample from the full interview...
Honeycomb is a website where local business can get expansion loans of up to 50,000 dollars, funded entirely by their community or customer base. So, we are perfect for locally owned businesses that are too big for Kickstarter, but not yet ready for a traditional bank loan.
I’m Ken Martin, I’m the co-founder of Honeycomb Credit.
Wow, thanks for being here today, I really appreciate your time. Can you explain the difference between the way small businesses can get a traditional loan versus what they’re doing with Honeycomb, what they can do with Honeycomb?
[You know], the way we like to explain this is to think about what the traditional loan process is like. You know first off it’s hard to qualify sometimes. There are creditworthy small businesses that maybe just haven’t been open long enough, they don’t have the operating history required. That alone can be a big barrier [for] great creditworthy businesses. But, then secondly, something we hear from small businesses all the time, is that the process is painful; it’s administratively intense. There [are] documents, there’s maintenance, it’s very difficult and not cheap to go through. So, a lot of business owners are focused on building their business [and] don’t really have the time to, kind of, jump into that relationship. The main difference is we are trying to think, okay, as a former small business owner [myself], how do we make an experience that helps businesses get the access and capital they want, but strips away a lot of business that is just painful and difficult to deal with.
Sure, no one likes paperwork. I am not a fan of paperwork. So, it’s all digital?"
Be sure check out the full interview HERE!