We are excited to announce a major milestone for Clarion River Organics, who became the first small business on Honeycomb Credit to complete their full loan repayment to their community investors!
Clarion River Organics is a cooperative of family farms located 75 miles northeast of Pittsburgh, PA. Last year, they borrowed $25,000 from 39 community investors to help them install three greenhouses so that they can grow and sell their organic produce year-round.
The business had some issues with contractors to get the greenhouses installed, but thanks to increased sales (in part from their loyal Honeycomb investors!), Clarion River Organics’ performance has been very strong, affording them an opportunity to pay their loan back early.
The community investors on Honeycomb Credit received an average 8.4% Return on Investment in just 16 months. As an extra perk to community investors, Zeb Bartels, the owner of Clarion River Organics, offered every investor a $25 coupon to try their new home delivery program. Including the coupon, the average Return on Investment jumped to 12.3%!
Unlike most business loans, Honeycomb Credit loans have no prepayment penalty, giving businesses the flexibility to pay their community investors back early.
Congratulations to Clarion River Organics and their community investors!
Check out just a few other ways that Honeycomb alumni businesses have grown since raising their funds: "Scoopin' in Style: Millie's Ice Cream Truck" and "My Goodness: Building a Locally Minded Neighborhood Market".